How Technology is Shaping the Real Estate Industry
Looking for a property is no longer a Herculean task. In today’s world, Real Estate professionals rely on sophisticated and precise data to drive any and all decisions, to find ideal buyers, and to assess a home’s value. Technology has summarised the entire home buying process to fit smartphones perfectly. Here’s how it is changing the face of the real estate industry and transforming the rental landscape.
Artificial Intelligence
Artificial intelligence (AI) is revolutionizing the real estate industry. The opportunities that AI comes with are already assisting agents and brokers to understand and dissect data in order to secure a sale. Artificial Intelligence enhances the entire home buying and the selling experience. Some AI integrated applications can even answer questions about a property – whether or not it has a pool or a clubhouse etc. The value-added detail that AI comes with also improves the process of searching for a home, therefore resulting in authentic leads. AI-solutions also aid in property management – they oversee and envisage when systems are ready for replacement. This is greatly beneficial to tenants and homeowners.
Natural Language Processing
Aside from securing a sale, agents and brokers can match people with their dream homes very precisely using Natural Language Processing – by establishing high-value touchpoints that then determine which clients fall under the pool of “an ideal client” for a specific property. Those agents who are successful using NLP will see a quick benefit of a good reputation and will continue to use this same process to sell homes accurately.
Home Automation and Machine Learning (ML) Algorithms
The technology of image-recognition is greatly simplifying the way people find homes. Companies like Zillow use this kind of technology to identify pixel patterns in a photograph so they can gather data on a house, including the minute details like fittings in the kitchen. The end goal is to accumulate data on interior features inside a house, categorize them, and then correlate them to the value of the house. This helps a homeowner decide whether or not to renovate their home before selling it. Machine Learning (ML) algorithms further assist homeowners by studying other homes in an area and noting down key features that would probably affect the home’s selling price. Using this technology to determine home valuation helps to eliminate human bias, automating routine tasks that are strenuous for agents. The data gauged by intelligent algorithms help agents and homeowners strive for a better deal on both ends since there is that much more information to work with.
Computer Vision Technology
Computer vision technology allows you to plan and organize listing images, further improving user experience. This is also aids professionals to track trends in a meticulous fashion, saving time and energy. Through these technologies, agents can eliminate errors, analyze data more efficiently, and use this data to provide a top-notch experience for tenants.
Benefits –
1. Users are able to search for properties with a voice-enabled command
2. Technology increases the number and quality of pictures a real estate platform can support
3. Property platforms are ranked higher
