Artificial Intelligence had its first impression as emotionless bots, with minds of their own that can have the ability to take over humans. Over time, that impression decreased in popularity. We now see AI as a modern tool that can help us move about in our lives more efficiently. The real estate industry has welcomed the help of these tools in business transactions.
One important characteristic of machines is its ability to learn and re-learn patterns over time. These capabilities improved throughout years of development, and it has expanded to many different uses: auto-suggestions in online retail sites, security from identity theft, and even the social media feature of recognizing your face in photos. The ability to sort these patterns that machines learn and repeat them in specific contexts has been increasingly helpful for business owners and users.
According to David Lubbat, an expert in web development, incorporating AI in your real estate business can be a big necessity in 2018 and the years to come. The new advancements are continuously shaping many fields of expertise, including real estate. In this post, we will be discussing how you can put Artificial Intelligence to work for your business in 2018.
How to Put AI To Work for Your Real Estate Business in 2018
1. Property management
Property management is easier through the use of these modern tools. With the help of machine learning, property managers, realtors, and estate owners can find tenants, post information about their properties, and recommend other maintenance services that can be availed. An example of this service is Zen place, a company that assists real estate owners in rental management and other related concerns. Popular apps such as Airbnb also has this feature, as inputting your property’s location can mean that the technology can auto-suggest it to a possible tenant in a nearby area.
2. Virtual reality tours
Another helpful feature that can be applied in real estate business is the virtual reality tour. David Lubbatmentioned the importance of Artificial Intelligence in many industries, and one specific way that it can help is through the generation of augmented reality. Users can now explore a property in the comforts of their home. Through the use of a 360-degree view or a 3-D generated online tour, people can see what the property looks like from the inside and out. This is very helpful in an any company’s web development, as it can be a powerful marketing tool.
3. Cognitive computing
We can see these technology trend being put to work in investment companies. Websites such as Betterment and Wealthfront have made use of robot advisors that learned patterns over time. This can also be used with real estate brokers through cognitive computing. Cognitive computing can enhance a broker’s intrinsic skills and prepare one for future clients and challenging tasks. Additionally, if you are looking into finding a broker for your property, looking ahead into the idea of having fully automated broker is possible in the future.
4. Data Analysis
If you are planning to upscale your business for the long term, it is important to make use of data analysis tools to help you gain insights on your progress. The new technology involves the use of different apps such as QuickBase and Tableau which can help you find information on what areas of your business you need to improve on, which one you can do without, and what strategies are needed to be done to create an impact to your customers. As a real estate business owner, it is important to gain new and applicable information from your target market.
5. Targeted Marketing
Another excellent feature of this tech trend in the real estate is the power of auto-suggestion based on a consumer’s location. By gathering information on a user’s location services found in mobile devices (e.g. GPS), real estate business owners can pitch their businesses specifically for people in the same geographical distance. This makes marketing more effective. Additionally, this feature can also post your sales pitches based on a user’s recent searches. For example, if a user searched “Apartment rentals in Houston” and you happen to be in that business, the auto-suggest feature can show the advertisement on your behalf.
Ultimately, there are two sides of the coin. Many workers fear for their jobs as more automated tasks are given to these ‘bots’. However, we can also look at it at another way: these advancements mean we can create more entrepreneurial and job opportunities for ourselves which are highly specialized, whichever field we are at.
The good news is, these advancements are cost-efficient, time-saving and highly reliable, and will make any business thrive as long as it is quick to adapt to the changes brought about by the digital age.