Artificial Intelligence: What Is It In the Real Estate World?

Artificial Intelligence (AI) is a type of technology that is increasingly adapting to existing professions and businesses. The real estate world has also received its influence because it works as a support arm for high human cost activities. Therefore, it is useful for lowering prices and gaining efficiency.

Remember that AI is software designed to create solutions and learn from mistakes on its own. Today, these specialized programs help streamline the data management process in the industry. They are responsible for recording portfolios and real estate objects.

The data is used for document analysis, measurement of parameters and even for translations of international sales and purchases. AI also examines issues related to energy, fire safety, customer service, residential security and facility management.

It is also used as a marketing strategy to attract new buyers. The software analyzes market conditions and makes suggestions that speed up the search for potential customers.

What changes are expected with artificial intelligence in this area?

According to Jasmine Morgan, technology consultant at BBVA, the change that Artificial Intelligence is bringing about in the real estate sector is still incipient. However, a future of positive transformations can be glimpsed with this merger.

According to the specialist, AI is expected to bring greater efficiency to decision making and the optimization of operations in general. This is called support intelligence, because it supports procedures executed by humans. What the software does is to reduce time and bring efficiency.

Another variant point concerns day-to-day real estate work. An example of this could be the allocation of certain locations, taking into account coordinates and addresses. Evaluations with regard to profitability will be important.

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The field of customer service managed by AI will have a good impact on market movement. Tools such as chatbots and automated services will become a great competitive advantage for real estate companies.

Are there countries already using artificial intelligence?

The international real estate consulting firm, Real State Grupo 4S, is applying Artificial Intelligence to the company’s daily activities. It was one of the first to optimize its daily processes through bots designed to streamline actions that previously had a manual process.

In the United States, Rex uses AI to attract new customers. The software solutions are effective in recognizing preference patterns among the analyzed audience. In addition, the company has an advanced pricing and search targeting system on platforms such as Zillow.

Rex also has a tool called Instant List. This is responsible for sending ads to people who might be interested in buying a property with certain specific characteristics. What the AI does is to quickly identify potential buyers by sending digital campaigns.

In Spain, the real estate company Kazas has set out to solve one of the main problems in this sector with AI. It is a software that updates the information by interpreting the data correctly. In this way, they prevent clients from basing their search on erroneous offers.

Frementa is another company with an important change in this sector. They have incorporated AI to optimize searches. Having search bots and automated systems allows them to search for results for their customers without seeing duplicate or uninteresting publications. Thus, streamlining and facilitating the task for the searcher.

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Advantages of AI in the real estate world

Of course, having these types of tools and technologies helps the real estate world considerably. Here are some of the most obvious advantages.

• Speed in the search for offers: When comparisons are needed to make a decision, AI makes the job easier. The software narrows down the options by taking into account parameters such as budget, the client’s tastes and specific characteristics.
• Efficient data management: In the real estate world, there is an infinite amount of data. What AI does is takes them, analyzes them, establishes relationships and projects new parameters that the human mind cannot grasp. This is essential to better positioning in the market.
• Targeted marketing: the buying and selling process can be streamlined because AI recognizes key preference patterns to send offers to potential customers. This is expected to speed up the real estate process, which translates into higher profits.
• Predictive systems: the algorithms created by Artificial Intelligence are capable of making short- and medium-term projections. The program can know what will be the trends in the real estate market depending on the parameters wished to be diagnosed.

Jobs affected by technology

Returning to Jasmine Morgan’s ideas, it could be stated that human labor is not being displaced by Artificial Intelligence. This is not a phenomenon specific to real estate. In fact, the professional in the field assures that jobs will still be available in 10 years.

What has become evident is a clear tendency to gain a competitive advantage over other companies through the solutions proposed by AI consulting and development services. Therefore, companies have used the new technologies of this branch to introduce them as a support to human staff.

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In such a case, then we could not predict that people will be dispensable in the real estate field. The incorporation of AI will require the fulfillment of new training challenges.

This means that employees must be trained to handle the changes that AI is bringing about. Workers will have to professionalize themselves in the area of technologies in order to improve their working conditions and deliver better results.

Final considerations

Although Artificial Intelligence is going to generate great changes in the real estate industry. There are still few implementations carried out in the field. However, this does not imply that small transformations are not noticeable.

This moment is the time in which companies can gain great competitive advantages by incorporating Artificial Intelligence. However insignificant the change may be, it will stand out in view of the fact that most companies in the industry have not made major transformations.

At the same time, it is essential that managers set themselves the goal of re-educating their workers in the midst of this new order as suggested here.

In this way we can get people to improve results in their daily work. In addition, this could encourage employees to come up with new technological solutions that would eliminate problems in their work area.