How Ai Is Changing the Real Estate Industry
The defining importance of AI is that it aggregates information gathered into trends and helps the owners, particularly, take actions.
From our handheld devices to the cars we ride, Artificial Intelligence is slowly but certainly getting incorporated into just about everything. The Real Estate Industry is certainly not lagging and has, in recent times begun to depend on AI as well. Interestingly, the possibilities are endless, just like the means.
In this blog let’s talk about how I see AI is changing the real estate industry.
Artificial Intelligence and Information Management
Currently, AI’s major impact on the real estate industry is information management. Artificial Intelligence is helpful in reducing the time spent sifting through paperwork and processing details required for transactions. The defining importance of AI is that it aggregates information gathered into trends and helps the owners, particularly, take actions. This increases productivity, minimizes cost implications and, reduces errors.
Anthony Mackie typified in his movie, The Banker, the journey and risks of a classic real estate agent. The House-to-house surveys, the massive paperwork, the endless bank deals and, all the other stressful stuff. AI creates a virtual space where the business parameters are kept, analyzed and, used to make informed decisions.
Machine learning is applying information obtained from AI. Machine Learning helps to automatically improve the experience and choices of all parties involved, particularly with Visual AI. Visual AI aids project designing and planning, among others, ensuring the safety and efficiency of structures. All this is based on information gathered from existing structures and previous constructions. Way to go, right?
Artificial Intelligence and the Buyer’s Journey
Increasingly diverse options exist for folks with interest in the Real Estate Industry today.
AI-enabled bots and applications that help provide swift responses to typical questions that interested buyers or clients might have, reducing the stress involved in connecting with sales representatives are commonplace today. The responses obtained as well could be used to learn more about the target audience, and how to follow up.
Translating Documents across Various Languages
Importantly as well, AI is helpful with rapidly translating documents across various languages. Natural language processing algorithms could help the points of interest in a particular location and identify unique features on the listings available. The real estate industry is going beyond international borders and this will serve her users well.
Use of Blockchain in Transactions
Blockchain Technology was initially created as a secure medium of transactions for Bitcoin. Blockchain Technology employs a decentralized ledger technology to ensure that transactions are unalterable and remain transparent. Because trust is key between agents and clients in the real estate industry, Blockchain Technology is fast being adopted as a means of transaction.
Bitcoin, in itself, offers a unique way of making transactions and is fast becoming a mainstay in the business world. It is easier to “move,” offering a secure system with relatively favorable tax rates compared to local currencies. It ensures maximal profitability, for those selling or leasing, and for those buying.
Interestingly, the concept behind Blockchain technology has been adapted and applied in various ways to the Real Estate Industry. At Meridio, for example, owners can divide their property into tokens or digital shares, representing equity or debt and sell this for a wider capital pool via a Blockchain. This ensures that investors are automatically kept up to date with the financial state of their investment and receive dividends from profits made in a safe and trustworthy way.
Effectively, Real estate companies all around the world use smart contracts via the Blockchain, and the decentralized ledger abilities to help interested clients buy or rent a property. Like Anthony Mackie, for every real estate agent, any system that sustains transparency and eliminates the bias of race, color, or gender to the transaction process is preferred.
The Future of Artificial Intelligence in the Real Estate Industry
Frankly, AI had barely scratched into the surface of the real estate industry, and countless opportunities remain. AI enables people to scan and monitor thousands of real estate deals in a way no human possibly could have. It is anticipated that AI will significantly impact the way people buy and sell a property within the next 10 to 20 years.
And as more highly effective algorithms are being developed, agents who adopt AI will have a competitive advantage over those who don’t. And for clients, AI will ease the challenges they go through to find, view, and purchase a property.