How Will Technology Impact on Real Estate?

By Apac CIO Outlook | Tuesday, November 12, 2019

Artificial Intelligence and Machine Learning are infiltrating every industry, including real estate. AI and ML are not only enhancing the procedure of searching for suitable homes but also predicting the property values in the market. Here are three predictions for how AI can revolutionize the future of the real estate.

1. Making the Property Search Better for Clients

Currently, real estate portals distinguish and recommend properties based on characteristics such as square footage, number of rooms, price, and many more, making the process of searching for suitable accommodation highly overwhelming.

However, AI will make it possible for the home search portals to recommend their property that caters to their customer’s preferences, values, and personality traits. The gateways can deliver few but high-quality properties based on the choice of the customers instead of information that the buyers may not want to know.

Chatbots in real estate portals can also answer queries to help clients and make it easier for them to find a home. If the bots are not able to answer a particular question, then they can notify a human agent who can offer a better response.

2. Enable Property Tours Without an Agent

In future, agents will not need to accompany clients to show properties as they can see a house in their own leisure time. The popularity of agent-less showing will increase because AI-powered robots will be available to show properties to the clients and answer their queries. In the upcoming years, customers also might be interested in doing business with the chatbots instead of real people.

AI will help buyers to view homes of their choice on their own, but also allow agents to help them decide which will be the suitable property for them. This technology will ultimately benefit the agents by covering the maximum number of territories to the buyers.

3. Predict Property Market Value

Artificial Intelligence can also help the real estate agents to predict the future value of a property in the targeted market. For most of the consumers purchasing a new home is an investment, therefore having a reliable forecast about its future value will make them more comfortable and confident.

Purchasing a property can be a stressful and tedious process, but machine learning and artificial intelligence can refine the procedure of buying a house.