By: Satya Mahapatra, Chief Brand Custodian, Justo Realfintech
The use of Artificial Intelligence (AI) in the Real Estate industry will be more data-driven and pose a boon for both customers and developers. Historically, India’s real estate industry has been adopting all new market initiatives and it has been among the frontrunners in accepting and executing cutting-edge technologies that are designed to improve efficiency, reach, and customer experience.
The pandemic expedited the acceptance of the technology adoption across all real estate segments, and it has slowly transformed and redefined services and customer experience. It redefined customer experience by allowing them to view properties from any part of the world, invest online, and even lease or sell, without ever stepping into the property premises or personally meeting with the developer. Large established developers with a legacy of quality and timely construction benefitted largely during the pandemic due to technology adoption.
The use of AI in real estate will further enhance customer experience and streamline processes for real estate professionals.
For the consumer, AI will help streamline the property search process, forecast property trends and location price appreciation, and help buyers make informed decisions to safeguard their investments.
Meanwhile, for developers, AI will also help assess customer insights through past transactions, analyze market trends, streamline property management, and predict market shifts and opportunities.
AI-powered property search:
AI-powered algorithms will provide buyers with a personalised experience. It will collate and analyse data from various sources based on need, budget, and preference. This will help buyers focus on projects within their stipulated budget.
For real estate service providers, AI technology will help to list property inventories across regions, budgets, and construction status. It will help to showcase properties by identifying data based on location, budget, and past transactions to provide customised solutions.
Customer service:
AI will usher in a new era of customer service, enhancing customer experience and satisfaction quotient. Replacing the human factor, AI-powered intelligent Chatbots with Natural Language Processing (NLP) capabilities will interact, manage schedules, and provide real-time information on various aspects of property transactions.
Real estate service providers with numerous mandates will benefit largely from this application, as it reduces the dependability on human availability, is not dependent on time zones, and mitigates all possibilities of any human error in the entire transaction process.
Market insights:
AI will be the industry game changer as the use of AI-powered algorithms will leverage data from multiple sources to assess population growth, infrastructure development, employment opportunities, and investor sentiments to help investors and developers identify regions that have strong growth potential. These valuation-based AI models help to identify investment opportunities and mitigate risks.
Real estate service providers can leverage this data to showcase these opportunities to potential investors, who are bound to capitalise based on emerging opportunities.
Property management:
Real estate service providers work with numerous developers across various locations and the use of AI-powered processes will help them to market and sell their projects more effectively based on predictive assessment of emerging opportunities across respective regions.
Property transactions:
AI-analysed data help real estate service providers focus on leads that hold strong buying possibilities based on online behaviour, previous transaction value and repayment history, property preference, and demographics. This helps service providers to re-channelise their marketing efforts towards high-potential target groups and convert potential leads into premium customers.
With advancements in technology, AI’s impact on the real estate industry will further reshape property transactions. In the dynamic and competitive realm of real estate, the adoption of technology has become an important factor that is redefining market reach, potential sales, and cost-effectiveness for real estate providers.