Artificial Intelligence is changing our lives at an incredible pace. From self-driven cars to the world of Alexa and Siri, AI is all set to augment the quality of human lives and experiences.
By Prasoon Chauhan
Artificial Intelligence has taken over plethora of sector and has proved to be a major business disrupter by transforming the industrial landscape and providing tremendous advantages, then how can real estate industry not reap the benefits out of it. It has started to slowly emerge in real estate space as well. Artificial Intelligence does have the potential to revolutionize the real estate realm.
Real estate should embrace Artificial Intelligence as a result of its progressive influence on the industry. Increasing deployment of Artificial Intelligence is meant to create a healthy living environment thereby uplifting the overall human experiential level.
It is imperative to convert our simple buildings into smart residence. Adding on to the list of some standard and basic amenities, the real estate developers are working around for the incorporation of home automated products to lure homebuyers/investors. Smart homes equipped with applications like home security, energy maintenance, video surveillance, elevator maintenance will all collectively create a hassle free experience.
Artificial Intelligence will play a fundamental role of data mining for the sales and marketing teams, thereby targeting the relevant audience. For a real estate developer it becomes a mammoth task to tap into the right customer and to get the ideal match as per their requirements. Artificial Intelligence can take into account various sorts of information provided by the customer and convert it into their algorithms to churn out the desired results, thereby shortlisting the best properties as per the customer’s preferences. Improvement in the efficiency levels is what the real estate developers can seek the most form the technology of Artificial Intelligence.
Another advantage with Artificial Intelligence is that it has round the clock availability for the customers. Artificial Intelligence can interact with the customers even during the non-operational hours as per their convenience, thereby not losing out on any potential customer. In certain experiments conducted, chat boxes have proved to be better than the real estate developers.
With all the data being complied by the Artificial Intelligence, significant predictions regarding the futuristic pricing and evaluation of location can be withdrawn. A reliable forecast of the future market value of any particular property for the new projects that are being planned can prove to be very helpful for the real estate developers.
Virtual Reality can play a crucial role in tapping into the potential investor by visualizing any property even without physically being present there. With the help of Virtual Reality, developers can provide a glimpse of proposed interiors, architecture and floor plans to the investors. This whole process will make the investment decisions smooth even across the geographies, thereby bringing in quick investments in this sector.
During the constructions, Augmented Reality can be used to envisage the plan and the entire site, also the final look of the building upon completion of the construction. It even allows modification in the designs during the initial phases of construction. Construction progress can be monitored accurately within minuscule time via videos or photos taken by the drones.
The utilization of the Artificial Intelligence based applications and other technologies will not improve the efficiency of operational tasks in the real estate industry but will also make the decision making process seamless. With increasing amplification of Artificial Intelligence in the real estate industry, the real estate developers should leverage it to propel their ventures forward as investors are also eyeing this sector with keen interest.