Artificial intelligence (AI) is for sure one of the most anticipated technologies to come. Understanding the impact a technology will have on your business can not only prepare for a negative impact, but also adapt your business to assimilate technology to optimize your business. Although it is one of the oldest industries, the real estate industry has gradually adapted to new technologies. Even if it appears that artificial intelligence is still a long way from being implemented in the industry, has been used in the real estate industry since 2018.
The First AI-Assisted Real Estate Transaction
The first AI transaction took place in Philadelphia, where two buildings were purchased for a total of $ 26 million using a “soon to market” algorithm. This algorithm has been used to analyze large amounts of data that include the potential economic value, KPIs, and properties of real estate and risk factors. The algorithm used all of these factors as a basis for determining whether a property has potential earnings. The algorithm was used to make another purchase in 2020 with promising results. Anything that can guarantee more or less high profit margins is something that decision makers in their business assume will be a great addition to your toolbox.
Improved Lead Generation and Target Marketing
AI-powered apps, chatbots, and smartphones are powerful tools for improving lead generation and content marketing by determining which people are most likely to be sold. Chatbots also enable companies to answer frequently asked questions on demand, which also allows them to automatically send content to their prospects.
Property Market Value Prognostics
Since artificial intelligence can analyze large amounts of data, it can also be used to make precise predictions about the future market value of a property by using current market data, neighborhood features and property attributes. You will appreciate high quality real estate in the future. This enables real estate investors to buy real estate before they value it, maximizing profit margins in ways that no human data analyst can predict.
Thorough Property Analysis
Before selling a property, it is important to provide customers with accurate information that will enable them to determine if the property you are selling is what they are looking for. Artificial intelligence will allow companies to go beyond basic information to include information about external factors that affect the quality of life of real estate residents. Some examples of these factors are:
– Number of sunlight hours in a month
– Quality of local transportation
– Quality of local schools
– Parking availability
– Noise levels
Not only does this make your business one that ensures your customers get the property they need, but it also greatly improves the customer experience.
