Artificial intelligence, or AI, is changing the way we do pretty much everything. While nearly every sector has already been affected by AI technology, the field of real estate is really beginning to benefit from it. There are a few AI applications that are improving the experiences for real estate agents, investors, and even homebuyers.
Whether you’re investing in commercial office space or you’re a homeowner, you must already know about the Internet of Things (IoT). It’s the driving force behind the smart tools that are helping every building and home run more efficiently, saving on energy and wasted money.
Machines That Learn
Science is just beginning to explore this capability, but there are already some early examples on the market. Tools like Lucid and Verdigris can learn about a system to eliminate waste and improve productivity. In the business world, this means maximizing machine performance. In the home, this means learning new ways to save on energy consumption.
Document Storage and Review
One of the biggest advances in applying AI tech to the field of real estate is in how documents are stored and studied. Already, digitally storing records is becoming commonplace and it enables real estate agents, attorneys, and investors to share documents more efficiently, e-sign them, and submit them for review. Instead of having to review those often long documents page by page, AI tech is responsible for producing the Findings Manager, an application that can review documents for the realtor or attorney. It will even take the risks versus opportunities into account in providing its assessment.
Automated Market Listing Analysis
This is a fancy way of saying applications use AI technology to analyze market data, improve the listing for an individual property, and suggest ways to improve the financial outlook for the property. This is another type of analytics, one which helps real estate agents and investors get a more detailed picture of each asset.
Chatbots are on the Rise
In the early days of chatbots, AI was much less advanced and chatbots couldn’t really provide help to website visitors. Thankfully, chatbot tech has evolved with the help of AI technology, which means they can function much more efficiently now. They can answer more complex questions, direct homebuyers to other web pages, and assist in browsing market listings. In fact, chatbots may soon put human real estate agents out of work.