How Artificial Intelligence is changing Real Estate

Artificial intelligence, machine learning, and cloud computing have changed the very course of operations in industries across the globe. The real estate industry has also borne the brunt of the changes, although in a positive way. Artificial intelligence, as per real estate experts, can give the best assistance to not only developers, but also investors and buyers in the likes of predictive maintenance, site selection, property management, and building design. Also, the other perks, as per real estate experts, are its ability to reduce expenses and provide the best virtual experiences for buyers and investors without them having to physically attend the property location. In this article, we shall look at how artificial intelligence has changed the face of real estate.

If you are into real estate, then you would have owned various properties, and the places would require maintenance. A simple repair, if left unattended, can turn into a large, expensive affair. Yes, you can have a team of contractors or property managers, but you can get accurate predictions from an AI sensor. For example, if you have a large number of real estate properties, then AI sensors can help in proper management, thus enhancing the lifespan of real estate resources. The perks are that you can also keep in check if the properties are getting misused or if there is really a need for maintenance.

Millennials in urban cities prefer to buy a home or apartment with IoT facilities. Are you from the same age group? The reason is that there are immense benefits. With both of you working, there are umpteen chances that you or your spouse forgot to turn off the light switch in the living room. In these situations, you can make use of the mobile and give commands to complete the process. There are other examples, such as turning on or switching off the fan, thermostat, television, and more.

The real estate market’s prices are prone to changes throughout the year. It becomes a challenge for property owners to keep a tab on developments, but with AI tools, they can get an accurate prediction.

Also, AI tools can help consider hundreds of factors, such as government guidelines, hikes in prices, and resources, before arriving at a conclusion.

4. Personalised marketing with AI tools

In this era of fierce competition, you need to personalise your ads and social media campaigns as per the needs of your target audience. An email marketing campaign based on the research inputs of AI tools has a better chance of getting the proper leads and conversions. The reason is that

AI can, with ease, do the analysis of data based on the target audience’s preferences, interests, and needs. Based on these inputs, you can modify the social media campaigns that can reach the target audience to get the best ROI.

Regarding digital marketing campaigns, AI can help automate tasks when it comes to data analysis, customer preferences, and sending emails. So, real estate agents can spend more time negotiating the deals with potential clients.

With AI tools, construction companies can identify the best areas for building apartments and homes. They can analyse factors such as economic zones, business impact, population growth, and government programmes prior to considering

5. Safety Monitoring

If you have a property far away in the hinterlands, you can use the AI sensors for monitoring purposes. This will help you keep an eye on burglars and unwanted activity. The same goes for industrial real a new project. These points can help real estate development and construction companies determine the future value of apartments before constructing any residential buildings. estate, whereby, by analysing the video footage, it is possible to identify safety hazards. The benefit is accident prevention.

Millionaires and billionaires remain always interested in real estate; the main reason is that they purchase apartments in many parts of the globe. In recent days, it has become a fad for real estate companies to send AI-powered virtual videos regarding a property to a potential buyer.

Have you checked the recent virtual marketing campaigns (videos) of real estate and construc- tion companies? If you are a potential buyer, they would have sent a video that contains a 360degree description of the apartment. The file will contain information regarding the apartment that fits your needs.

So, you do not have to physically visit the property; however, you can explore each nook and corner from any location around the globe.

When it comes to customer service, gone are the days when companies in all industries used to have a customer service centre and executives by the hundreds. In recent times, AI chatbots have proved fruitful in answering routine customer care questions, helping to set passwords, and more.

The IVR machine has come as a boon to many real estate companies. The call gets routed to a human customer care executive only when the AI chatbot is unable to handle the customer’s peculiar questions.

Mentioned above are some facts about how artificial intelligence is changing the real estate industry. Yes, there are many more points to cover, and we will be covering them in the future. Do you feel we have left some points out? If you feel so, please be kind enough to put a review in the comments section.