Artificial Intelligence, Machine Learning, Virtual Tours… You might have heard this kind of buzzy term in recent times. Before a few years, artificial intelligence may sound like the scene from the Sci-fi Movie, but it is happening in present, it is already here!
Most data related to the real estate sector in the present time is public, so anyone can access most of the information. Some of the biggest names in the real estate sector are now using artificial intelligence to help buyers find the perfect home.
In an instant, computer algorithms can look into millions of documents, including property values, debt levels, renovations, and personal information about homeowners.
Artificial intelligence is affecting the real estate sector in the following ways,
Improves the home search
Refines the transaction process
Predicting property prices
In Indian Context
AI is being used by India’s real estate industry to manage property-related issues.
The ‘Digital India Land Records Modernization Programme’ was launched by the Government of India in 2008 to create a system to ensure conclusive titles to immovable properties. AI and IoT are used to streamline the process.
Using machine learning and predictive analytics, NestAway recommends properties to its customers.
The listings are sorted by ML algorithm to match tenants and landlords.
There’s no question that AI will have a significant impact on real estate soon. The AI can become an aiding factor for the agents to become more efficient and effective, broker to become more strategic, clients can have more confident in buying or selling. AI has the ability to connect, analyze, and learn from the huge amount of the date.
You can tell us your experience and opinions with Artificial Intelligence, in the comment section below!!
Kishan Thakkar is working as a writer for the real estate and architecture industry. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management and handling operations for The Real Talks platform. He has a penchant for research, analysis, and understanding various fields. Discipline is the key to balance his diversified interest and work routine.