AI in real estate? Is that even possible? Believe it or not, one of the biggest trends in most industries, not just the real estate industry, is AI (Artificial intelligence).
And while AI is still in its developing stages, we can already see how implementing it could transform the real estate industry.
There are currently many AI trends in Australian real estate and although we can’t talk about the future with certainty, we can predict where these trends might go.
When it comes to the real estate industry, we can say that it’s embracing AI. Here is how AI is slowly changing the world of real estate.
Market analysis with AI
Most industries use AI to predict future outcomes. Whether that’s trends, prices, or patterns, AI can contribute quite a bit to different types of businesses.
And making predictions in the real estate industry has always been an essential part of the business. Predicting property prices in different areas by analyzing historical trends, local redevelopment plans, etc. Predicting housing prices takes a lot of time and research, and even then it’s not without error.
But combining human expertise and AI technology can easily predict and forecast market fluctuations. AI can help real estate agents predict rent and sales prices, and forecast future market trends and investment opportunities.
Home automation
If you’re in the real estate business, you may have come across the term property tech or PropTech. It’s the latest buzzword and a new niche in real estate. The term property tech is an umbrella term for all technology real estate agencies use to sell, buy and manage properties, and research the market.
It also refers to tech that homeowners and landlords use to remotely keep an eye on their properties. Property technology allows home automation.
With various types of smart devices such as smart locks, doorbells, cameras, thermostats, and so on, property managers and homeowners can be notified in case problems occur.
But that’s not all. AI can also help smart devices learn users’ habits, preferences and adjust them according to their needs. This way AI can help save money, improve tenant satisfaction, and give landlords peace of mind.
AI in property management
Property management is yet another branch of real estate that can be simplified with the help of AI technology. Managing properties is not an easy job. And if something goes wrong with the property, the costs can be sky-high.
AI can help property managers predict maintenance needs to avoid potential issues with the property. AI would analyze various types of data and predict when maintenance might be necessary. It can also help detect if certain things are misused.
This can be pretty convenient for property managers or landlords with several properties to handle.
Better customer care
A real estate agent such as an experienced real estate agent in Kedron, usually has a very busy schedule. This means that they aren’t always sitting right next to their phones. As a customer, you understand the frustration of calling someone and them not responding.
Thankfully, AI technology is slowly changing this. More and more agencies are implementing AI-powered chatbots.
Chatbots facilitate communication as they can answer most customer queries. And as technology advances, these chatbots will be as efficient as real agents. So much so that you wouldn’t even guess you’re not talking with a real agent but with a chatbot.
In addition, AI can also help you screen tenants and collect rent.
AI-powered real estate images
Photography and visual representation play a very important role in real estate. And in this branch of real estate, AI applications can also change the industry. AI can change the way agents showcase properties, it can boost property appeal and streamline buying and selling processes.
AI technology can enhance the images, remove unwanted objects, correct colors, crop, straighten images, and so on.
Thanks to AI, virtual staging is becoming more popular. Showcasing empty properties will no longer be a problem. With the help of AI, virtual furniture can help buyers imagine how spaces can look furnished.
Another very popular AI-powered tech is 3D modeling. Thanks to AI, boring 2D real estate photos can now be converted into 3D models.
These and many other AI-powered real-state images are slowly evolving and creating new opportunities.
Customer recommendations in real estate
You’ve seen recommendations and how recommendation engines work in retail. As technology advances, real estate agencies will also start implementing this technology, especially large agencies with numerous properties.
The AI will save customers a ton of time by showing them tailor-made listings based on their previous preferences and viewings.
AI will also be able to help first-time clients by using special profiling techniques. Some of the techniques will include demographical attributes or it will show them listings that worked well with similar previous customers. This makes things much simpler for both agents and clients.
AI in marketing and advertising
A great part of real estate is also marketing and advertising campaigns. Today and in the future, real estate agencies will be able to use AI to transform their marketing strategies.
AI will be able to help create better campaigns based on customer interests and preferences. This way the right properties will be presented to the right market. In turn, this will also boost conversion rates and ROI amongst other things.
When it comes to advertising campaigns, we can expect them to be automated on many different channels including search engines and social media. AI algorithms will monitor social media and this way, real estate agents will be able to keep up with public opinion and respond immediately.
With the help of AI, real estate agencies can rest assured that their marketing and advertising resources are used effectively.
Conclusion
AI technology in the real estate industry can bring massive changes. And even though the real estate industry is so massive, almost every branch of it can be transformed by AI.
However, new technology, no matter how positive, can be fickle. That’s why it’s important to be as cautious with AI in real estate as possible. There are always risks that need to be addressed. Ultimately, all these trends are great but the real estate industry needs to learn to use them without relying too much on them.
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