How is Artificial Intelligence disrupting the industry of Real Estate?
Artificial Intelligence is now part of our daily life; it is difficult to find a segment that is not influenced by it. Real estate has not escaped that disruption, either. Indeed, there is a lot that AI is changing in that industry. In fact, real estate transactions were not conducted through digital channels; they were made offline, including face-to-face engagements, etc. However, AI has opened up many ways to change this. Here are 4 great ways AI is revolutionizing the industry of real estate.
Changing traditional real estate industry
In the past, real estate has been considered as an investment of rich people. The problem is that, the conditions of entering the real estate market was and has always been too high for everyone to get in. But today, the disruption of Artificial Intelligence has drastically changed everything. From the analysis of the market to the search of customers' needs.
In fact, with the predictive analytics of that industry, real estate companies may find it easier to understand their customers' expectations. You can read full article to get a better understanding of what we mean. Apart from that, some search filters can be integrated to an AI tool to find the property that matches clients' requirements. Actually, contrary to what was done in traditional real estate, real estate based on AI takes into account more personalized criteria.
Effective valuation process
Physical documents, titles documents for proof of identity are still to date. But this approach needs manual commitment and a huge bunch of time. As a result, it increases the average of errors and may require to include third-party service providers. It may also slow down the valuation process. However, with the disruption of Artificial Intelligence, one can easily analyze the market, surface areas, and find an accurate estimation before setting the price.
That being said, using Artificial Intelligence increases efficiency, lower additional costs, enhances data security along with reducing manual errors. In addition, AI can help real estate companies implement virtual tours. The latter is highly recommended when customers do not want to travel to visit the properties. Virtual tours may also be profitable to visualize the properties with a diversity of layouts and decoration styles.
Automated customer service management
In the real estate industry, there are millions or, rather, billions of transactions made every year. This huge process requires tools that can handle large transaction volumes quickly and efficiently. That is where chatbots and computer programs come in! Those tools can handle the automated part of responding to common questions from customers.
Using these AI-based tools is also important for efficient follow-up by sending reminders to clients or alerts when a property matches their requirements. Thus, real estate companies can take advantage of that to provide personalized solutions and simplify the workflow for their agents.
Keeping track of property titles
Nowadays, some regions in the world still deliver paper-based titles. But this often creates opportunities for errors and fraud. The fact that AI is revolutionizing real estate is great news to streamline the process of transferring property titles. This may also add some layers of security, including providing a specific ID number to each buyer and property.
In fact, any identified error is a red flag and typically looks like an illegal transfer. In other words, owners can spend high fees to ensure that their properties papers are legal, accurate and authentic!