A personal voice assistant that takes care of your guest’s personalized needs with quick and efficient task solving solutions
REDEFINING A LUXURIOUS STAY WITH THE POWER OF VOICE
This device is specially designed to cater to all the smart home requirements which brilliantly sums up to be the perfect addition to a luxurious property. Apart from being equipped with a variety of personalisation options, it also serves the customers with an interactive, smart home environment.
THE REAL ESTATE INDUSTRY NOW, HAS A NEW VOICE
And cost-effective solution, saving the customers a copious amount of time, manpower and resources.
In redefining every valued customers Real Estate experience with hassle-free and orderly solutions personalized to their requirements.
In keeping the workload between the Real Estate management and it’s customers to a minimum by providing them with an easy and error-free task management solution.
Artificial intelligence is a complex topic. While some love it and others hate it, there’s no denying that it’s currently transforming the real estate industry. To that end, here’s what investors need to know about artificial intelligence in real estate. Read it over to learn how AI is being used in the industry as well as how you can incorporate it into your business.
What is artificial intelligence (AI)?
At its core, the definition of artificial intelligence (AI) refers to a type of technology that can draw logical conclusions on its own. However, though this technology has improved by leaps and bounds over recent years, it’s not quite there yet. In reality, today’s version of AI technology uses sophisticated algorithms and predictive analytics to make educated guesses about future behavior.
5 ways AI is being used in real estate
With that said, it’s important to take a look at the ways in which artificial intelligence and machine learning are impacting the real estate industry. In truth, nearly every aspect of the real estate sector has been touched by AI solutions over the past few years. To give you a clear picture of the ways in which AI is impacting your typical real estate transaction, here are a few examples.
It’s helping agents with lead generation
Most agents know they’re bound to receive plenty of website visitors and potential leads who aren’t serious. After all, at this point, it’s a common pastime to visit a site like Zillow (NASDAQ: Z) (NASDAQ: ZG) and dream of owning a multimillion-dollar property. However, instead of the agent having to sift through all their leads to identify those with the most potential of becoming a real buyer in the near future, deep learning allows artificial intelligence to be able to qualify leads accordingly.
Other sites use natural language processing (NLP) technology to help specialty agents zero in on their ideal clients. For example, an agent who specializes in the luxury market can use this real estate technology to prequalify their leads so they don’t waste time tracking down potential buyers who can’t afford their listings.
It’s transforming the home search process
Ever since listings first became searchable online, technology has played a role in helping buyers streamline their home search. While nearly every home search tool allows real estate agents and prospective buyers to narrow a home search by a list of criteria like the number of bedrooms and bathrooms or location, often, this method still leaves everyone with too many options to choose from.
That’s where the AI algorithm comes into play. Many of today’s home search tools can use those search criteria to identify the user’s preferences and select properties based on those findings. Most algorithms can then offer alternative listings that might be a good match and place the best-fitting listings at the top of the user’s search results.
It’s streamlining transactions
On the back end of the transaction, artificial intelligence can also make it easier for the Realtor to run their real estate business. For instance, many customer relationship management (CRM) systems utilize machine learning for things like auto-fillable data and generating automatic reports.
Not only does this cut down on the amount of time a real estate agent needs to spend in front of the computer doing office tasks, but by taking the human element out of data entry, it helps reduce the number of errors overall.
It’s making property valuation easier
Additionally, one of the major features of AI that real estate agents are coming to rely on is its ability to “predict” the future. Namely, this comes in handy when trying to assess property values and rental values. In this instance, an AI application’s automated valuation model might gather data about public records, transportation options, area crime rate statistics, and school district ratings in order to generate an analysis of a particular property’s value.
On the one hand, this version of desktop appraisals has been particularly useful in the era of the coronavirus pandemic. However, beyond that, it will likely continue to prove to be a useful tool for real estate agents when they’re tasked with generating comparative market analysis, as well as with investors when they’re deciding whether to add new properties to their portfolios.
It’s changing the way we approach lending
Lastly, machine learning has also had an impact on the mortgage industry. As any real estate agent or investor knows, the underwriting process involves pouring over any collected paperwork to determine whether to lend to the prospective borrower.
However, the process of desktop underwriting uses AI technology to read those documents and make an initial determination before the documentation is handed over to the underwriters. While desktop underwriting doesn’t always replace the human element of this process entirely, it does help speed it up significantly.