The world today is evolving with emerging technologies and newer developments in the existing ones. We are, no doubt, moving to a technologically dependent era, but saying that technology can replace humans would be totally inappropriate. Technology isn’t a bane, nor it will cost humans their jobs, rather it helps in enhancing the work that is already being done by humans and ease our lives. Real Estate is one of the many fields where technology is extensively spreading its dominion. Artificial Intelligence, Virtual Reality, Augmented Reality, Internet of Things, 3D Printing, etc. are some of the technologies that have already begun shaping the real estate world. These technologies only add to the customer experience and enhance the overall productivity of the sector.
Artificial Intelligence is one of these technologies that has recently been inculcated in the real estate world. It has countless benefits, especially with machine learning as machines can learn the behavior of the market, customers, and builders and give suggestions accordingly. Implementations of AI are limitless, ranging from a very basic chatbot to an automated bot giving you a tour of a house. Let’s look at how it benefits the general buyer of the real estate industry:
Responsive AI Chatbots: When we go to any Housing/Apartment website, the thing to first appear is a chatbot, that is ready to help us browsing the site. These responsive chatbots/virtual assistants are there to increase our experience as a customer/buyer. They are implemented using AI and studies customer behavior which provides us with something that we are looking for. The goal behind implementing AI chatbots is quality over quantity. Realtors are moving towards more personalized solutions for the customers. Showing a lot of options over a particular query is not only time taking, but can lead to ineffective decision making and customers may find it difficult in getting exactly what they want. This is exactly where Artificial Intelligence comes to the rescue.
Chatbots assist customer’s any kind of query and interact with them to clarify any doubt at any time. It saves much time of buyers by not waiting for some human intervention to solve their query and at the company’s end, it saves them a lot from customer service costs. These AI-based Virtual assistants save time on answering the same/similar queries & doubts which usually remain constant from customer to customer.
Virtual Tour from Comfort of Homes: AI-based tools help buyers to know what exactly their future home and surrounding looks like in a more realistic manner but from the comfort of their homes & offices. It is very important for people who find it difficult to visit each of the properties. Many a time, photographs look very different from the way it appears in real and when the buyer visits the property, it’s a whole different picture. But with this AI Technology, one can virtually walk through the property using their digital platforms which help buyers save time, money, and a lot of hassle.
Right Recommendations: Every buyer has a specified set of needs & wants which they are looking for from a purchase. Showing what is not required by them or showing too much that would clutter the actual things they should see, both the cases give a very poor customer experience. The modern customers, ho is usually short of time & patience should always be shown more personalized options that appeal to them more than a generalized one would. This can only be done by understanding user’s interaction and providing the right recommendations which in current time is done using AI technology in a very wise & effective manner.
Assistance & Disaster Management: Wouldn’t one feel safer if told that they live in a house/building/society built keeping the various factors of geographic calamities in mind? Well, we all know the answer. “Earthquake Resistant ” is definitely one such commonly heard term by us. But the background of such intriguing construction practices are largely backed with AI Technology. AI technology assures the implementation of right constructional strategies & predicting whether an area is prone to disaster and how to make their infrastructure resistant to that prone native issue which might or might not happen in a 100 years future.
Predictions for Home as an Investment: AI helps buyers to be more rational & predictively intelligent by collecting informations like the rise in market prices of properties in the area or city, future development opportunities, real-time analysis of area being prone to crime or theft, future prices depending upon the geography and more. AI not only helps in the present but allows every buyer to keep an eye on the future as well which will definitely help one to make the right choice & take the right decision.
Real estate will certainly be more digitized in the near future, however, all these developments will be taking just a couple of years from now to be fully functional with the industry. Builders, as well as brokers, are fast realizing the potential of newer technologies and how they can bring around mammoth changes in the way things are done in the industry. Artificial Intelligence is almost just scratching the surface of this industry and due to its enormous and countless benefits, it has already been extensively used in this industry, and it’s much more fruitful than ever.
From helping buyers with easy documentation, virtual tours & custom predictions to providing real-time assistance & analysis to realtors, AI Technology in every way is supporting this industry. Smart home technologies & AI-based Disaster Contingencies are very much implementable in the current modern scenarios as they were in the past.AI is and will be more efficiently used to not only help the buyer, but also the builders as well as the real estate agents.
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