The technological advancements have left no stone unturned to transform the traditional landscape of the business world. With technological intelligence backed up with smart tools and techniques, AI has played an integral role in the transformation.

It seems like every industry is continuously betting on AI technology to help revolutionise the way how things work. Real estate has been no different than other verticals of the business world.

The two may not sound like a perfect match for each other, but the horizon has been changing quickly in the past few years. AI has been continuously expanding its facets from pricing and sales to tenant services.

Impacts of AI in Real Estate

·  Better Service

Real estate is all about providing the best property services (search, buying, selling) in less time. Customers look for quick services and AI capabilities have been majorly impacting the scenario with strong insight and wide knowledge base.

Artificial intelligence is being used highly to showcase the best and most relevant option according to the requirements of the customers by quickly analysing the available information and customer generated data. With more improvisations and development each day, the customer interaction on chatbots is gaining quality engagement and more footprints.

According to an experiment conducted by Inman, a broker was made to compete with an AI bot to find the more efficient option among both of them. Surprisingly the buyers showed more interest in the properties suggested by the bot than the broker.

·  Better Customer Engagements

AI can act as one of the best salespersons for your real estate service and enhance the quality of customer interaction. It is focused on consistently enabling accuracy of information with a human-like ways of interacting without inviting the need for real human intervention.

·  24×7 Support

AI has been a go-to portal for such services that are enabled to serve your customers 24×7. AI never sleeps and can deliver efficient and effective results if used properly. Chatbots have been one of the most popular tools of the era of the new generation technology.

·  Customer Relationship and Satisfaction

AI-Based on customer relationship management programs is being widely used to help real estate businesses in maintaining long term relationships with the clients. Techniques like predictive analysis and continual monitoring are benefitting the business owners as well as the clients too in finding and ending up with better deals.

·  Increasing Business Volume

Not just for the clients but also for the real estate business owners, AI has been a useful resource to help the businesses fetch business and generate leads for agents. Precision and identification backed up by technological support seem to do wonders for the industry.

Ventures in the Industry

• A London-based firm promises to gradually reach homeownership for people who are unable to secure a mortgage. As soon as your household income surpasses the entry requirements and you have 5% of your deposit, the rest of the deposit is bought by the firm itself through a third-party funding partner and hence allows you to move in straight away. It tends to also promise to help the customers in guiding them through the complex world of homeownership, including managing solicitors and assessment criteria.

• Firms are gaining a large market share by using AI and are providing a smart virtual assistant to agents, property managers, and landlords. The smart virtual assistant based on the AI technology helps them to automate the regular and recurring tasks like arranging a contractor or chasing rent. The platform claims that the onboarding is as simple as providing a telephone number and email address and everything works through a core API.

• Another UK-based firm helps and assists first-time buyers to get on the property ladder smoothly and with ease by using machine learning to forecast the future value of a property and then letting buyers borrow against the same estimated value.

• There’s a startup that works directly with the landlords looking to rent out their property. The company is being operated on a hybrid platform. The firm clearly cuts out the expensive high street agents in favour of a 24/7 help desk and ARLA certified “property specialists” and hence is an example of a cost-effective and efficient AI-based business model.

• Using algorithms and artificial intelligence tools, several firms look forward to providing the sellers with service to evaluate the property within seconds and guarantee a minimum price from day one. The platforms even tend to promise to sell the property within a span of the given duration of time.

Future Of AI In The Industry

The pace of transformation is high and is forecasted to take over the industry soon.

• Goldman Sachs Research estimates the market for Virtual Reality (VR) in the field of real estate alone could generate as much as $2.6 billion by 2025. As much of the AI development, today is in the computerised vision technology, it is likely to see 3D property visualisation tools creating new opportunities for brokers and property managers. In the future, consumers may prefer to do business with bots instead of real people. According to Salesforce, 69% of consumers prefer chatbots for quick communication with brands.

• According to the latest report released by Zion Market Research, the increase in the demand for smart buildings is predicted to increase at a whopping CAGR of more than 34% in total. Property buyers are expected to look for better AI-solutions for their buildings.

There have been many industries that have been disrupted due to the entrance of the AI. Real estate is experiencing the recent rise due to plenty amount of funds being poured in and continual advancements happening in the sector.

Several startups and ventures are coming up with new-age technology to compete and delivering great results in the market. The future is being predicted to change the structure of the real estate market and transform the landscape of the industry for the years to come.

All in all, the disruption of the way real estate industry works is very near and the transformation has already begun.

Aarsh, Co- Founder & COO, Gravitas AI

www.gravitas.ai