The Realty sector is on the path of technological development. A number of innovations and technological advancements have made inroads into the realty sector and are shaping the sector to suit the technological world. One such technology that is doing wonders in the realty sector is Artificial Intelligence (AI).
1. What is Artificial Intelligence (AI)
Artificial Intelligence or AI refers to a wide ranging branch of computer science that builds smart machines which can mimic human intelligence and perform tasks and can improve themselves based on the information they collect. These machines can be programmed to think and act like humans. AI is being used in various fields and the realty sector is not an exception. In fact, the realty sector escalates due to AI.
2. AI Helps in Real Estate Transactions
With the entry of AI in the realty sector, the transactions have been simplified and the time spent on hunting and finalising the deal is also very much reduced. Let’s see how AI escalates the realty sector.
2.1. Identifies Lead Generation
A number of visitors visit the sites of real estate developers and it is not necessary that all are interested in purchasing that property. AI enabled programmes collect consumer information and with the help of NLP, another technology it can find out who are the interested customers of that property and AI can also maintain a record of potential buyers.
2.2. Eases Home Search
Searching a home of our choice and requirements was a tough job earlier but AI has made it a cake walk. Home search is very much simplified on the internet. SEO tools list out parameters like number of bedrooms, bathrooms or other specifications and the consumers can filter out from a wide range of options. AI algorithms help to filter out user preferences and can save time.
2.3. AI Facilitates Evaluation and Home Loan Process
AI helps to estimate property values and rental prices. AI application testing model collects data from public records and produces specific data value analysis. Home loan was a lengthy procedure earlier but AI has taken over the traditional process of lending home loan and made this procedure hassle –free. This improved process of home loan, benefits the home buyer, developers etc. Consumers are now comfortable with technology and love to adapt digital processing that makes this process of home loan much easier, faster and efficient. The entire journey of home loan is now covered digitally.
3. AI Modifies Realty Sector
AI is used extensively in the realty sector and AI also escalates this sector with its advanced technology. Here are a few ways in which AI is modifying the realty sector.
3.1. Chatbots
A Chatbot is a feature of AI which is embedded and used through any messaging application. They are also known as digital assistants. This is the new entrant on websites which is deepening its roots on real estate websites. Chatbots have become popular and are almost replacing customer service. A chatbot is basically a computer programme that can process or mimic human conversation, either spoken or written in text messages. They are becoming a crucial part of customer service automation. They understand human capabilities, can take up their request and give quick related answers.
3.2. Helps in Deal Matching
AI helps in deal matching if a buyer sets his criteria of investment. AI informs him when his set benchmarks match a deal. Investors can set their standards on the investor dashboard and AI helps to acquire a list of properties and inform the buyer when a deal matches his requirements.
4. AI Supports Construction Sector
All sectors of real estate have started including AI and the construction sector is not an exception. AI helps the construction sector in different ways and helps reduce cost and time.
4.1. Use of Drones
Drones that function with AI are equipped with high-resolution cameras. They serve as an effective tool for thermal imaging and also function as an investigative tool. AI in collaboration with BIM eases data workflow. They can be used for inspection, especially to areas which are difficult to reach by inspectors. Thermal imaging helps to inspect roof insulation. They can also take up topographic surveys and help in planning and designing. Drones are cost effective and reduce the risk of accidents by taking up inspection of heights and difficult points.
4.2. AI Helps Construction Managers
AI helps the managers in different ways. AI helps them in maintaining numerous tasks that run their operations. It helps in scheduling related tasks so that delays, conflicts and other issues are prevented. AI aids in the coordination of complicated tasks and management and also helps to prevent unexpected delays. A number of autonomous vehicles are used on the construction sites led by AI. Modern machines and equipment use sensors which are combined with AI to help the functioning of the machinery. These sensors can also point out the malfunctions, delays and upcoming problems.
5. Realty Sector Escalates Due to AI
AI has made available the feature of listings online and has eased searching of homes. Homebuyers now get the advantage of searching homes with different features like price, location, number of bedrooms, toilets etc. It offers a better property search. The powerful tools of AI technology help real estate agents and developers to identify the leads and the potential customers. It helps agents and brokers to find out where the current demand is growing or will grow shortly. AI helps the realty sector to escalate and AI based solutions can help during the process of construction in various ways. It can improve execution, planning of construction, the updating of construction, succession, task management etc. AI also helps to keep all the stakeholders informed.
AI along with Machine Learning is transforming real estate into a tech modified sector. AI also helps to obtain quality materials at the best price from the best suppliers. Robots created by AI can cut down on expenditures and handle the purchase of materials. AI is also used by search engines to support users in getting more information even from a basic property search. Interested home buyers can now obtain various details specific to neighbourhood, ROI and other minute details related to a particular property before buying it. AI helps in property management too. It helps to inform when the systems of critical maintenance are ready to be replaced. Overall one can say that the realty sector escalates due to AI.
Written by Nikhil Gattu
