Real Estate Industry Welcomes the Artificial Intelligence
With the new real estate technology trends, the most revolutionary promises to be the Artificial Intelligence (AI). The capacity of merging data with advanced analytics and online technology has the potential to enhance the customer experience in a traditional reluctant market.
The “proptech,” meaning real estate transactions simplified through technology, will trigger the traction that the FinTech imagined. Technology in real estate is about to face major changes. And Artificial Intelligence is positioned on the top of the changing factors, so, we will most probably be the witness of AI-assisted real estate brokers, property managers or AI assisted lawyers.
The Artificial Intelligence will generate opportunities in several directions:
Machine Learning incorporated in Real Estate Marketplaces
Gathering accurate insights of a particular real estate market can easily turn into a Sisyphean activity. Property search to match certain investment criteria is, in most cases, a laborious and time-consuming task because of the vast data quantity that needs to be processed.
Now smart applications, based on machine learning, will be able to aggregate extensive unstructured databases, supply property search analytics and provide in short time results according to the requested criteria. A sort of putting an order in chaos with fewer efforts. Recommendation engines will increase the speed of matching interested buyers with corresponding sellers, diminish friction and ease transactions flow.
Market watch tools enable the access to very detailed local data in real time, like price per square meter in an area or the price distribution for a certain property type. AI technology helps identify sooner time sensitive real estate investment opportunities.
This technology for realtors is about to through them out of the game? Not for the moment, but those empowered with machine learning technology will have the edge over the others for the moment, and those that do not follow the trend might be skipped.
Property Management Task Automation
A successful property management for owners implies having the property integrally rented, all the time, functional infrastructure and happy renters. Property managers start to use bots to answer some of the renter’s needs: messaging the bot with a property need and receiving an automated answer from the bot with summaries or listings. Or experience AI chatbots to change the way that services are delivered, as a modality to delight tenants with concierge services, for example.
Replacing customer service representatives with chatbots is actively investigated by facility management providers, because of potential costs reduction implicated. Another job that has potential to be assigned to machines is the email inquiries and probably the leasing proposals also.
AI comes to add extra value to existing solutions that collect and analyze data from different sources and provide in a certain manner a form of process automation
Depict Unstructured Data
Streamline and automate the lease data collection, its management, and abstraction, is a new way of reducing costs and simplify the process. AI applications may be encapsulated in the legal area of real estate, by extracting and coding clauses, merging documents, identifying missing documents. They may have a reliable contribution to the completion of financial reports and statements, extraction of pertinent terms and automatic consolidation.
More than sure we are just at the start of the AI era in real estate, and even if it restructures the industry from its foundation, for now, we are contemplating slight improvements in various areas. AI supports realtors and property managers with the repetitive tasks that are automated, investors with more accurate data and enhanced prediction capabilities. What surprises will unleash AI in the future for real estate technology remains to be discovered.