As the world advances into the information age, those who are able to quantify and analyze large datasets will always have a market advantage over their competitors. Advances in technology are changing business models in major industries, and the transformation effect of technologies such as artificial intelligence is driving the shift to a more engaging, data-driven approach to various aspects of a business.
Machine learning (ML) and Artificial Intelligence (AI) have the power to revolutionize the real estate industry by making it more innovative and accessible to the general public.
As more and more processes are automated, such as in-person assessments, fillings and closings, customers are looking for more virtual options and digital solutions as they are trouble-free, provide transparency and proper records management.
With AI, the real estate industry can capture large amounts of data, predict market trends, improve the home search experience, intensify lead generation, grant efficient home loans, and perform real-time population analysis and forecasting.
Pakistan has also taken steps to regularize the technology and has formed institutes to train future technology leaders. Therefore, Artificial Intelligence can revolutionize the real estate sector through its diverse field of application, which the Iqbal Institute.
How can Artificial Intelligence Revolutionize Real Estate?
The real estate industry has always been slow in adopting innovations. However, many key players are starting to realize the importance and potential of artificial intelligence that is revolutionizing the real estate industry. With the digitization of services to an enormous level, the number of data sources has grown exponentially. Data on individual profiles and financial rankings are readily available for business use.
Artificial intelligence (AI) can be trained to collect real estate-specific data from various sources. These large datasets can then be used to provide a prescriptive and predictive market analysis that will exponentially increase the decision-making power of investors and financial companies associated with the real estate sector.
By integrating the market, any information extracted from any activity generated by users can be tracked and analyzed to obtain valuable information. Artificial intelligence can also be used for smarter property management.
When it comes to large properties like offices and corporate buildings, underutilized can take up enough of your budget. A poorly managed commercial space often leads to employee dissatisfaction.
Using Internet of Things (IoT) sensors and devices, artificial intelligence can help property management professionals use office space effectively. Using Wi-Fi and Internet of Things (IoT) devices, data can be analyzed and transformed into valuable information.
This information can help managers make better decisions about office space. People can “talk” to spaces using natural language recognition tools, and ultimately, Artificial Intelligence can better understand user needs.
Searching for a new home is also a difficult task, as many different factors need to be considered before buying a new property. Traditional search engines have very few filters and often leave the buyer many search options.
This is where AI-based algorithms come into play. With Artificial Intelligence-based personalization tools, it is possible to identify user preferences and make suggestions accordingly. Some applications can scan users’ photos to extract relevant information, such as preferred flooring type, color palettes, and building materials.
The system can also match the preferences of other similar people and create a unique portfolio for the buyer. “Forecasting the future is perhaps the most important feature of artificial intelligence.
Real estate is a high-stakes, high-performing sector, and the ability to predict outcomes is extremely useful. Al system can investigate past and market trend data to provide an accurate forecast of future market trends.
One of the most successful applications of Artificial Intelligence has been real estate investing. Traditional agents are used to the standard property valuation model using the size of the covered area, the quality of the renovation, and other common characteristics.
But when it comes to the high-end real estate market, setting the right price often guarantees the success of a transaction. A problem that usually arises in the real estate market is that of lead generation. Artificial intelligence can be used to distinguish between customers with real intentions to buy a property and those browsing out of curiosity.
Finally, much of the real estate sector is made up of home loans, which are data-driven by definition. Bank statements, credit histories, proof of income, and many other documents are required for a loan opportunity. Banks use OCR systems to read documents, but the disadvantage of these systems is that they are unable to recognize unstructured documents. This is where AI can come into play and transform the amount of information that can be analyzed before making a loan decision.
TO SUM UP
The real estate sector is complex. The data circulating within the sector is more so. However, this does not mean that the data is not useful or cannot be used effectively to make the sector more sustainable and user-friendly.
Data often leads to missed opportunities when not fully or accurately interpreted. Business intelligence is therefore a fundamental process capable of providing useful information on future market trends.
In addition, it simplifies the buying and selling of properties and offers a better consumer experience in the world of mobile applications. Hence, Business Intelligence can be used to revolutionize Pakistan’s real estate sector.