Real estate or dealing property is a pure field study and research work. One must make a good deal with chaos and lots of rejections. This is why one cannot imagine that artificial intelligence can overpower humans in real estate.
But with such recent advancements in the field, there is nothing much left that artificial intelligence possibly cannot do. Meanwhile, AI in commercial real estate is in its early stages but is grasping the department rapidly. It mainly deals in documents and software, yet many clients prefer consulting AI rather than a human.
AI is tracking good property opportunities, a risk and fraud assessment, and natural disaster reports to help a potential buyer to make a wise decision.
What Are the Benefits of AI in Commercial Real Estate?
The machine has a limitation despite having lots of access and accuracy. However, unlike humans, a machine cannot originally bargain or make a deal with a seller (until programmed, of course)
So AI can help real estate in automation, recording documents, accurate bidding prediction, etc. but can only partially replace humans.
It is also helping in improving real estate operations by doing the following tasks:
- Predictive analytics
- Better customer service
- Tour properties from anywhere
- More efficient property management
- Accurate property valuation
- Better marketing
Unique AI Innovations That Have Changed the Real Estate Industry
A few years back, it was just a dream or a theory that a machine could perform human tasks efficiently. But now, with the abundance of AI in every walk of life, the machine is a new version of human.
Right now, AI is just in the early stages of development in the real estate business. But here are some that are playing a vital role in work efficiency.
Workfit is a unique AI software that collects all the data from meetings and business dealings. An AI named EVA (just like Siri) tells and predicts the further potential deal or even fixes the meeting.
This software is beneficial in keeping everything on record. It will remember everything and the deal with the buyer or seller will be recorded for further requirements.
Who doesn’t love the platform that offers everything under one roof? It is the same case with Zillow. This AI tool has everything a buyer seeks, from house listings to virtual home tours. A business or house owner just puts their items listed on this site for a nominal fee.
The AI in this platform detects a person’s needs by their search history and liking patterns. Afterward, it shows them exactly what they are looking for. This tool is getting popular among real estate agents.
Dynamics 365 AI Solutions
Dynamics 365 is a chatbot that answers customers’ common or rare queries. In the real estate business, it is very inconvenient to answer every client individually. That’s where this AI tool comes in handy.
Google duplex technology talks with clients like a human. At the same time, the realtors are busy making actual deals on the field. It helps to cater to a large number of clients and buyers at the same time.
Another helpful tool that is bringing a storm in the real estate business is Veros. It helps people know the exact value of their houses or the building they intend to buy.
This prediction results from evaluating hundreds of factors that could affect the property value. These elements include the area’s crime rates, transportation system, school performance, pollution extent, and competitive facilities.
A major use case of AI in real estate is the accurate analysis of properties while incorporating many factors. Today, we have Al-powered software capable of providing the following property information in a matter of seconds:
- Area’s crime rates and records
- Natural or seismic disaster probability of an area
- public transport and parking facilities
- Local school availability
- Entertainment, parks recreation, and fancy dining options
In the same manner, Realtor.com and Streeteasy are some other applications that are helping people to buy durable and sustainable houses.
Another amazing and useful tool in the real estate business is GetFloorPLan. This tool lets you upload your 2-dimensional map in its interface. The system generates a 3-D model of the same map using artificial intelligence.
Many agents use this model to show their clients how their house or building will look if they buy a specific property. According to statistics, this virtual tour tool increases the calls by up to 30 percent.
In short, AI in commercial real estate is bringing a significant revolution worldwide. AI is a powerful tool that is changing the landscape of the retail real estate industry, streamlining operations, enhancing decision-making processes, and increasing overall efficiency.
By embracing AIthinkbot, industry players can stay ahead of the competition and gain a clear edge in the market, ensuring the industry’s growth and success in the future.
Forty-five percent of realtors plan to invest billions in the next 12 years. It means they see the potential benefits they can get from using AI.
AI will leverage property business by keeping records, documents, and predictions. But it cannot replicate the human tendency to bargain and make a deal with different techniques.
If we talk about property or real estate business, it detects human needs by just his social media patterns. It can also keep records and redeems what an average human cannot do.