Adapting with AI: Ways to Use New Technology in Real Estate

By: Hanna Rubio
Adapting with AI Ways to Use New Technology in Real Estate

As the world continuously progresses, countless improvements are slowly manifesting. Changes are evident not just in making simple choices like choosing premium homes or deciding on what career you would want to pursue but also in the way people live and the way things work in general.

Advancements and innovations in terms of technology are examples of the rapid evolution of technology at an unprecedented pace. It resulted in the development of numerous technologies such as smartphones, the Internet of Things, and artificial intelligence (AI). But among all these technological revolutions, artificial intelligence posed the most threat to workers in the Philippines. The reasons that workers are somewhat afraid that the use of artificial intelligence and ai systems will slowly take away their jobs.

When that actually happens, companies will rely more on artificial intelligence to perform and accomplish tasks and less on hiring workers which can lead to lesser job opportunities. But should this be really viewed in a bad light?


What Does AI Mean in Technology?

Artificial intelligence or AI for everyone’s information is a branch of science and technology that highly focuses on innovating machines, programs, and datasets that are able to perform tasks only humans can do. This is a computer-controlled system that works, gathers data, learns new information, talks to people online, and makes decisions without human supervision.

Despite it being a threat in terms of employment, artificial intelligence is being effectively used by various companies to aid day-to-day transactions. Different industries are leveraging and transitioning to the use of artificial intelligence and one of which is real estate.

Although traditional ways in real estate are still effective, there is no denying that technology just makes everything easier. Adapting to technology like AI, real estate is able to enhance and transform different aspects of the said industry. These enhancements lead to a more seamless performance, easier access for everyone, and improved customer experience.


Different Ways to Maximize AI and Machine Learning

With that, here are a variety of ways how to effectively maximize artificial intelligence in making a significant impact in the real estate industry.

Lead Generation

Lead generation in real estate can be quite a challenge especially if the business is not well-versed in using technological advancements. Through the help of artificial intelligence technologies, real estate businesses will be able to easily identify and attract potential customers who might be interested in selling, buying, or renting properties. AI lead generation not only saves time and effort but also improves its process making it more effective and efficient not just for the real estate professionals but also for the potential leads.

Content Marketing

Content marketing can be quite taxing especially when the business is not reaping any positive results from it. And believe it or not, it plays an important role in helping your brand be discovered by the right target market. With the help of artificial intelligence, curating, creating, and distributing relevant and engaging content is now possible. A real estate company can now streamline its content strategies in order to deliver personalized content and optimize its marketing efforts to properly and effectively attract and retain potential buyers, sellers, investors, and renters.

Property Management

Real estate and technology can be a powerful combination especially when there are too much of properties that need to be managed. Artificial Intelligence can help on optimizing and streamline different tasks and processes involved in managing real estate properties. Moreover, through AI, work efficiency will be enhanced, operational costs will be reduced, and tenant experience will improve. All these will lead to improved and effective property performance and an increase in tenant satisfaction.

Virtual Tours

The pandemic highly affected the real estate industry because no one was allowed to go out of their premium homes. Real estate sales dropped since interested buyers are not allowed to personally visit the property. With the help of AI and technology, virtual tours are now possible which allows clients to inspect and evaluate the property without physically visiting the place. 3D views and virtual tours make it much easier and more convenient not just for the client’s side but also for the property owners because it saves time and money on commuting.


Digital Twins

In artificial intelligence, almost everything can be quite possible. Take digital twins for example. Digital twins are virtual representations and replicas of real estate properties, assets, and buildings that show their lifecycle, environmental conditions, and maintenance plan. When AI is integrated into digital twins, a more comprehensive report will be created, with improved capabilities in examining and optimizing data, and simulating scenarios that can give valuable insights. With AI and digital twins combined, real estate developers can create smarter choices and decisions that lead to well-built buildings and communities.

Property Value Prediction

Property value prediction is one tough job. Since the value of properties relies on different factors, agents might have a hard time keeping track of everything which then leads to a less accurate value prediction. Through machine learning and deep learning which are both a part of artificial intelligence, agents will be able to provide more information about a property that can convince a buyer to push through with the transaction. Such information can include schools nearby the property, crime rates, transportation means, future development around, the best time to buy or sell a property and forecast possible future property costs.

Customer Service

The job of attending to every customer is hard especially if it’s done online. With the use of artificial intelligence (AI), the ability to interact with everyone and provide tailored solutions is now attainable. Some advantages of relying on AI in terms of customer service are streamlined communication and an improved way of handling and solving inquiries and issues that can result in more positive and improved customer experiences. With AI gaining traction in the industry, it can be able to create sales and build strong relationships with customers just like humans do.

So, to answer the question if AI should be viewed in a bad light, the answer is no because there are various reasons why it is proven effective. However, treading carefully is a must because there still are risks and downsides that come along with it. On the brighter side, effective use of AI will surely open up so many doors of opportunities and possibilities for the real estate industry.

Read more: The Use of Artificial Intelligence in the Real Estate Industry

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