August 1st, 2023 4:29 PM by Brent S. Rice, Broker Associate
Many computers today perform easy AI tasks in comparison to the potential of the technology itself. AI advancements will be viewed as strong when all computer inputs and outputs can’t be defined. AI has had a huge impact on many industries including real estate.
Here are a few ways AI has changed the real estate industry.
Today, search engines are machine learning tools which process search questions along with the information on real estate website pages before directing searches to the results with the relevant information. Being able to match the needs of renters, buyers and sellers have been a problem for decades in our space. Search engines have solved this problem.
AI makes it possible to search and list properties using more criteria. Unlike before when city dwellers were limited by search results revolving around price and area, searching is now more sophisticated. AI has made it possible for real estate professionals to be specific when searching or listing the property.
AI tools make it possible to search for specific elements such as ROI. AI has enabled us to implement smart search tools into real estate websites offering even better search results. As a result, the intervention of professional real estate brokers has become specialized and pushed back to the last stages of closing real estate deals.
Search engines are lagging behind when it comes to processing images from written descriptions. Real estate relies on images, search engines cannot be relied upon 100% when it comes to image searches because of many variable descriptions that may be given by different people about the same image. AI solves this problem when integrated with image recognition software.
Computers can describe/interpret images with unmatched accuracy. AI can identify people, animals, actions, etc. in images. AI is making it possible for real estate clients to find real estate images that lead them deep into the real estate renting, selling and buying process without the need for descriptions or classifications. AI will get rid of manually describing, categorizing images which will help process countless images in real-time without compromising on accuracy.
Chatbots technology has made it possible for visual interactions to take place online. It’s used in many sectors including real estate. Real estate tasks and processes like providing basic property information can be handled by AI. In the near future, chatbots are bound to take over basic real estate processes that have required one-on-one interactions.
Today we automate real estate lead generation and outreach. Chatbots are expected to manage initial marketing outreach tasks leaving busy real estate professionals to deal with leads identified in the lead generation and outreach process and ultimately convert them.