Artificial Intelligence is considered to be a major tool which will be actively adopted for property valuation, trend analysis, and price forecasting.
The idea of AI (Artificial Intelligence) has been existing over the last 60 years. It often oscillates between periods of high market expectations and stretched dull periods with no concrete developments. However, in the present scenario, AI is no longer just a buzzword and has already started making ways in our daily lives. From search engine recommendations to targeted advertisements, virtual assistant apps to chatbots, AI is sneaking into our lives everyday.
Artificial Intelligence is here to stay and most probably will make waves in our world in future. AI has started entering the real estate industry as well. Quietly, the industry leaders are now spending time on how AI and machine learning can be used effectively to transform Indian real estate.
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The use of cloud-based technologies has already enlightened the real estate players about big datasets and deriving data-backed granular insights out of them. Today, integrating Big Data with AI and machine learning software can take the game of data analytics up to the next level. It can also help in the exhaustive but systematic evaluation of a large chunk of probable alternatives and identify the best possible fit.
Soon 5G will be deployed resulting in the existing internet speeds going up multifold. This will further lead to the proliferation of smart devices and machines. Increased devices and machines will generally mean more data, thereby giving further thrust to AI & machine learning-based predictive models.
ARTIFICIAL INTELLIGENCE TO PLAY MAJOR ROLE IN PROPERTY MARKET
AI is set to become a major tool that will be actively adopted in real estate for property valuation, trend analysis, and price forecasting. The present cloud-based analyses are restricted to property valuation and prediction based on a few metrics such as property type, carpet area, property price ranges, and location, among other parameters.
The use of cloud-based technologies has already enlightened real estate players about the big datasets and deriving data-backed granular insights out of them.
Artificial Intelligence and machine learning can be used to transform the Indian real estate scenario.
However, AI will be able to enable the integration of large pipelines of algorithms with valuable social data such as logistics, social amenities & public utilities, rainfall rates, sunlight availability, automobile intensity, pollution levels, recreational activities in the district and much more to provide a more precise and accurate insight on the property market. This will not just help the potential buyers to identify the right property, but also help brokerage houses and listing agencies to speed up the entire business cycle.
Already in countries like the USA, many renowned property advisories are using Big Data-backed AI models to give actionable inputs to buyers. In India, we use a basic AI-based model. The implications of advanced AI & machine learning platforms are known to have been trending forward across the industry. Interestingly, with every transaction concluded, the AI platform further evolves, setting the ground for faster adoption.
Property management is another significant area where the role of AI will be really beneficial. Property managers deal with about a multitude of data about tenant profiles, tenant applications, inspection requests, and other inputs. Applying AI can help to streamline the data process, systematically automate mundane tasks, and lower redundancies, thereby bringing in an unprecedented amount of efficiency.
AI-enabled chatbots will soon take the real estate industry by storm. It will help the brokers and advisories to efficiently converse and engage with multiple clients simultaneously. This will help in bringing increased efficiency and simplify the overall business cycle. Automated discussion over chatbots will also generate more insights and data that will help realtors finetune their decision-making.
Artificial Intelligence in the real estate industry is positively impacting commercial real estate brokers by saving time and money. Machine learning technology can now be used to track market movements and leasing activity on a macro level that help the brokers and investors seize opportunities and maintain a competitive edge. Coming to the multifamily industry, AI is actually helping onsite staff in leasing apartments. A recent report has shown that artificial intelligence is helping leasing agents to know which prospects will lease an apartment before even the prospect knows. AI-powered leasing apps are bringing the best technology into multifamily by automating the entire leasing funnel from start to finish and converting leads into residents. Property management is another important area wherein the role of AI can be utilized to its full potential. Now the property managers manually deal with a multitude of data about tenant profiles, tenant applications, inspection requests, and other inputs. Applying AI, there can now be streamlined data processes, systematic automation of mundane tasks, and lower redundancies, thereby making the system more efficient.