AI Already Working in Real Estate
The days of playing “click and hope” with property search engines, or cruising the streets of the neighborhood seeking out “For Sale” signs are coming to an end.
Continuing growth in the field of artificial intelligence (AI) to help you find your dream home more efficiently, is a pretty safe bet these days. The time and energy it can take to find a suitable property is one of the challenges of home-buying. But AI is starting to play a significant role in making the search and purchase of a home simpler.
Did you know that website Zillow has an AI-powered feature called Natural Language Search. It encourages conversation rather than search criteria which allows you to type something like: “open apartment near me with two bedrooms” to check out the best options at that moment.
And 3D home tours and interactive floor plans mean that selecting the best homes to walk through is an informed decision, not just a leap of faith.
It can work for sellers, too. AI technology can be instructed to highlight the best features of a property. And it will provide a better assessment of a home's value, based on the very latest sales results in the local market, as well as national trends.
Check out these five ways AI is already making an impact on the property market.
Predictive Analytics :AI can analyze trends using historical data, and other relevant factors, to predict future property values.
Have a Chat: Chatbots and Virtual Assistants deliver instant responses to your inquiries and they're becoming increasingly well-informed about your local market. They will not only help you find suitable properties but can assist with the buying process.
Paperwork: AI is increasingly being used to review contracts, verify financial information and ensure compliance with regulations.
Fraud: AI algorithms are being used to detect transaction anomalies that might indicate potential fraud. This provides an added layer of security for your financial transaction.
Repair Predictions: If you're in an apartment or a duplex complex, AI can be used to assess the condition of properties, identify necessary repairs using sensor or image data, and predict when maintenance work might be needed.
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