Whether you like it or not, we’re living in a digital world, and while the concept of Artificial Intelligence (AI) may seem like something only major tech companies use or a concept from Sci-Fi movies, the truth is many of us are already using AI in our everyday lives.
So it makes sense that AI would now be making itself present in the real estate market. Our society has an ever-evolving toolbox of digital resources, and the real estate market is no exception. Curious what AI really is and how you may see it in the real estate arena? We’ll break it down here.
What exactly is AI?
With time and advancements in technology, the concept of AI itself has evolved. However, at its core, artificial intelligence is simply “a field, which combines computer science and robust datasets, to enable problem-solving,” as described by technology giant IBM.
Many people don’t even realize that most of us are using AI in our everyday lives. Things like unlocking your phone with Face ID, using a digital voice assistant, performing a Google search, watching Netflix, or even sending an email are all actions that utilize AI. Now that you have a better idea of what AI is— how has it entered real estate?
AI and real estate
AI is a technology that can make logical conclusions on its own, and through sophisticated algorithms, analytics, and robust data sets, it can make educated guesses about future behavior. Here are five ways that artificial intelligence is already being utilized in real estate and where you can expect to see more influence:
Agents use AI to qualify leads:
Browsing through multimillion-dollar homes on Zillow that we could never purchase is a favorite pastime of many, but AI allows agents to sift through leads and connect with real potential buyers.
The advanced analytical tools from AI can be helpful in automating work throughout the design stages to ensure a property is as sustainable as possible, meets design requirements, create better security systems, and even predict the property market.
Makes for easier transactions:
Realtors are utilizing CRM systems that use machine learning to auto-fill data and generate reports which can reduce the number of errors and cut down on time in closing deals.
Improve the home search process:
Consumers can more accurately search for homes that fit their needs and requirements by using filters that organize properties by locations, square footage, price, number of bedrooms, etc. However, AI takes it a step further by analyzing your search patterns and offering more accurate results that are more likely to fit your needs.
Impact lending and mortgages:
At its core, underwriting is all about data, and the use of AI technology in this process has sped up the process and reduced the potential for human error. Additionally, AI can detect any errors early on, which can save both parties time from lengthy corrections later on in the purchasing process.
AI in the real estate sector is making processes easier for sellers, investors, and agents alike. Whether you realize it or not, you’ve likely already been using many AI functions. Have you utilized AI in your land buying or selling experiences?
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