Artificial Intelligence & Big data in Real Estate

Real Estate has been a great source of wealth for many countries including India and it impacts Economy on a holistic level.?Countless stable and profitable businesses and models have been disrupted by technology and the speed of these disruptions is growing exponentially. Real Estate is no exception to this.?

You would probably already know that big data and Artificial Intelligence is a trend that has been gaining momentum in a variety of fields. Huge data volumes are processed every day by machines to help us get a result that we need. The term Big Data refers to massive, complex and high velocity datasets. Big data is the fuel that powers the evolution of Artificial Intelligence’s decision making. Big Data analytics is the utilization of processes and technologies, including AI and machine learning, to combine and analyze massive datasets with the goal of identifying patterns and developing actionable insights. This helps you make faster, better, data-driven decisions that can increase efficiency, revenue and profits.?

Leveraging Big Data and AI will help investors to identify and invest in quality deals, manage investments, mitigate loss and risk, develop accurate financial and risk analysis, and apply predictive modelling for investments and portfolios to achieve higher returns. Using AI one can also implement automated asset valuation method instead of relying on local agents. Investors can rely on detailed information such as rental rates, vacancy rates, energy and other maintenance costs, as well as the bigger trend information about employment and consumer behavior, to drive their decisions about commercial buildings.?

It will also facilitate developers with an accurate and instant estimate on cost/feasibility of a project based on data points like materials, labor, drawings, permits, market comparison, project type, etc. In past years investors, agents and consumers could only wonder about the history of the property they were considering and the surrounding neighborhood. Now, data that buyers need, such as how the land was used in the past, insurance claims and permits that reveal previous issues with the house, is instantly available. Neighborhood details including the trajectory of home values, crime rates, school boundary information, school performance and demographics provide valuable insights for a purchaser. Not so long ago, agents needed to spend time researching properties and market trends themselves to provide answers to buyer’s questions. Today, big data and new methods of analysis simplify that process, allowing agents to spend more time where they should: connecting with their clients instead of being buried under endless streams of research.?

With the help of AI and Big Data there is enormous scope to improve the transparency of information and speed up transaction times in Real Estate Sector.?