Artificial Intelligence Has the Power to Transform Real Estate

Updated on: 24 Nov, 2022
Artificial Intelligence Development

Real estate has its ups and downs. However, nothing has affected it like the unprecedented or unanticipated coronavirus pandemic. Real estate is down and it will take some time for it to achieve traction. Artificial intelligence helps in different ways provided those engaged in real estate take advantage of AI development services.

Design and construction

Tastes and preferences change. Gorgeous mansions were all the rage but gave way to more compact apartments and twins or smaller bungalows due to various reasons. Artificial intelligence development services help the real estate industry to come up with more ergonomic, energy-efficient, and livable designs rather than simple boxes. It can go a step further to create smart living spaces, fault detection, and maintenance of amenities like lifts, heating, ventilation, and air conditioning as well as fire and disaster factors with more intelligent designs.

Better marketing and sales for real estate agents

Realtors depend on flow of property to keep cash registers ringing. Smart real estate agents can rely on AI development services can help here in a variety of ways:

  • Tap data from online and print sources to estimate demand, pricing, and other relevant factors to find out and list properties before other agents get there.
  • Keep track of current economic and political situation to predict future conditions and be market-ready.
  • Derive intelligence on the type of properties buyers and renters are looking for.
  • Create better AR/VR presentations to convince clients on the first attempt.
  • Map property attributes to prospective customers’ preferences and makes recommendations to save time on legwork and taking clients around different properties
  • Analyze client responses and decide whether to pursue or to leave it.
  • Use artificial intelligent solutions for due diligence, a vital part of real estate transactions. You could better evaluate credit ratings or detect attempts at fraud.

Apart from buying and selling, real estate agents also take on property and asset management on behalf of owners. Here too artificial intelligence development experts can create solutions that help to deliver solutions for better tenant comfort and management as well as managing occupancy. The system can keep track of each individual occupier, their energy and utility consumption patterns and optimize everything for maximum gains as well as services. It is not just residential buildings and management that benefits; office spaces contribute to higher efficiency and productivity when workspaces are intelligently designed and laid out for optimum results. The success of IBM’s Tririga solution and that of Gridium in these areas is a pointer of how things will be in future. AI software for real estate not only enhances productivity and ergonomics but also reduce maintenance and operational costs.

Yet another aspect is security: AI improves security through computer vision and facial recognition technologies as well as monitoring the video surveillance system to detect anomalies.

Predictive capability

Think of builders who anticipated a spike and launched projects only to be stymied by factors such as economic downturn. Real estate segment is volatile and profitability depends on price difference. House owners, building owners and construction companies can plan on when to sell and at what price when they take the help of artificial intelligence. There is considerable amount of work being done in this area of price prediction, especially by companies like Skyline. It accesses database from 130 different sources and analyzes 10000 features to deliver accurate price predictions. Zillow does it differently by analyzing images of property.

The way forward is clear for the real estate industry: Engage AI development services to stay on top. It could be one of the finest investments you make.

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