With the advent of AI, many industries have been transformed forever. The transformation is far-reaching in every sphere it has seeped into, and despite the similarities that exist between the brain and AI, the latter significantly reduces the time taken to perform certain otherwise difficult and time-consuming tasks and reduces the cost required to perform such tasks. Despite the controversies that seemed to surround AI, it is obvious to anyone that AI is here to stay as it finds its applications everywhere—yes, even in real estate.
The real estate market seemed to be one of the last “strongholds,” as some would say, that still required a brick-and-mortar approach, such that many believed AI would never find application in the real estate space. Well, “many” were wrong! AI has not only found a place in real estate, but it has also thrived and continues to find application in the different facets of real estate, making things much easier for the many people involved in it.
So far, many revolutionary solutions have been introduced into the housing market, all thanks to AI. Several tasks that were previously money-intensive, time-consuming, and generally cumbersome can now be achieved almost as easily as snapping a finger—or, better yet, clicking a button.
Determination of property prices
Determining property prices is no small feat in real estate. Apart from having to sift through a mountain of data and consider several factors such as the cost of building such a home, the income the home can generate, and so on, it also requires an expenditure of mental energy as well as time. Many other factors have to be considered to determine the perfect value placed on a property. These factors include:
- Location
- Market trends
- Features of the home
- Renovation cost
- Proximity to amenities
AI is now able to process all of this information and use this data to determine the best price for the property. This is done in a very quick and efficient manner and goes a long way in helping millions determine the best price to buy or sell property, or even sell their property.
Finding the best property
Finding the right property to suit client needs can be very tedious. From scanning through hundreds and thousands of listings to analyzing listings, the process gets very tiring very fast, even for an excited soon-to-be homeowner and real estate agents alike. Enlisting the services of a worthy real estate company can also be problematic, considering the many companies out there.
AI solves this problem easily and efficiently. With several filters and algorithms in place, AI will provide you with the best selection of narrowed-down options to suit your needs and wants. This it does, not only based on filters provided by the buyer but also by monitoring client interactions with each option presented. interactions such as how long a client views a photo, listings that were scrolled past, listings that were opened and viewed, etc. All this data will be analyzed and saved to your profile in order to present you with more personalized options in the future. AI also provides ease of access when potential buyers need to enlist the services of reputable real estate companies like we buy houses.
In some cases, AI is also able to analyze photos as well as provide data to create certain nuances, like newly renovated buildings, and categorize data into categories that better serve the buyer. These data categorised into strata could include reviews for top-rated companies; we buy houses Chicago trustpilot, provides good customer reviews that would help buyers take an informed decision to partner with such companies.
Lead generation
A lot of real estate agents struggle with the burden of lead generation after listing a property for sale. It is incredibly difficult to follow up with potential buyers, especially when you know that not everyone who reaches out concerning a listed property will end up buying the property. Many people are simply window shopping or satisfying their curiosity. How then can real estate agents perform their task accurately, concentrating their energies where they are most needed?
AI seems to have offered a solution. It is now possible to filter through the pool of potential buyers, sorting them into categories on the basis of their activity on listing sites, willingness to pay, and personal preferences. This helps the real estate agent take calculated decisions on how to proceed, who to follow up with, and how, making it much easier to carry out their piece of business efficiently with no room for wasted effort.
Effective management of transactions
A lot of paperwork is involved in real estate transactions, from lease receipts to purchase agreements to addenda, not to mention the several mortgage requirements buyers would need to meet in the heat of real estate transactions. Most times, buyers wonder if their mortgage interest rates are good, whether or not they are buying the house at the best price possible, what loans to go for, and whether they have concerns for possible legal issues that can arise from the transaction. Mortgage companies also worry about whether or not a buyer can pay their mortgage off. For all of these considerations to be properly put into perspective before a transaction is concluded, it would take several consultations and research.
AI helps real estate companies and buyers with documentation and filing. It also helps to run the relevant financial calculations and analyze the cash flow of the buyer in an organized manner free from errors. This helps to put the real estate company at ease and gives the buyer assurances that they are on the right track and are getting the best out of the deal.
The use of AI in real estate has truly revolutionized the industry and changed the housing market significantly. The advantages of AI are far-reaching. The future of real estate has taken a new trajectory, and that’s for good.