The Impact of Artificial Intelligence in Commercial Real Estate Sector
Real estate is an exciting addition to the list of industries impacted by artificial intelligence systems. It is a highly competitive sector which has been recently facing a downfall. However, the introduction of artificial intelligence can enable the industry to grow and explore revenue possibilities in a better and more opportunistic manner.
There is a tremendous amount of manual work involved in the real estate sector, primarily commercial real estate. From property search to document filing – agents, brokers, and customers go through the manually exhausting process. Artificial intelligence solutions, with their self-learning capabilities and data extraction ability, simplify the entire process and reduce the manual efforts and massive operational costs involved in the process.
The real estate sector is witnessing a quick move towards technology and innovation. Numerous property portals like streeteasy, housing.com, magic bricks, and several others have been started to offer seamless property exploration experience to users. The backend of these portals utilizes some or the other form of artificial intelligence applications for making sense of data and finding the right match for the users.
However, the application of AI isn’t just limited to property exploration in the real estate sector. They can also help in analyzing the properties and enable users to monitor and compare properties online. For agents and brokers, AI can automate the process of documentation and remove the unnecessary steps involved in manual documentation.
In this article, we study the areas where artificial intelligence services can and will benefit the real estate sector, resulting in increased revenue for brokers and agents while minimizing the hassle for customers.
[ Also Read: 3 Ways AI Solutions help in Digital Transformation ]
Artificial Intelligence in Real Estate: The Key Impact Areas
AI, combined with automation, will simplify the process of predicting market prices and property search for customers. While users struggle to find the right property even today, artificial intelligence applications will provide insights that enable better decision-making to users while buying a property.
Here are a few key areas in Real Estate that will witness the impact of Artificial Intelligence:-
1. Virtual Property Tours
One of the significant benefits of artificial intelligence would be that people could easily have a look at the property without actually visiting the property location. This would be possible because of AI and VR tools that will help to provide a virtual tour of the property.
Zenplace is a good example of technological advancements in real estate. It will allow agents to show different properties to different properties in real-time and make productive use of their schedule. On the other hand, people can see countless properties on their smart device without the hassle of going from place to place just to see a property.
2. Simplify Property Search
Today, the world of online property search is filled with information. Users feel overloaded with data that can make them feel confused and even have them quit on buying a property.
Artificial intelligence solutions simplify property search by basing the search on fewer and the most important criteria. Instead of 110 filters, there will be limited parameters based on the prospects requirements. Users can also receive quick assistance from chatbots while searching for properties, who can then divert them to human support service if the query is not solved.
On the other hand, agents and brokers can easily send property listings to clients without much manual labour. They can use dashboards to find users based on requirements and send properties that match them. It will personalize the entire process of sending out property listings.
3. Transactions & Document Management
Most of the document processing is manual in today’s real estate world. And the reason is simple – security is a major concern for property owners. Applications built with artificial intelligence services will eliminate this concern. AI systems will provide better security so that when documents are uploaded, users don’t have to be concerned about sharing their privacy.
AI also smoothens transaction management by providing an intelligent and centralized dashboard to clients and agents for managing commissions and fees. The system can also derive information from documents and prepare smart contracts which will make the process of property acquisition a little simpler.
Enable Better Real Estate Management with Artificial Intelligence Systems
While AI will take care of the processing of data, brokers can provide better advice to the clients. The artificial intelligence landscape is growing with each day, and it is only here to complement the human function.
“One major benefit is that artificial intelligence will help in predicting the market values of properties based on past data and current trends. This will provide a clear view of the market to the clients and enable brokers to set the right rate for properties.”
At BoTree Technologies, we are committed to helping people reap the maximum benefits out of artificial intelligence solutions. We have a team of expert AI developers who can build world-class applications to augment the capabilities of the real estate industry.
At BoTree Technologies, we build enterprise applications with our team of 15+ AI experts..
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