Artificial Intelligence in Real Estate

From watches, televisions, cars, to now homes – everything in today's era is entering the 'smart space'. It's not long until artificial intelligence (AI) ultimately takes over the world. The process has already begun. Real estate companies are using AI to automate the end-to-end functioning of homes. Everything is now getting automated - from collecting property data to monitoring the room's temperature. Our article will delve deeper into this brand new intervention of AI into real estate.

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What do you mean by AI in real estate?

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The use of AI in real estate means automating the process of selling, buying and financing homes. It makes the 360-degree process for investing in real estate more accessible, straightforward and less time-consuming. AI improves the operational tasks in real estate, fastens the decision-making process and collates large data sets for both buyers and sellers.

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The introduction of home robots and similar machinery that uses AI to function has made it easier for homeowners to assist children, offer robust security, monitor temperatures, take photos, record every movement around the house and even create to-do lists if need be.

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Advanced technology is also used to collect, monitor and analyze data. It helps build a solid home infrastructure and utility that promotes effective everyday functioning.

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Top 7 ways in which AI has had a head-start in real estate

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1-?????AI cooking equipment

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AI cooking equipment are already making their way into kitchens all over the world. From creating a full-fledged meal to smoothies, these smart appliances can do it all with a single button. AI fridges have also come into existence that let the people in the house know if the food inside is still fresh or not. It suggests food recipes that one can create with the item inside the fridge and what not! Truly, the entire cooking scenario has been changed ever since the emergence of AI into kitchenware.

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2- Smart locks

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Smart locks have changed the security industry and are one of the brightest innovations in real estate. They are connected to the homeowner's smartphone and use AI technology to get into or out of the house. If the lock is tampered with, it raises a security alert immediately informing the homeowner about it.

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Smart locks also allow users to grant access to their homes through their smartphones. Smart locks help in taking away the pain of sharing keys or leaving them around. Once the event is done, the access can be taken away by changing the lock's security passcode. The digital key is impossible to get copied or stolen. It can also be retrieved if something happens to the phone.

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3- Helps in market value and appraisal prediction

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AI technology is able to predict the future value of properties by combining marketplace data and customer-relationship management datasets. The technology combines information from varied sources and considers infrastructure, locality, transportation, marketplace activities, schools nearby, area crime and future development to provide real estate managers with close-to-accurate future valuations.

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The more reliable the future forecast is through AI, the better deal agents are able to crack with home buyers. This is because most buyers look at housing from an investment perspective. Future market trends are also analyzed to a great extent through AI. It provides both real estate sellers and buyers with an idea about where the specific housing market is headed.

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4- Virtual house tours

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The biggest hurdle each buyer faces at the time of real estate selection is to understand the map and imagine it as a full-fledged house. To their relief, AI has solved this problem as well. The introduction of virtual tours enable sellers to provide their buyers with a complete virtual tour of the house, based on the map. It helps buyers visualize a house that is not already there.

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5- AI Televisions

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Smart TVs come equipped with virtual technology that detects channels and other directions through the human voice.?

With voice control, navigating around channels and other TV features become less time consuming and more seamless. It enhances user experience and even helps people who cannot read navigate different channels easily.?

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6- Smart voice command tools

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Smart voice command tools are AI-driven devices made to work as per human voice commands. They are able to answer questions, complete different tasks like switching on the light or turning off the TV and even interact with people.?

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Some of such top-rated devices are Echo Dot by Amazon, Nest Mini by Google and HomePod Mini by Apple. All these devices are controlled through voice recognition and can be paired with TVs, speakers, lights, thermostats and a lot more. It allows users to control everything with their voice, without even touching a single button or their smartphones.?

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7- Smart vacuum cleaners

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Smart vacuum cleaners are a blessing in disguise for people who wish to keep their houses clean and tidy but do not have the time for the same. They come with powerful technical advances that enable these vacuum cleaners to hover around the house on their own. They are programmed in a way that all the cleaning tasks are done with complete navigation around the house without any human assistance.?

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Newer models these days are even capable of emptying the dust collected themselves. It is almost like you have hired an electronic house help to get rid of all the dirt around! From floors sofa sets to cushions and curtains, these vacuum cleaners are capable to work on all types of surfaces and clear whatever type of dirt present there.

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Do you need to add AI to your real estate businesses?

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The short answer to this question is – yes! As an investor, adding AI to your real estate business comes with mighty benefits like –

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·????????Most AI programs include predictive analytics. This helps you with the real estate's current and future valuation, exit strategy and returns on investment calculations.

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·????????AI automates the entire property management tasks, especially if you are a buy and hold investor. From data entry, property maintenance, tenant discovery, to lease abstraction - everything is taken care of seamlessly, with a click.

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·????????AI provides your real estate business with a competitive edge over the others. Even though AI is on a surge right now, not everybody is able to add it to their businesses. And if you do, not only do you have a first-mover advantage, you also have a fast start in the real estate market.

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Is the future AI furnished?

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Like most industries, the real estate industry has also commenced its journey on becoming data-driven and automation-centric. Different use cases of AI are already in place, and many real estate properties have started applying the same. Automation is transforming the industry, how it functions and organizing it from a virtual perspective. This has led to initiating seamless transactional communication between buyers and sellers.

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Big Data, the Internet of Things, and Robotics will be the most significant drivers and technical innovators in the real estate market in the coming years. The real estate future definitely seems AI furnished - from seasoned investors investing in large projects to consumers considering to buy smart residential properties!