The term “real estate” can connote different things. In a narrow view, you can look at it as a business of buying and selling properties or brokerage. In a broader view, you can look at it from the developer’s view, design, trends, markets, customer preferences, prices, and influence of external factors like economy and politics. One thing is certain regardless of which view you subscribe to: the business is changing and needs operators to be smarter. You will find artificial intelligence a great help in making the right decisions at the right time whether you are a broker, a developer, or an investor. Artificial Intelligence Development Companies can certainly help by providing AI/ML-powered software for your real estate business.
Estate brokers and agents
Strong reasons why realtors should engage AI development services:
- AI and ML work together to detect patterns and identify existing trends or demands among customers for specific types of properties. By getting Artificial Development Companies to develop the right software that will tap into data and carry out real-time analysis, you can know and segregate properties according to their specific parameters. These can be matched against searches made by buyers or investors thereby increasing the likelihood of a sale.
- You can even start by using AI-powered conversational chatbots on your website for first engagement with customers. The bot identifies customer needs and then the software takes over to present suitable “matches”.
- In a broader context, realtors will find that AI can help to identify emerging patterns, customer expectations, and the current state of markets. In addition, AI can also help to know about the impact of political and economic factors on the markets. AI also factors in a lot of variables such as natural disasters, surrounding development, demographics, travel arrangements, and so on. This can help with pricing and with marketing as well as pricing strategies across property segments. Skyline AI is a prime example of AI-powered software helping to predict property prices.
- Realtors engaged in office spaces benefit vastly by using AI-powered solutions. A JIL 2018 occupancy report finds that about 40% of office spaces are underutilized or remain vacant leading to losses. Solutions such as IBM’s TRIRIGA optimize such usage and make for better, compact, ergonomic workspaces. Gridium offers AI software that helps in better energy management which can help to save as much as $ 100000 (LinkedIn’s case) in operational costs.
- Link AI with blockchain and what you have is a peer-to-peer safe and secure smart contract system that can be leveraged for rentals and leasing.
So, in brief, AI can help in key areas such as:
- Valuation and cashflow analysis
- Budgeting and forecasting
- Scenario and sensitivity analysis
- Accounting and property management
Based on your niche of operation you can get AI development services to customize the software to deliver desired outputs at the click of a button.
Real estate investors
There is a class of cash-rich investors who focus on real estate as a very lucrative investment avenue. Can they take decisions haphazardly? Certainly not, considering the amount of investment involved. Here too, artificial intelligence-powered software can be a great boon for real estate investors and investment consultants. After all, decisions are based on data. AI keeps track of data across various correlated segments such as industry, economy, weather, jobs, and political decisions that will pinpoint likely trends and help investors to make a buy at the right time or offload investments. One aspect of investments in real estate is the confusing amount of choices. Here again, humans could cogitate for days or months but AI (with adequate ML in the background) considers all possible factors and presents choices that would quicken decision making.
Real estate developers and builders
Builders and construction companies can be the greatest beneficiaries of artificial intelligence.
- Use AI in software developed by expert AI development services to identify locations and fast-growing markets for real estate development;
- Know customer preferences for residential design and identifying designs that will sell fast and at a premium value;
- Design and deploy appropriate marketing strategies to create brand value that resonates with the buyer class they target;
- Analyze the neighborhood before buying land and creating a project that will attract the right type of clientele; and,
- Know which segment – infrastructure, commercial, industry, or residential is the hottest area and accordingly invest in such development.
The current situation is such that one simply cannot proceed based on a broad set of assumptions or rely on age-old practices. It is no longer a seller’s market. Customer experience matters and by knowing exactly what will fetch the prime value, realtors can gain a lot. Whatever you spend on artificial intelligence development can be recouped in just a couple of transactions.