When one thinks of artificial intelligence (AI), real estate is probably the last thing that comes to mind. However, the real estate industry is, like most businesses, embracing AI’s potential, which has implications for both residential and commercial real estate.
Nowadays, even generative AI is involved in the process, producing 3D models of properties so that prospective purchasers can view them on any connected device, such as a smartphone, the best AI laptop or tablet.
Based on research by the McKinsey Global Institute (MGI), we calculate that Gen AI might benefit the real estate industry by $110 billion to $180 billion or more.
To know more about how AI is reshaping the real estate industry, explore this article.
Use of AI in Real Estate
As Al and ML continue to make significant strides in the real estate industry, with far-reaching implications, realtors use these intelligent systems in a multitude of ways. Explore the most amazing uses of Al in the real estate industry.
1. 3D Modeling
In the real estate industry, visual representations have grown in significance. It’s one of several sectors utilizing digital twins, which are AI-powered computer representations that let people virtually tour an area.
Leading provider of technology, Matterport (MTTR 0.21%) creates 3D virtual tours for real estate. These tours allow potential buyers to virtually tour a home before making an in-person visit by utilizing augmented reality and other technologies.
Matterport-only Cortex AI is a neural network that uses computer vision, image processing, and deep learning to automate the creation of 3D images.
2. Accurate Analysis of Property
One of the primary applications of AI in the real estate sector is accurate property analysis that considers multiple factors. With today’s Al-powered software, we can obtain the following property details fast:
- Crime statistics for the area
- The probability of a natural disaster in a given location
- Parking lots and modes of transportation
- Local school reviews and statistics
- Options for food, amusement, and entertainment
However, you might be surprised that AI-powered software can also tell you specifics, like how much sunlight reaches a given property. Furthermore, noise levels in a specific area can be measured using programs like Localize.city.
Realtor.com and StreetEasy’s AI tools for in-depth property analysis are two more well-known AI real estate applications.
3. AI in Customer Service
Nobody is unaware of Al’s boundless potential for customer service, which has already completely transformed a variety of industries’ operations. Real estate organizations are using Al-powered solutions as they see Al’s enormous potential in customer service.
Chatbots and virtual assistants with artificial intelligence capabilities are transforming customer support and operational effectiveness in the real estate sector.
For instance,
AI PC-build chatbots are being used more to respond quickly to customer questions. Thus, long wait times for replies to questions are eliminated with Al-powered real estate, improving the client experience.
4. Recognize User Preference for Smart Home Devices
In the vast real estate market, property tech might be overlooked in favor of REITs valued at tens or even hundreds of billions of dollars. Nonetheless, a rapidly expanding market within the real estate sector is represented by property technology or proptech.
Devices that assist homeowners and landlords in remotely monitoring properties are the subject of proptech. These include smart home appliances that inform individuals of potential issues within the house, such as cameras, doorbells, locks, and thermostats.
AI enables gadgets to recognize user preferences and modify settings as necessary. They can assist the landlord to keep current and prevent expensive repairs, as well as save money on utilities and increase tenant happiness.
5. Property Management
Al-derived property management systems are relatively new developments in the real estate industry’s commercial application of artificial intelligence. Property owners, investors, brokers, and even renters are taking notice of features like automated HVAC operations and energy savings.
Verdigris, BuildingIQ, and Pointgrab are the three new AI products available in the real estate sector at the moment. There are several obstacles to overcome when automating property management as a whole, and cybersecurity is currently the hardest.
AI integration has the potential to quickly mechanize several real estate tasks, such as:
- Monitoring real estate listings
- Monitoring repair requests
- Keeping track of rental applications
A Key Takeaway
As artificial intelligence (AI) advances, we should expect to see even more innovative applications in the real estate sector. For example, AI-enabled drones can be used to inspect properties, and virtual reality tours may eventually replace traditional tours for buyers.
AI is changing the real estate sector quickly. Real estate agents and buyers can increase efficiency, improve decision-making, and improve the whole experience by utilizing AI.