4 Ways AI Has Changed the Real Estate Industry
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Do you remember the last time you looked for a rental property in the classified section of a newspaper? With the widespread use of mobile apps and internet searches for just about everything, finding a property to rent by reading the newspaper has become a thing of the past.
The outcome of joining the technology and real estate industries, PropTech is an innovative new approach to the process of housing, offering a wide digital transformation to the sector.
PropTech and AI
The industry of PropTech is well on its way to digitizing the entire house-hunting experience, creating a paper-free, secure, and convenient process. And one way that PropTech has altered the real estate industry is through the introduction of Artificial Intelligence, or AI, to change the way tenants and landlords find properties and do business.
Luckily, this kind of AI isn’t like HAL 9000 from “2001: A Space Odyssey”—PropTech AI exists solely to make the process of housing and renting easier for everyone involved.
The benefits of AI in real estate
While the digitization of the housing industry brings many advantages for both tenants and landlords, AI is a crucial part of this technological advancement. Here are some of the ways AI has made real estate more accessible:
Availability and convenience
AI is incredibly useful, for example, chatbots on search sites, who can answer customer questions quickly and easily. With AI being available at any hour of the day, tenants no longer have to limit their queries to business hours.
Do you have a question about a property at 3 am? The AI chatbot will be able to help you find an answer. In addition, technology companies are developing remote viewing bots that are able to conduct property viewings via tablet and camera connection, or chatbot intelligence, which would let individual real estate agents complete more showings in one day.
Focus on preferences
Because property search sites rely primarily on preference input such as price and location, the housing market is very much tailored to your individual needs and wants. The AI can also filter your preferences and offer revolutionized recommendations, by scaling your interests and showing statistically ideal properties, without the chance of oversights or biased endorsements.
However, AI can take all of this a step further— technology is making strides toward an even more inclusive AI search experience, with property recommendations based on even more specific personal preferences, such as personality traits or values.
Using AI to predict and analyze pricing trends is another important application of this technology. Being able to focus on current developments and the historical trends in the market for a particular property or area is a great tool for adapting prices and giving all available information to the tenants.
AI can also consider the statistics of the area, such as crime rates, offender registries, schools, transport, and marketplace availability, and analyze them automatically. All these aspects are important in selecting a property, and AI works to speed the process and effectiveness of the results.
Security and documentation
By removing the potential for human error, AI is able to offer property managers and tenants a more secure system with which to do business. AI ensures the safe documentation of all crucial information about the property and area, including local building codes, regulations, safety measures and certifications, local ordinances, electrical and heating information, and so on.
Because PropTech services include data protection, you can make sure all such information is safely stored in the cloud or data cache.
A look into the future of AI
It’s no secret that AI and PropTech continue to achieve further advancements in technology and application. Investors, start-ups, and digital innovators all power continued research and breakthroughs in this sector. Some already are speculating about the viability of an AI-centred workspace, and how that would affect the real estate industry.
AI in real estate
Because the majority of today’s generation of renters are quite comfortable with technological advancements and the use of AI, PropTech has enjoyed rising popularity. By making basically every aspect of real estate and housing easier, PropTech and AI are a good lure for potential renters coming into the market. PropTech’s reliance on AI technology is a safe, convenient, reliable, and efficient way for tenants and landlords to be confident.