How Artificial Intelligence is Transforming the Real Estate Industry
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How Artificial Intelligence is Transforming the Real Estate Industry

Jan 16, 2020 Nandinee Biswas

Nearly every industry benefits from the inclusion of Artificial Intelligence in the management of operations and the real estate sector is no exception. Today, a large part of the real estate sector relies on AI's ability to handle complex and emotionally dependent processes involved in property transactions.

The AI in the applications for real estate management is revamping business processes and transforming the way industry works. Its potential is recognized not only to automate the business but also to improve the effectiveness of the tasks and the accuracy of the decision-making process.

How Artificial Intelligence Is Changing Real Estate

While your property management software always incorporates key factors such as area, location, size, facilities and other information to determine the property's value, AI's algorithm analyzes unstructured data such as market demand, customer preferences, etc.

Here are the five ways AI is transforming the real estate industry:

1. Offer Better Recommendations

If you face challenges in understanding the requirements of your customers, AI can be of help. You simply need to turn the information you have while engaging with your customers into data that AI can use to provide recommendations according to the preferences of your customers.

2. Improve Sales or Leasing Cycle

Selling or renting property is a daunting task, but this is made much simpler by the AI integrated real estate management system. Use the system to monitor the purchase process in real time, ensure no compliance checks are missed and close deals more quickly.

3. Accurately Predict Property Value

AI in real estate applications integrates data from different sources to evaluate market fluctuations, understand business opportunities and forecast property's potential rentals or value.

4. Expanding business scope

AI and machine learning studies market trends and buying patterns for customers. It helps you to identify and meet your target audience with the right promotional materials, which greatly enhances the efficacy of your marketing campaigns.

5. Provide 24/7 Assistance

AI-enabled system with virtual assistants and chatbots enables you to establish personalized and human-like communication with your customers. Using this platform, you can provide your customers with quicker answers to their questions and 24/7 assistance.

How Artificial Intelligence is Transforming the Real Estate Industry

Limitations and Challenges of AI in Real Estate

While Artificial Intelligence technology is invaluable to spur business growth, it isn’t devoid of flaws and implementation challenges.

Low-Quality Data

Since AI is fuelled by data, its relevancy is primo to set the algorithms correct and make fact-based decisions. Low-quality dataset makes AI lose its credibility to lay the foundation for proper insights.

Reluctance to Change

Users being reluctant toward new technology is the biggest adoption challenges of artificial intelligence in real estate industry. The reason being, lack of understanding of the state-of-the-art technology, its usability and interoperability with other platforms.

How AI Affects Real Estate Businesses?

AI-enabled system paves the path for accomplishing greater business goals. Its impact is evident across your business but majorly noticed in three distinct instances:

Elevates Your Customer Experience

Your customer values quick and easy communication, which you can provide them with conversational AI.

Improves Sales and Leasing Conversion Rates

AI technology streamlines sales and leasing communications. It allows you to connect with your prospects and provide them accurate and timely responses.

Actionable Insights into Business Operations

AI collects real-time information from every department so that you can access data and analytics, in your preferred formats, on your dashboards and make informed decisions.

The Role of AI Across Other Industries

AI has enormous potential to change industries regardless of where they belong. The advanced technology can help companies simplify their operations and increase their performance.

Adopting AI-enabled systems with robotic process automation (RPA), chatbots, face-recognition and predictive analytics seem to be more likely to work with employees, help them to speed up business processes and make data-based decisions.

Conclusion

Standardization of processes, transparency of operations and effective data analysis are essential for laying the foundation upon which your real estate business can grow and remain competitive. AI-enabled systems successfully execute these. Opt in to find out how AI would help you manage your real estate business from our industry experts.

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