Technology is constantly changing our everyday lives. From how we communicate with others, to the healthcare system, and even to real estate development. Artificial Intelligence (AI) is the ability for technology to learn and solve problems based on that knowledge, which is set to change the real estate business:
Already AI is changing how real estate is handled and developed. The property data warehouse, ATTOM Data Solutions is currently using AI to create a regression analysis based on previous home sales. They use mortgage, environmental risk, neighborhood characteristic and other data to determine the market value of the property. ATTOM looks to take this technology further by finding more accurate property value through more variables like interior, surroundings, or even age to be applied to both homebuyers and sellers.
In real estate, marketing is everything. For homebuyers to be aware of a seller’s properties or opportunities, realtors and agencies must utilize marketing. AI takes marketing to a whole new level. Today, people in the real estate business are using AI to send out marketing campaigns through email to reach prospective buyers. Soon, instead of sending out general newsletters or property alerts, realtors will be able to personalize the content they deliver to match the specific needs for a buyer.
Real estate investors will be able to take advantage of AI in the future. Investing in real estate can be very risky and not all choices lead to profit. Ai can help take out some of that risk and help make the decision easier. By using investor analytics, real estate investors set income and growth goals to be monitored by AI. Adjustments can be made risks can be assessed to determine if an investment is correct or not. By analyzing the risks based on the investors goals, their investments will be more efficient.
Seller and Buyer Communication
Interacting with a buyer will be made easier through AI. One of the best ways for sellers to communicate with their buyers is through chatbots. Through chatbots, buyers can ask questions and get an answer about the availability of space or register for open houses. The chatbots will also be able to create profiles for the buyer, schedule appointments to view a property, and find help find suitable properties. The technology of chatbots help easily build relationships between the seller and buyer.
As technology begins to reshape the way of life, it shows no sign of slowing down in the real estate business. Ai has already taken it by storm; only the future will tell of the advancements and innovations in store.