- March 6, 2024
- Reading time about 5 minutes
Undoubtedly, the real estate sector is progressing every year with rapid advancements in the latest technologies like Artificial Intelligence (AI). AI is becoming one of the most integral parts of real estate practices and its impact is going to stay in 2024 and years to come. From automating processes, enhancing customer experiences, and boosting productivity to extracting valuable insights for enhanced decision-making, AI is redefining how we interact with the real estate market In this blog, we will learn about the significance of AI in Real Estate and how you can prepare your real estate business and make it thrive for the future with AI capabilities.
Increasing Demand For AI in Real Estate Businesses & Its Benefits
As per the report from JLL research, enterprise use cases for generative AI present a substantial opportunity for real estate businesses with an estimated growth of the real estate market by up to $98.1 bn by 2026 at a CAGR of 32%. Additionally, the research also found that of over 500 AI companies, 37% of them are based in the US offering AI-powered services to realtors enabling them to deliver value in terms of cost savings and better efficiency.
If you are wondering about the benefits that AI can offer to the real estate industry, we will discover that in this section. With millions of properties that are constructed and listed every year, getting insights about people’s buying and selling patterns will help in optimizing the data to match the right buyers to the right sellers without the need for any third party or intermediaries.
Another benefit is helping to connect with genuine leads by filtering out potential buyers from casual window shoppers. This also gives buyers detailed information about a particular property thereby helping in better decision-making. Other benefits include 24/7 customer support, workflow automation, avoiding manual errors, etc.
How Real Estate Businesses Can Use AI To Unlock Benefits?
Integrating AI into real estate websites will help unlock remarkable changes in businesses enabling them to embrace several benefits and open new opportunities for better growth. However, you must know the use cases of AI in the real estate sector before you hire experts to implement AI in your business.
Listed below are the most effective use cases of AI in real estate that can help your business thrive in 2024-
· Better Lead Generation
Generating genuine leads plays a very important role in the real estate industry. Using AI helps realtors identify potential leads from a variety of sources like landing pages, website visits, social media, online listings, and more.
This enables sales representatives to give more focus on the most qualified leads, which are likely to convert into sales, thereby achieving a higher conversion rate and increase in sales.
· Seamless Property Management
Another use is AI tools that help streamline property management by enabling businesses to keep track of rental and property listings, tenant applications, maintenance requests, and other essential information updates.
With the help of this tracking, realtors can identify tenant preferences, maintenance issues, price trends in certain locations, and property availability. AI also helps in scanning property documents to find any errors, missing data, signatures, etc.
· Fraud Detection
With the rising trend of manipulated images and deceptive descriptions, it can be challenging for MLS providers to detect real ones. Any fraudulence in the product description or the images can bring bad consequences for the MLS administrators as well as real estate agents.
By making use of computer vision, AI, and ML in real estate, one can seamlessly detect listing manipulation and even flag any potential compliance issues against the Fair Housing Act which enables realtors to ensure only accurate and compliant property listings.
· Listing Descriptions
With the help of AI, real estate professionals can seamlessly automate the tedious process of listing descriptions for properties.
By building a custom AI app for real estate, you can get help in getting relevant property descriptions and even generate a template ensuring that you get a draft ready in just a few seconds. Also, you can use the same template every time you need a listing description for the property, saving lots of time & effort.
· Avoid Errors with Automation
The real estate sector involves a lot of data and comparing vast amounts of data and identifying inconsistencies and inaccuracies between documents can be highly difficult and time-consuming. That is where AI comes to the rescue.
For instance, AI helps real estate professionals detect mismatched values listed on important documents like loan approval and reduces the chance of fraud in the loan sanction.
· Enhanced Property Search
The home searching process can be quite hectic and time-consuming. Though many search filters are enabling real estate buyers or investors to choose the property based on their preferences for price, design, location, etc. it can still be difficult to find suitable properties due to many irrelevant filters.
AI is helping to address this issue with AI-based suggestion engines that can narrow down property searches and provide tailored search results based on personalized recommendations, individual preferences, etc.
Final Takeaways
We can say that AI has already made transformative changes in the real estate industry by making use of machine learning deep learning big data and other algorithms. After going through the blog, you can see that this technology has made a significant impact in areas like predictive analytics, workflow automation, property estimates, and more, it’s time for your business to unlock the potential of AI in real estate and prepare your business for the future.
If you are planning to embrace AI real estate solutions and gain a competitive edge in the market, BidHom, a reliable real estate auction platform is the right choice for you. Having year-long expertise in building custom AI solutions for diverse real estate business needs, our team can help your business unlock the power of AI and make you leverage the benefits of AI real estate services. Connect with our experts to discuss your business requirements today!
