Impact in Machine Learning and Artificial Intelligence on Real Estate and TrendsJuly 24, 2018
Have you ever been on the lookout to buy a house or an apartment and found yourself buried in heaps of redundant information? Your dreams of owning property were either forced out the window or grew even more complicated thanks to inadequate information. Well, thankfully this is effectively becoming a thing of the past with the entrance of AI into the world of real estate.
Artificial Intelligence is finally taking over every arena and domain in the world and comes as a welcome relief rather than a cause of alarm amongst us. Real estate is relatively late to the game, consequently, only a few elements of the sector are currently benefiting from machine learning.
What Is Machine Learning?
Machine learning is mostly a computer algorithm that assimilates every ounce of data it is fed, analyses it, adapts to and evolves with this information. Essentially a program uses all of this to create a better version of itself. If you were to look for homes on a website or continuously search for a set of parameters, machine learning will pick up on this and tailor searches to make them more precise and even send recommendations on related listings your way. You are likely to not only have a large number of choices you will be pleased with and a quick search that makes you a homeowner in no time.
Applications in Real Estate
A real estate company can watch their sales numbers explode thanks to AI-driven programs that bring the right customers to them. If you employ this software, you could soon be up for the title of ‘sales executive of the month’ thanks to the number of customers coming your way. Algorithms also improve upon sales campaigns and perfect entire marketing sales process to bring tenant and landlord together. With insights, you learn how to ensure listings can become more attractive to search engines. A seller could help a potential customer clarify all their queries through a bot that learns from each question from various customers. However, you run the risk of a bot being so robotic that it comes across as rude or frustrates a customer by repeating the answer a script provides it. While AI is enhancing enough to do away with this drawback slowly.
Once you own your dream home, you will realize machine learning comes into play, mainly with property management. Automation plays a big part in ensuring the lighting, temperature and in general, the HVAC systems of a building are keeping everyone in it satisfied, while enabling the owner to manage bills more effectively.
The most exciting realm of AI for real estate lies in virtual or augmented reality. They currently exist in simpler forms such as 360° views of a home, so you get a better feel for your home before you even buy it. However, this function is available in a limited capacity with researchers still sorting the multiple bugs that accompany it.
Irrespective of its pros and cons, machine learning, is here to stay inside and outside the world of real estate. Whether you actively use it to better your real estate experience or not, it has a part to play in improving every element of the process.