Artificial Intelligence (AI) was one of the central themes of science fiction for years to the day. Today, it is among the leading concepts of software development that change the traditional way of application development. That is true not only for entertaining mobile apps but also for highly specialized, professional IT solutions. In particular, AI methods can be helpful for real estate applications.
Principles of AI
First, let us figure out what value adds artificial intelligence to web and mobile solutions. In fact, an AI-based app is a software that can make decisions independently. Typically, this functionality is implemented in machine learning algorithms-based chatbots. Such digital assistants are used primarily to provide the initial handling of multiple simultaneous client requests.
From a technical point of view, this type of software uses capacitive mathematical models. In particular, AI applies cognitive computing principles and works with artificial neural networks, which employ algorithms similar to those upon which human brain operates during memorization.
Instead of developing determined behavior logic of application they train the neural network of the AI-based system with already known results. In other words, they “feed” it with tons of data, so it builds neural dependencies and “learns” the domain. Thus, having received the next user request, such an application “predicts” response that corresponds the experience in the past.
So, what are the areas of Real Estate this technology can find an active application?
Real Estate Agents
If you have never worked in the field of trade, then probably you may not be aware of how difficult it is to organize a harmonious process of interaction between buyers and sellers. In the case of real estate, traditionally there is always an intermediary, a real estate agent who cares about the whole process of property selling/buying or renting. It is challenging to keep it transparent and organized, especially when the number of clients exceeds several dozen people.
In turn, solutions based on AI allow automating this process. For example, Zenplace Software Works, which not only provides a qualitatively new level of service for existing customers but also helps in finding new ones, selected according to previously pre-established criteria. Thus, real estate agents can get a multitasking assistant, who will take care of most organizational issues.
On the other hand, the role of Real Estate Agent becomes a subject to re-think. Indeed, Artificial Intelligence can connect sellers and buyers directly, provide all services and information that traditionally real estate agent does. And it is not only about answering questions or handling a negotiation process. It is more than that! AI-based solutions operate colossal amount of data, so can make unexpected dependencies of customer’s expectations. So, can speed up a process of selling a property.
Presentation of Real Estate Property
3D tours based on virtual or augmented reality are very popular in the real estate trade. It is understandable: none, even the most advanced software editor for modeling buildings or interiors can reliably convey the vision of architects or designers, as a full-scale video tour would do.
In many cases, such software solutions provide integrated bots that independently answer the questions of potential buyers during a virtual tour of a particular real estate object. The field of knowledge of these applications is not limited only to the architectural nuances, most of these bots are easily able to answer questions about the footage, lease options, and other financial aspects.
Landlords and tenants
We all know about the Airbnb internet service. Its daily flow covers hundreds, if not thousands of propositions and customers. Agree that if the owners of this service, which started with a pretty simplistic MVP, would hire the real operators to process client requests, they would lose a substantial part of the potential profits.
The challenge of providing the customer support can be easily solved by deploying a single chatbot, which can answer the most common client questions. That allows to reduce the number of involved specialists and save a budget.
And, again, connecting tenants and landlords, supporting them with advice and a well managed transparent process is a usual task for any IT solutions. The AI-based application can do it better.
Examples of Artificial Intelligence in Real Estate
Here are some examples of the AI-based solutions in the real estate industry.
This software solution, intended for US residents, acts as a full-fledged real estate agent, fining for its services only 1% of the transaction amount (in contrast to the standard 4-5% that most traditional agencies charge). Haus takes on all the attendant responsibilities, starting with the selection of buyers/sellers and finishing with paperwork and money transfers.
This real estate service, deployed in Switzerland, is an extremely progressive solution that eliminates the need for buyers and sellers to contact the services of Real Estate agents. It allows conducting a transparent process of selling and buying from the beginning to the end, assisting both sellers and buyers with the presentation of property, screening process, managing negotiations, compiling a package of needed documents for transaction and more.
The Opcity platform is designed to provide a systematic interaction between broker companies and owners or buyers of Real Estate. All you need to take advantage of Opcity’s capabilities is just to install the mobile application on your smartphone.
There is another exciting AI based application in the UK that provides several solutions for real estate buyers, agents, surveyors, and investors. They deliver an accurate and grounded report with a valuation of the property, analytics, and other data regarding real estate market.
The rapid development of software based on Artificial Intelligence leads to mass automation of everyday work. Thus, if we consider the trends of using AI in business, generally, not just in real estate, we may conclude that in the next few years the number of positions available at the job market can significantly decrease.
In particular, thanks to the discussed applications, many routine work processes will be performed without the direct participation of human being. For instance, the artificial real estate agent can serve much more clients for significantly less cost. And this, in turn, may lead to a sharp decline in usual jobs in the coming years. On the other hand, such innovations promise to speed up business, improve the quality of services, which is a primary factor of importance for business owners.