Realty Sector Needs To Pick Pace In Adopting Artificial Intelligence

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Artificial Intelligence has taken the world by storm and most businesses, particularly abroad, are adopting it a fast pace. The revolutionary technology has a whole lot of advantages for real estate and it can transform the sector beyond recognition. Unfortunately, however, the acceptance of AI by realty sector in our country is yet to gather pace. The sooner the industry changes its mindset, the better it is for its future!

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Artificial Intelligence, also called ‘machine intelligence’ sometimes, is carving out its space in the country. As it is infiltrating every sector of the industry, the real estate sector too can’t remain immune. The on-going COVID-19 pandemic has made its relevance all the more vital as remote working, online webinars, virtual events, and meetings have become the new normal. Tools provided by AI can improve and make all these processes much simpler.

The major assets of the real estate sector are brokers and clients; and both can benefit immensely from AI innovations.  While brokers can use AI to carry out seamless transactions, speeding up market analyses as well as dealing with the clients, the latter can access AI chat-bots to ascertain facts from different sources and also minimise risks, generally associated with transactions.

According to research by PWC, over $15 trillion can be contributed by AI globally from 2017 through 2030. Furthermore, a report by Gartner in 2019 found that 37 per cent of organisations have already adopted some form of AI in their operations.

Voice recognition 

With the advancement of technology, the communication process has drastically changed. Nowadays, people exercise various options to solve their queries. For instance, while calling Customer Care, we simply receive an automated voice that assists us with instructions.  The various algorithms and acoustic linguistics have made the process much easier and simpler.

The voice recognition process has particular merits for the real estate sector. The voice keyword strategy can help in identifying the real estate agents and local realtors. Another advantage is that one can reach a larger audience with this.

Not just that, the decision-making process in the real estate can also become much easier through AI intervention. It can automate the entire process without human intervention, which in turn, can reduce wrong decisions made sometimes due to the lack of a credible data. There are areas like market evaluation, customer relationship, and augmented analytics, which involve key decision-making. Any wrong move in these areas can be prevented by taking recourse to AI. It will not only help a real estate firm to reach an outstanding level, but also provide it with a capability to outperform its competitors.

Property valuation

Real estate is an industry where outcomes that can be predicted are valuable. Through AI, future market value and rent of a property can be predicted. People can acquire a great deal of smartness by identifying future trends and anomalies of the market. There are tech firms outside India that have already started using predicted analysis for property valuation while some have started partial estimation of property by analysing photographs of a property.

The on-going COVID-19 pandemic has made its relevance all the more vital as remote working, online webinars, virtual events, and meetings have become the new normal.

While brokers can use AI to carry out seamless transactions, speeding up market analyses as well as dealing with the clients, the latter can access AI chat-bots to ascertain facts and minimise risks.

The voice keyword strategy can help in identifying the real estate agents and local realtors. Another advantage is that one can reach a larger audience with this.

There are areas like market evaluation, customer relationship, and augmented analytics, which involve key decision-making. Any wrong move in these areas can be prevented by taking recourse to AI.

Real estate is an industry where outcomes that can be predicted are valuable. Through AI, future market value and rent of a property can be predicted.

Another major advantage of AI is that it can help in identifying the right kind of target audience. With AI, one can match the data of an existing client and know more about his/her buying habits and interests.

To eliminate budget-overruns, one needs to maintain a risk management strategy and have a modular approach that can be designed within AI innovations.

As the current lot in the real estate sector cannot be expected to adopt AI innovations overnight, more time, and a proper mindset, is needed to shift towards this revolutionary technology.

Lead-generation

Another major advantage of AI is that it can help in identifying the right kind of target audience. With the use of AI software, one can match the data of an existing client and know more about his/her buying habits and interests. Many realty firms already have a customer relationship management system to analyse their prospective customers. AI can help in building a better pipeline for the real estate sector by sharing its top prospects as well as predicting rates for leads. The follow-up conversion is another tool used for maintaining the lead- generation as it enhances the digital presence into physical.

Identifying budget

Industries like real estate, construction, and infrastructure have a long history of overrun budgets. To prevent this, capturing images of the site, analysing the data and turning it to useful insights can be of great help. To eliminate budget-overruns, one needs to maintain a risk management strategy and have a modular approach that can be designed within AI innovations.

Key challenges 

Despite its hordes of advantages, Artificial Intelligence also has a few limitations. The major challenge arises when it comes to specialists in terms of enabling automatic features. Independent learning is required to overcome this problem. The other issue is generational. As the current lot in the real estate sector cannot be expected to adopt AI innovations overnight, more time, and a proper mindset, is needed to shift towards this revolutionary technology.

Notwithstanding these, the real estate cannot afford to ignore the Artificial Intelligence as the future of the industry is dependent largely on this. Most sectors are fast adopting AI innovations in the highly competitive environment of today. The real estate can also transform itself hugely by AI adoption. However, the digital acceptance in the sector is rather tardy and there is still a long way to go before one sees it gathering pace.