By Enterprise Technology Review | Friday, June 07, 2019
Artificial Intelligence (AI) has an enormous scope of bringing about developments in the real estate sector. Many industries have already seen AI-powered advancements that have generated fast growth and increased efficiencies and now the transformation in real estate, adopting groundbreaking AI solutions.
Smart buildings have become a talking point. The issue of sustainability now figures in every aspect, including construction, maintenance, amenities, and waste disposal. AI makes smart buildings come alive with wide-ranging fundamental concepts, which include automation, driving efficiency, and reducing wastage of resources. Smart AI driven applications in homes and buildings like security, energy maintenance, video surveillance, and elevator maintenance make processes hassle-free and less prone to error and damage. The living standards can improve a lot with the help of AI.
Real estate companies depend on marketing and sales, just like any other industry. AI has an indispensable role to play in making marketing better by targeting potential customers only. Through the ability of AI, which allows it to sort through vast amounts of data and analyze those, companies can gain insights about customers. The process of finding customers gets streamlined, and the companies can find the best match for their offerings. Predicting market trends through data mining is also a possibility with AI. Real estate companies can make reliable forecasts and plan projects accordingly.
Serving customers and taking their queries demand a lot of resources. Companies can bring in AI-powered chatbots to reduce their dependence on customer care executives. Chatbots are advantageous because of their non-stop performance round the clock. This ensures that customer queries are answered immediately so that no potential customer is lost. Virtual reality technologies that provide immersive experiences can help companies to provide proper visualization of properties to customers even if they are not physically present.
Designing and visualizing projects as three-dimensional models before the beginning of construction is possible with technologies like augmented reality. This makes construction safer and allows modifications to the plan at the initial stages. With AI and assisted technologies, the real estate industry can now reach new heights effortlessly.