Real estate is the largest business next to agriculture and maintains a strategic importance at all levels. Construction sector is jumping by leaps and bounds with the help of digital technology. It is undergoing enormous technological and industrial changes with the help of recent trends, tools and technology. Artificial Intelligence is one of the advanced technologies that are being adapted by the real estate sector, especially the construction segment. Implementation of this emerging technology offers tremendous benefits in improving productivity in the construction sector. Now, Artificial Intelligence floats in real estate sector.
TABLE OF CONTENT
1. Artificial Intelligence and Machine Learning
2. AI in Construction Sector
3. AI Modifies Real Estate
3.1. Chatbots
3.2. BIM
3.3. Blockchain Technology
4. AI Floats in Real Estate
1. Artificial Intelligence and Machine Learning
Artificial Intelligence refers to any human-like intelligence that is exhibited by a computer. It is an endeavour to replicate human intelligence in machines. Unlike the natural intelligence displayed by humans, Artificial Intelligence is devoid of consciousness and emotions. It is a branch of computer science that creates computer controlled robots to perform tasks commonly associated with intelligent beings, hence the name artificial intelligence. This branch of computer science is gaining popularity in the construction segment of real estate. Artificial Intelligence can also be described as a machine that mimics human cognitive functions like problem-solving, pattern recognition and learning. A division of AI is Machine Learning which uses statistical techniques to give computer systems the ability to learn from data without being explicitly programmed. A machine gets better at understanding and providing insights when it is exposed to more data.
2.AI in Construction Sector
Though a toddler, Artificial Intelligence is transforming the construction industry into a tech-enabled industry. The use of AI is making the construction industry more structured and organized. It optimizes work schedules, improves the safety of the workplace and also keeps a close watch on construction facilities. AI has already begun to penetrate into planning, scheduling and conflict management domains of construction projects. It helps in scheduling several ordinary yet important tasks for running their operations. They can schedule related tasks, prevent conflicts and delays. AI helps in the coordination of complicated tasks and management as well as the prevention of unexpected costs and delays. AI can predict the possibilities that might happen if a permit is delayed or if an incident happens. This forecasting helps to arrange proper emergency plans to deal with unexpected situations. Drones are used to assess in survey of the various stages of construction, especially those curves which may be fatal for human survey.
3.AI Modifies Real Estate
There are various ways in which AI is modifying the real estate sector. A few are mentioned here.
3.1. Chatbots
This is one of the most understandable ways AI is renovating real estate. Realty companies have started integrating chatbots into their websites. A chatbot is an Artificial Intelligence software that can stimulate a chat with the visitor on the website. This application is used to conduct an online chat conversation via text or text-speech. AI powers make the chatbot capable and intelligent to answer complex queries. It learns from every conversation it has with its customers. It improves its current response with the previous conversation. It is trained to operate on its own using a process known as Natural Language Processing combined with AI. An AI Chatbot recognizes, understands and responds to queries in seconds. A chatbot serves as a major tool to interact with the customers at any time of the day. It is available round the clock. AI gives a human touch to every conversation of the chatbot. It saves the time of the customers and also provides satisfactory answers.
3.2. BIM
Building Information Modelling(BIM) is a model based design concept where a building is virtually created prior to getting on the field. It is a process to create and manage information on a construction project across the lifecycle of the project. BIM provides many advantages like improved productivity, cost effectiveness, reduced rework, improved coordination and much more. It provides 3D models of the buildings and helps to assess and analyze the impact of a minute change on the overall structure. BIM is a flexible tool and a resource that helps to create the right virtual infrastructure that can save time as well as the cost. AI helps BIM to strengthen its core. AI assisted BIM can support BIM infrastructure. AI can identify problems that might arise in future, thus saving from the risk arising in future as well as the cost. BIM software collects and works with a variety of data and AI helps to make sense of this data, analyses the data and creates models. It can also predict the upcoming issues and save the project from risks, thus minimizing the risk of loss.
3.3. Blockchain Technology
Blockchain records information in a way that makes it difficult and impossible to hack or cheat. It is basically a digital ledger of information and transactions that is duplicated and transferred across the entire network of computer systems on the blockchain. Real estate uses Blockchain technology. It offers a new means for the buyers and sellers to connect with one another. Blockchain is used to cut intermediaries from the transaction process, thus reducing the cost. AI and Blockchain work together to bring a better change in real estate.
4.AI Floats in Real Estate
Leaders in the construction field are embracing Artificial Intelligence with open arms. They are showing greater interest in the transformative prospects of Artificial Intelligence Technology. AI can prevent accidents at the construction site and can also assist operators of heavy and mobile machinery. Technology is making the construction more efficient, innovative as well as time and cost effective. Drones fly over the construction sites, AI optimizes work schedules to improve workplace safety, chooses the best settings etc. AI helps to manage schedules and reduces costly delays. Designs are also AI based that makes the design and the planning to be time-bound, of greater quality and above all it is cheaper. AI also helps to improve the overall safety on the construction sites which are now equipped with cameras, IoT devices and sensors that monitor various aspects of construction operations. It informs the staff, if it detects any possible safety hazard. This automated process can save lives and increase efficiency at the construction site. Hence we can say that Artificial Intelligence floats in real estate and will transform this industry into a tech-enabled sector very soon.
Written by Nikhil Gattu
