Artificial intelligence and machine learning are progressing rapidly, and many industries are succumbing to the data-focused world. While traditionally slow to adapt to innovation, the real estate sector is no exception.
So, what is Artificial Intelligence (AI)?
AI makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. Think: self-driving cars, like Tesla; voice-activated personal assistants and smart home hubs, like Siri and Alexa; even the predictive technology used by Netflix and Pandora to tailor your recommendations.
While we have just scratched the surface in what is possible with AI, there are already many benefits. AI automates repetitive learning and discovery through data. It can perform frequent, high-volume, computerized tasks with incredible accuracy and reliability without fatigue. It can analyze more and deeper data, and it adapts, allowing it to become a classifier or predictor.
How is real estate using AI?
Improving the Home Search Process
With so many listings out there, its often a daunting process. Most home-searching engines allow you to filter based on price, location, size, etc and while it works, this still can leave more choices than someone would like to sift through. AI-based algorithms help to streamline the process by identifying user’s preferences, suggesting listings based on its findings and showing best-matching offerings on top of search results.
Predicting Property Market Value
AI can analyze patterns in vast amounts of data and therefore, can be used to make reasonable predictions of future value of a property by combining current market data as well as consider public information, such as crime rates, schools and buying trends.
AI-powered software can provide validation of your listing data and images to ensure your listing data is distributed with correct and relevant information. It can also provide suggestions to improve images, gallery orientation and property description to reach and activate potential buyers based on existing data.
These are just a few ways real estate is using and can benefit from AI. While it is just scratching the surface right now, there is a bright future in AI and real estate. Those who embrace it will have a competitive advantage over those who do not.