AI enabled real estate firms to pick out the best places for a customer to stay based on given parameters like office location and distance from your kid's school. Or, Customized Smart Options for Customers from AI enabled Real Estate Firms
Technology has taken the world into the digital age, with automation leading the path of progress. Nothing has remained untouched by the magic of technology and Real Estate being a key driving force of world economy is a crucial industry vertical. In today’s world, the Real estate Industry is one of the most complicated industries. The best chance for a broker or real estate firm of securing any sale is to provide clients with the property that perfectly matches with their requirements. Interpretation of their customer pain points in finding homes and finding out exactly what they're looking for is one of the most difficult tasks for any Real Estate Agent but no worries; Artificial Intelligence can do it with just some input of their preferences from the clients.
For many years, selling or buying a house or a property has been seen as one of the most complicated businesses one would engage in. Artificial Intelligence will remove the dependency on intermediaries in the Real Estate market and it will help in creating positive user experience of buying a home. These days customers’ requirements are very specific as they know what they want, but at the same time due to dependency on agents or middlemen, Buyers are not able to get the exact things as per their preferences. Somewhere the buying decisions also get impacted by the skills of agents/middlemen in convincing the buyers to buy an imperfect property. Enabling AI into Real Estate will eliminate the biases of agents for any property for selling that to the buyers. AI recommends the property as per the customers’ parameters to select a home for them. AI is simplifying the search criteria of homes in the Real Estate as per the preferences are chosen by any prospective buyer or investor. AI is also capable of matching real estate properties with potential consumers based on the specified characteristics of those properties.
For Example, if a buyer prefers to have a home which should be only 5 km away from School, the selected criteria of AI technology enabled Real Estate firms will show only those homes to the buyers which match their exact requirements. AI and the machine learning algorithms will also suggest other properties as well which are somewhat in sync with the provided preferences. In the past scenario, if the same buyer speaks to an agent to serve this query, he will find out some options and will try to sell property which the agent first wants to in order to earn good commission. So now when AI takes place of that agent in the Real Estate It will not suggest options as per profitability, but it will suggest as per the preference criteria only.
AI is empowering the consumers to take the right decision of WHAT, WHEN and WHERE to buy.
AI and the machine learning algorithms can also be used to predict customer behavior that whether they will soon sell or buy a property based on their email correspondence with the agents, location analysis, and even their social media profiles. Thus AI systems shortlist potential buyers and give the golden chance of boosting sales to the Real Estate firms.
The market is ready for AI and machine learning (ML) to enable this very disintermediation and help in re-organization of the larger marketplace, creating a lucrative C2C (customer to customer) model that will be driven by technology and a better customer experience. AI has enabled the transition of a sector as huge as real estate on the back of algorithms that restrict brokers from infiltrating the communication.
The new-age consumer needs transparency and the ability to reach out directly for information, without depending on a human enabler. Artificial Intelligence is creating wonders in the field and will create a win-win situation for both buyers and sellers. Let’s see what comes in future for the Real Estate from the house of AI and advance tech.
Authored by Ms. Anushree Srivastava, CEO & Co-Founder, Zvesta – an online platform for Buying, selling and renting properties at PAN India.
