How AI is Going to Reshape the Real Estate Industry

2023-06-13

Artificial Intelligence has, without question, been a hot-button topic just lately, although it’s true meaning is often somewhat misunderstood. Instead of legions of robots replacing humans in the workplace, it’s more about its ability to measure and understand far more data than we ever could. This means that, when it comes to real estate, it will have the potential to substantially improve marketing, advertising and overall customer satisfaction, but it won’t replace the need for humans working in the industry to have a keen grasp of what’s required for it to function properly. In short, it won’t be replacing estate agents any time soon.

Here, we’ll take a look at just a few of the key ways AI is going to change the real estate business going forwards…

Giving Customers More Choice

Successful estate agents have hundreds, sometimes even thousands of available properties, and what they want is to match one to a potential client. Property databases in general can take a lot of time to go through, searching for the home that’s exactly right for any given individual. AI, however, can save hours of fact-finding by creating a much more targeted approach. This will be based on any number of factors, like, just for instance, previous viewings or the success stories of similar clients. In effect, it’ll make finding the right property faster and more effective.

Improving Market Analysis

Real estate is a highly complex sector and the ability of AI to predict changes in the market is something that’s going to help investors beyond measure. This, of course, will apply to all global industries and it seems set to change the world of commerce forever. Again, though, it will work hand-in-hand with human expertise, with the ability to predict increases in rent and sales prices, successfully identify new market trends and even determine new investment opportunities. What this means in a nutshell is reducing risk, which, we can all agree, is no bad thing.

Benefits to Homeowners

For many in the UK, their property is far and away their biggest investment and AI will be able help them maximise every aspect of homeownership. It can assist in making the best choices when it comes to maintenance, energy savings and how to decide on the most financially astute remodelling options. Accurate predictions regarding market value and the cost of renovations will ensure the homeowner is confident and informed when dealing with contractors. As we’ve already seen, the idea that AI can predict with certainty what’s going to happen ahead of time is nothing short of revolutionary.

Benefits to Estate Agents

The principal benefit of AI for estate agents is the way it speeds up all processes, allowing them a lot more time to do the things AI can’t. It will enable them to build better customer relationships, whilst also providing tools that mean they’re able to become even more of an authority on current markets as well as individual properties. Valuation models that employ AI will become more predictive, correlating important data, and the performance of an individual agent can be assessed to help them become more financially successful. In effect, making everything estate agents already do easier and, with a bit of luck, even more gratifying.