AI in Real Estate Industry
Nowadays, AI is impacting many aspects of our lives and the real estate industry is no exception. With outstanding computational and analytical capabilities, there is no doubt that this technology is currently transforming the real estate industry.
The data of the real estate industry is quite large and most of it is public, but it is still tricky for buyers to access information because there are many agents. Moreover, the real estate buying and selling process are pretty complicated, and buyers have to visit the house to see the actual condition of the house, so finding a place that suits their wishes is quite difficult and takes a lot of time.
When you would like to buy a house, the first thing you do is definitely surf the web to find information. Now you can find exactly what you need with the help of AI-integrated technologies. For example, virtual reality, data visualization, 3D modeling, and drones, which can record the property and its surroundings, create virtual tours, giving buyers the most authentic experiences without having to go from house to house for consideration.
AI can scan millions of documents within seconds for analysis and can make real estate investment decisions, helping investors optimize profit potential. The company Zillow is also applying an artificial neural network model on Zestimate for real estate valuation. The system will compare the necessary data to help the owner estimate the value of his property. With data visualization technology, investors can have insight into the condition and potential location of the project. AI can also rely on data to make fairly accurate predictions about future market changes and trends.
Besides, AI also helps you manage your property, eliminating geographical restrictions; you don't need to visit them anymore, AI can do it for you. AI algorithms can also help investors list their real estate prices on exchanges automatically.
The Covid 19 pandemic has forced businesses to digitally transform using online software and intelligent real estate supermarkets to reach customers. These applications will help you to convey information such as location, area, utilities, selling price, etc. AI also allows agents to respond more quickly to customers via chatbox.
They also can implement AI technology to collect, analyze and evaluate customer data, find potential customers quickly, helping real estate agencies to save marketing costs.
The core of the smart home
The smart home is now gradually becoming a trend in the digital world; it is not only a criterion for competition between real estate companies but also a standard for choosing a residence for buyers and their families. A smart home uses advanced technologies in which AI is the core, such as virtual assistants, biometrics, demographic technology, facial recognition to increase the comfort and security of the home.
Besides, AI also promotes smart city development. Since 2018, many countries worldwide, such as Japan, China, the United Arab Emirates, or countries in Europe, have accelerated the development of smart cities.
It can not deny that AI has reshaped the real estate industry for both businesses and investors. If you know how to take advantage of technology in your life, we are sure that it will be your effective assistant to help you get rid of the troublesome procedures when dealing with real estate.