Rohit Malik22 Jul 2022 16:50:59 IST
The emergence of AI and machine learning brought about a paradigm shift in the real estate sector. With its integrated model equipped with artificial intelligence and machine learning, online real estate marketplaces are the most promising futuristic concepts that undoubtedly help the real estate sector.
Of course, these are the most practical tools for property valuation, trend analysis and price forecasting. To determine the ideal price range, AI and machine learning use a regression model that accounts for property parameters such as size, number of rooms, age of the property, quality characteristics of the house and macroeconomic demographics. As a result, AI algorithms can predict pricing depending on geography or future development.
In 2020, 53% of real estate corporations invested directly in technology, according to Oxford University’s Technology and the Future of Real Estate Investment Management study. While 56 percent of Statist respondents have already recognized the impact of the tech industry, 42 percent of respondents admit to seeing potential in smart building technology.
Furthermore, AI and machine learning enable large feeds of algorithms to be integrated with valuable social data such as logistics, social amenities and utilities, rainfall levels, sunlight availability, car intensity, pollution levels, area recreational activities and much more to provide -accurate and accurate insight into the real estate market. Although AI has made the process of selling and buying properties easier, it is not limited to that. The main and most important thing is that artificial intelligence and machine learning have made home valuation more accurate and convenient, leading to greater transparency throughout the buying process.
Additionally, technology integrations like these offer more than just transparency in home buying. For example, AI and ML have played a role in facilitating the home search for customers, from listings online to recommending properties to users.
Finally, one of the main capabilities that real estate agents rely on is the ability of AI to “predict” the future. For example, this is useful when estimating property values and rental rates. In this scenario, the AI model can gather information from public records, alternative routes, crime statistics and school district assessments to generate an analysis of the value of a specific region.
The implementation of AI will positively impact efficiency, management costs, transparency and, most importantly, asset valuation. The AI revolution has undeniably arrived and is here to stay. AI in real estate will transform the entire process of buying and selling properties, providing users with relevant information in the most transparent way.
Future real estate transactions will be automated and computerized. Artificial intelligence and machine learning are becoming more common in our daily lives as their use becomes more accessible. Real estate agents will have nothing to worry about once they understand how to use the immense power of technology to their advantage as it streamlines the entire process of buying and selling properties, providing users with relevant information in the most transparent manner .
The author is the CEO of Clicbrics. Opinions expressed are personal.