Where the COVID-19 pandemic relegated every business around the world; where advisories of minimal human interaction reverberated everywhere, it was ‘technology’ that kept industries and businesses alive amidst the pandemic. Furthermore, because the pandemic has slowed down everyday operations, it has also forced decision-makers to think about and rely on technology. In these difficult times, Artificial Intelligence (AI) would help to cover the losses and get back to business as normal.
AI & Real Estate
Artificial Intelligence (AI), dubbed one of the wonders of the twenty-first century, is expected to become a permanent part of human life.
Artificial intelligence (AI) is the simulation of human intelligence in computers that can make decisions on their own, analogous to humans, reducing the risk of human error. Artificial Intelligence is aiding humans and their cognitive processes in the early stages of development; but, at its apex, Artificial Intelligence is expected to take over human roles in the future.
In this context, the real estate industry is no stranger to AI; in fact, best practices from around the world show that real estate is adapting to the ‘data-driven world.’ The future outlook of the real estate world will entirely change in the near future as the third wave of PropTech (PropTech 3.0) seeps through the business as usual practices of real estate. AI is acting as a point of departure for many organizations in the context of a changing global climate and technology. 90% of conventional real estate entities think that technology can open doors to new opportunities for their enterprises. Furthermore, major real estate decision-makers are considering combining the real estate industry with Artificial Intelligence in order to gain a competitive edge while also broadening the scope of their companies. As a result, AI has the potential to become a real estate success story.
Artificial Intelligence in the real estate sector would assist in achieving transparency and revamping traditional processes that have stopped the real estate sector from achieving its goals. Data analysis, construction operations, architecture, and market valuation will all benefit from Artificial Intelligence by computing data effectively using algorithms.
Data Collection and Dissemination
Artificial Intelligence’s involvement in the real estate industry would change the way data is collected and distributed. With so many real estate firms relying on data to make decisions about real estate investments, prospective investors will benefit from machine learning procedures that will provide them with timely advice on their investments.
AI can also assist in mitigating previously unconsidered risks through the collection of data. This would aid in the development of a risk assessment system for future transactions.
Real Estate Appraisal
Real estate valuation is an integral part of the sales, portfolio management, and lending processes of the real estate industry. Many real estate companies have recently used artificial intelligence (AI) to help in determining the potential economic value of a property, the likelihood of a natural disaster in the region, and the state of the local real estate market.