The artificial intelligence (AI) revolution is an unstoppable train that has hit all sectors of the economy. The real estate industry is not an exception.
That’s why real estate agents and brokers must do all they can to gain an in-depth understanding of the potential applications of IA in the industry and the enormous opportunities that lie ahead.
This tool can handle common repetitive tasks and help users dedicate their time and energy to more productive activities. Let’s dive deeper and learn how real estate agents can benefit from this technology.
1. Streamlining Transactions
Realtors can employ AI to revolutionize how they run their business, including processing transactions. It’s the dream of every real estate agent to offer smooth and seamless transaction experiences to their clients.
This is possible through machine learning which can generate automatic reports and auto-fillable data fields. It can also enhance robust compliance checks and faster closing time. These features can hasten transactions and minimize errors related to manual data entry.
2. Identifying Strong Potential Clients
AI is a potent tool that real estate agents can use to locate their ideal clients. It offers scores of data points to help distinguish serious sellers and buyers from those engaging in “window shopping.” With AI, agents will find it easier to locate potential clients matching their focus. With this information, they can concentrate their efforts where it matters.
3. Predict Market Values and Appraisals
AI can combine marketplace data and CRM to assist real estate brokers, and agents get better predictions of future value for real estate properties in a particular market.
For example, agents can use this technology to analyze information from different sources such as schools, transportation hubs, marketplace activity, and law enforcement. They can then use the data to predict the future value of homes in a specific area.
Since purchasing a new home is a significant investment for any buyer, having an accurate forecast about its future can offer them the confidence they need to go ahead.
4. Cost Reduction
Many industries have recorded a significant reduction in operational costs. For instance, healthcare call center automation can help users reduce costs by over 70% per interaction. The real estate industry can bank on AI to monitor and minimize their costs.
Real estate developments have for a long time been victims of budget overrun. Developers can use AI to reduce costs via accurate forecasting and budgeting.
They can use this technology to capture 3D images of their sites and analyze the data through an algorithm that converts it to insights. This helps project managers act on emerging issues in time and avoid costly expenses in the future.
5. Increased efficiency in Mortgage Lending
Mortgage lending is joined at the hip with real estate. Processing mortgage applications are data-intensive, prone to errors, and time-consuming. Lenders require a host of documents, including credit history, bank statements, and proof of income.
Both the lender and borrower struggle to get everything right. Today, mortgage lenders use optical character recognition (OCR) to collect information from a borrower’s documents. Because most documents are unstructured, OCR relies on humans to validate the information.
The good news is machine learning tools can capture this information with higher accuracy. AI technology will revolutionize the mortgage lending business and allow loan auditors to work record-breaking compliance reviews via a combination of ML and OCR tools, popularly referred to as Capture 2.0.
The Future of AI in Real Estate
Real estate is shifting to an automated and digitized future. As more players in this industry embrace AI to streamline their operations, there is no going back. It’s therefore vital for real estate agents to utilize the immense power of this technology to grow their businesses.
