How the Real Estate Industry Benefits from Artificial Intelligence
By Space Coast Daily // June 1, 2022
Behind the slick interface and UX found on the latest tech platforms is a wealth of data getting crunched, processed, and filtered. Winning today’s tech battle involves processing more data than your rivals and applying it more effectively.
Those in real estate need to independently assess how their business aligns with the market’s current state. However, there’s much to learn from recent case studies.
Let’s look at how prop-tech uses Artificial Intelligence (AI) to disrupt the industry and change how people buy and sell homes.
The Right Agent for You, Sooner
Novul is a real estate technology platform from founder Regan McGee that lets prospective homebuyers analyze millions of transactions and reviews before using AI to help make the match. It’s even better when you can choose freely from agents so eager to get your business that they offer free additional services and cashback.
AI doesn’t remove human agency from the process entirely. On the contrary, it harnesses the computing power of modern tech to help you find the most suitable agent for your needs. Prospective homebuyers can see the agents’ critical stats at a glance, such as their transaction history, services, prices, verified reviews, and more.
Whether you want the city’s top real estate agent or one who fills more niche needs, prop-tech uses AI to find you a better connection in less time.
Nobody wants to waste time browsing through listings that don’t reasonably meet your criteria. It may be difficult for a home to check off every box, but the more time you spend on ones that miss the mark, the more time gets wasted.
Imagine losing the opportunity to buy your dream home because it got snapped up while you squandered time looking at unsuitable listings. Similarly, delaying the purchase may result in a price increase since homes tend to only get more expensive the longer they’re on the market.
Prop-tech innovators leverage smart AI so homebuyers can reduce their opportunity cost and actual cost. Millennials are often accustomed to better, personalized services delivered via AI.
Buying property is a traditional way to secure and stabilize long-term finances because of tax structures and how property appreciates in value. It’s wise to take advantage of AI when making what’s likely the most important purchase of your life.
Finally, there’s a warranted perception that apps and smartphone technology undermine privacy and security. It’s crucial to take this fear seriously and assuage any doubts by creating a prop-tech platform where agents don’t receive contact information from prospective homebuyers.
A data breach is impossible when the data is never shared. For this reason, all communication should take place solely within the app itself, so homebuyers stay connected while maintaining full control over their private data.
There are enormous implications for AI and big data because they’re such powerful technologies. However, they’re also superficially invoked because they’re such trendy, popular topics of conversation. The real estate sector should embrace AI only when it delivers measurable impacts like better services and lower costs, not when it’s used merely as a gimmick.