TMCnet Feature
December 03, 2021

Top 6 Ways Artificial Intelligence Is Changing Real Estate Industry



There was a time when Artificial intelligence or anything close to it seemed like an impossibility. That's not the case anymore.  Artificial intelligence has impacted our lives in great ways and there is no stopping to it. Artificial intelligence has become an essential part of almost every industry and the real state is one of them.



If you are still unaware of the uses of artificial intelligence and how it is impacting and changing the real estate industry, this is high time you should spare some time and do your research about artificial intelligence and how it is changing the real estate agency.

In this article, we have done all the hard work for you and will tell you everything you need to know about artificial intelligence and how it has changed the world of real estate. So without further let’s begin!

What is artificial intelligence?

If you are new to the whole concept of artificial intelligence, let us give you a very brief intro to artificial intelligence. So basically, artificial intelligence is concerned with making machines that are smart enough to perform tasks on their own that need human intelligence. Artificial intelligence enables robots or computers to control other machines and perform tasks that require the intelligence level of humans.

Artificial intelligence has become so common, knowingly or unknowingly we all are using artificial intelligence in our lives. The best example of using artificial intelligence in your daily life is unlocking your phone with your face id.

6 ways artificial intelligence has changed the real estate industry

As we have mentioned, you are already using artificial intelligence in your life, in one way or another, intentionally or unintentionally. The real estate industry is not behind and is keeping up very well with the trends of artificial intelligence. Here are the top 6 ways how artificial intelligence has changed the real estate agency.

1-    Chatbots

The most common and simplest way in which artificial intelligence has impacted the real estate industry is Chabot. Chatbots are not only time-saving for the customers but also the industries. Almost all real estate websites have incorporated chatbots in their website. The virtual assistant in the chatbots answers the most common and basic questions and queries of the customers instantly, and hence saves the time and cost of hiring customer service representatives for answering very basic and common questions.

In this way, the customer representative can save their time and give answers to the question that really requires their attention and time.

2-    Prediction of market values of properties

Artificial intelligence technology has made it possible to predict the market value of a property by analyzing the trends in the market in a certain geographical area. We as a human can't always have an accurate knowledge of the trends in the market and, to be honest, it is very hard to keep up with the ever-changing trends of the property. Artificial intelligence technology combines marketplace data and CRM and helps you in predicting the value of your property by keeping in view the current market trends.

Technologies like skyline and share estate have made the process of estimating the market value of your property very convenient, easy, and accurate.

3-    Recommendation to the clients

No matter how good a real estate agent you are, there is always a client who, let's just say, is a bit hard to understand. No matter how many discussions you have with them you are unable to understand what exactly they want. And honestly, these are the type of clients that are a lot of work.

Artificial intelligence is here to rescue you.  The specialty of artificial intelligence is data, and the more the data, the better it is. The AI technologies listen to the conversation of you and the clients, change this conversation into the data, and search for the properties that match with this data. And ta-da you have plenty of recommendations for your clients, right from the comfort of your office.

4-    Saves from the paperwork

What's worse than paperwork? Nothing, that’s right paperwork is the worse. Say thanks to artificial intelligence it can even save you from all the boring paperwork. A real estate agency has loads of paperwork not only for the agents but also for the clients. The AI software can fill up those forms and do all the required paperwork for you and make your life much easier.

5-    Virtual tours of the property

Visiting each and every property you have on your recommendation list can take so much time. But now you can take virtual tours of these properties and can see each and every corner right from your office.

Virtual tours can help you in shortlisting the properties and then you can easily visit those 2 or 3 finalists on your list to satisfy yourself.

6-    Mortgage calculators

Mortgage calculation is one of the hardest things in the real estate industry. It is tricky and requires a lot of precision and accuracy. Well, once again artificial intelligence comes to rescue you. The Al algorithms review the application of the mortgage, remove any errors from it, double-check the income sources, and analyze the key and other documents. Artificial intelligence truly helps real estate agents to complete this process effectively and accurately.

Wrapping up

There is no denying that artificial intelligence is becoming an integral part of our lives. Just like any other industry, artificial intelligence is becoming more and more popular in the real estate industry with every passing day and changing the dynamics of the real estate industry for good. So the sooner you will incorporate artificial intelligence in your real estate business the better it will be for you and the progress of your business.



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