Over time, the Real Estate sector has marked significant economic importance. As enormous as the real estate sector is, it is considered equally as complex.
Despite being one of the last sectors to adopt innovation, technology has undoubtedly added a new dimension to the industry.
Marking a prevalent trend, the introduction of Artificial Intelligence technology revolutionized the entire industry, bringing real estate properties, innumerable housing societies, diverse housing types, changing market trends, different agents, and distinctive pricings at your fingertips.
What is Artificial Intelligence?
AI technology has transformed the way we seek information, communicate, and transact in the real estate sector. Hence, it is essential to understand this phenomenon.
The history of artificial intelligence, defined as of today, spans less than a century, with the idea being roughly discussed in the 1940s and formally introduced in 1956.
Artificial Intelligence is an interdisciplinary branch of computer science with multiple approaches that focuses on building smart machines capable of performing tasks that typically require human intelligence.
It is an endeavor to stimulate or replicate human intelligence in machines.
5 ways Artificial Intelligence is transforming the Real Estate sector
The continuous digitalization brought about the implementation of technological advancement, which disrupted the way the real estate sector works.
This also resulted in the number of data sources and businesses to exponentially grow.
Here is how Artificial Intelligence is transforming the Real Estate sector.
- Smart Market Value Predictions
The technology offers the ability to predict the future, analyze patterns in terms of big data fed, to deduce reasonable predictions of the future value of a property, and offering an unprecedented competitive advantage.
The big data comprises property attributes and market data points, exceeding thousands of listings, to give an analysis that no human analyst or market research is capable of conducting.
The AI algorithm combines to learn current market trends, as well as the nearby facilities including transportation network characteristics, crime rates, educational institutions, and buying trends.
This digital aggregation has been a game-changer in strengthening the real estate sector by bringing another prominent technological advancement – PropTech wave.
The real estate sectors offer AI a platform to unlock the possibility to gather and analyze data efficiently and find unusual property price-influencing factors within a short time period.
- Smart Virtual Experience
The past few months unveiled the increasing influence of information technology triggered by the outbreak of COVID-19. Amidst these challenging ties, the world still remained connected ‘Digitally’. This caused a surge in internet usability and e-commerce penetration to increase by 15-25%.
AI technology played a major part in unfolding the potential of the real estate sector, as it kept businesses running and valuable customers together in such times. The cutting edge technology unfolded to redefine the virtual experience, by offering Augmented Reality (AR) and Virtual Reality (VR) services.
One of the pioneering companies in Pakistan to spark this sort of technological innovation is Graana.com, offering 360° Virtual Reality Guided Tours and 360° Live Guided Tours, Real Estate Projects, Property services from their customers.
This customized technology ensures flexibility that has changed not only investment deals, but also the future of building and construction.
The outbreak of COVID-19 has unveiled the importance of AI and Proptech. These services have redefined the role of Graana.com in the real estate industry.
- Thousands of verified listings
The AI disrupted the real estate market by providing thousands of verified listings through platforms like Graana.com.
The highly-professional teams of sales representatives at Graana collect and compile demographic information including pricing, home-value trends, the potential value of neighborhoods, market trends on buying, selling, and renting in every specific area of Rawalpindi and Islamabad.
This gives its customers the confidence to either find the perfect property they are looking for or sign-up the portal to buy, sell, rent, or rent out their properties.
- Introduction of Proptech & easy business management
AI has helped realty businesses run online, 24/7, offering easy business management, and advancing PropTech.
The AI technology helps potential customers to easily browse all the needed information online and can get immediate response through AI-powered chatbots.
Thanks to AI, the present-day Chatbots are profoundly versatile, which offers human-like help in deciphering specific questions and inquiries out of the conversation.
This has been a step forward, as the previous correspondences depended on generic messages.
- User-based Property Searches
Where some customers have the ‘perfect property’ defined, many struggle with different preferences when it comes to buying, selling, renting as personal preferences vary.
This is where the significance of AI technology comes in, solving the puzzle based on the input provided by the user to offer the perfect solution.
The penetration of Artificial Intelligence has undoubtedly transformed the Real Estate industry. However, there is still a long road before a full-scale adoption of innovative technology, especially in Pakistan.
This highlights not only a huge gap but also an entire market opportunity waiting to be explored.
Maham is a Content Writer.
She handles marketing communications at Graana.com.