What is AI and How is it Transforming the Real Estate Industry?
Artificial Intelligence has brought about a drastic change in almost every field. Whether we talk about home alarms or cancer cells, self-driving cars or quick locations, AI is being used everywhere. Likewise, AI has brought an amazing change in the real estate industry as well. Research shows that 78% of property managers use AI for their dealings.
The fear of the replacement of human work is still present but AI increases the efficiency in work, thus providing more time that can be invested on the core things. The use of computers to work like a human brain is helping humans in every sector and real estate is one of them. This article will shed light on how artificial intelligence is bringing a change in the real estate industry.
1. Improving Customer Service
Today, the secret for the success of every business lies in providing excellent customer service. It is the ingredient that is used for converting customers into loyal ones. From digital marketing services to the health care and fashion industry, chatbots are being used everywhere. Similarly, the real estate industry is also providing a great customer experience by using chatbots.
Since these chatbots are used to mimic the human voice, the real estate industry is saving the budget of a customer service representative. Apart from it, when brokers and agents use chatbots, they save themselves a lot of time, thus optimizing their time for the strategic work.
At present, these chatbots are used for answering the general queries of potential clients. However, it is expected that more advanced chatbots will be developed for answering specific queries too. When the chatbot is unable to answer a unique question, it connects the customer to the representative.
Since renters want quick and accurate information, this service is helping the agents in a great way. In the same way, AI technology can extract data from the conversation and put it directly on the property management software for the task to be performed. It saves a good amount of time and the staff gets free to focus on other core objectives.
2. Automating Data Entry
Artificial Intelligence is now helping the property managers to enter data automatically which would otherwise take a lot of time. Property dealers need to be accurate about the specifications of the property like the number of rooms, location, kitchen, and basement etc. With the use of AI, the property managers are automatically making entries in the online databases about the specifications of the property.
Thus the basic data entry procedures of the real estate industry are now handled with AI, making the managers work efficiently.
3. Language Translations
When it comes to global estate issues, real estate companies have to handle a lot of documents. These documents are in multiple languages and once the lease is done only the native speaker is able to read the finalized document. It was a problematic issue in the real estate industry which is now resolved with the help of AI.
The latest AI technology is designed in a way that it can read and comprehend any language. Thus, it extracts the important information from the documents and translates them into the desired language. So, the problem of language barrier in the documentation of real estate is no more there. This language translation has transformed the real estate industry by making it more transparent.
4. Automating Construction
Every industry wants to cut down its expenses so that the profit margin can be increased. One big problem in the real estate industry is the construction and construction material. At times, when the material is needed, suppliers are short. To automate the construction process, new technology has been designed that automatically orders the material needed for construction. Thus the material comes in hand at the appropriate time without the hassle of ordering manually.
Thus, real estate dealers can easily cut down their expenses and increase the profit margin. This automated ordering of material also saves time and recommends the best supplier that has the most suitable price.
5. Enabling A Virtual Tour
Since technology is at its boom, it has enabled the real estate industry to provide a virtual view to the leasing parties. With the help of drones, the property managers can now show spaces without spending a lot of time. It saves the time of both the agent and the client.
Apart from it, drones are also helping the construction companies. We know how important it is to survey the land before construction and drones can provide a quick survey without taking a lot of time. When land is surveyed properly before finalizing the documents, it mitigates errors and complexities in the process.
6. Property Management
AI is proving itself to be a viable tool in property management. Technology is also used in real estate for predictions. With the use of AI, companies can now have quick knowledge of areas where the lease is about to be expired and the rent needs to be increased. If done manually, this will take a lot of time and effort. Apart from it, it also helps as a maintenance tool. It can automatically notify the party if a space is having a maintenance problem and repair is needed.
In short, AI has completely transformed the real estate industry. From virtual monitoring and automated chatbots to predictive tools and automated construction, it is helping in every aspect. Thus, the real estate industry is able to cut down its expenses with the merits of AI and increase its margin. In the same way, the industry is able to provide excellent customer service.
The real estate clients are also enjoying the benefits of AI by saving their time and effort. The virtual tours and online databases are helping the clients to make smart decisions at the right time. AI will not fully cut down the need for human interaction, but it will bring more automation in the near future.
Nouman is a digital marketing expert from Dynamologic Solutions for many years. He considers bringing all the keywords to the top of his duty and constantly strives hard to achieve the best result. Along with finding & implementing content optimization strategy, he is also fond of writing interesting blogs on SEO & digital marketing related topics.