With the businesses shifting towards the digitalization of almost every industry, it has become an essential factor in skyrocketing a business. It has served well to almost every business by optimizing their workflows, reducing expenses, increasing productivity, and managing business operations effectively.
Integrating technology into a business is a one-stop solution and is one of the forefront reasons real estate businesses are growing.
We are all familiar that there’s no end to innovation in technology. And the integration of AI into the real estate industry has enabled them to unleash the true potential of the services they provide.
In this article, we will be filling you up with real estate software development and its benefits on its integration with Artificial Intelligence.
Defining Real Estate Software and AI
Real estate software, also known as PropTech in the IT industry, means the fusion of Technology with the Real Estate business. In other words, Real Estate software eases the process of listing and selling out properties meant for sale and the rental basis for tenants.
We are all aware that information plays an important role in the real estate industry and is also the primary demand of realtors, and this is where the application of AI kicks in.
Artificial intelligence short for AI helps in managing the data efficiently. It is an intelligent machine that performs tasks associated with humans and mimics all the complex human activities, including reasoning, problem-solving, decision-making, and many more.
As per the insights from Statista, the global market revenue for AI is forecasted to reach a size of over half a trillion U.S. dollars by 2024, which opens up a plethora of opportunities for real estate businesses to implement this technology and grow.
Benefits of integrating AI into Real Estate Software
Integration of AI has boosted the real estate market and has eased the workflow with increased productivity and has boosted the sales enormously. Everything has its pros and cons, but in the case of the integration of AI into real estate software, AI has proved to be a beneficial integration time and again. Below we have listed a few of the benefits of AI-powered real estate applications.
- Enables Smarter Real Estate Management
- Improves the Search Experience
- Predicts the Property Value
- Eliminates the Human Errors
- Boosts Lead Generation
- Automates the Workflow
- Provides Virtual Tours
- AI Enables Smarter Real Estate Management – Be it the data or the corporate infrastructure, it is important to manage everything efficiently. Here in the Real Estate industry, AI plays an important role in managing the massive amount of data effectively.
- Improves the Search Experience – Searching for a property is a tedious process, especially when you have to do it manually, roaming from one place to another and meeting realtors back to back to find a property that meets your exact requirements.
Now, the integration of AI into real estate apps has simplified the home searching process. The AI-based real estate software serves with filters like your budget, choice of area, the total number of rooms, and many more, by narrowing down the search criteria and helps to choose from the available list of properties. It simplifies the searching process and does the work for you in seconds.
- Predicts the Property Value – One outstanding feature of integrating AI into the real estate business is that it helps in predicting the property value based on the available data. It helps in anticipation of the property value which helps in the identification of the perfect timing for selling a property. Additionally, it also helps in deeper data analysis to identify the future requirements of the buyers and market trends that serve well in making decisions beneficial for the property owners, buyers/tenants, and also the realtors.
- Eliminates the Human Errors – AI is machine-driven which eliminates the probability of human errors or no errors at all. This in turn helps in leveraging the efficiency of completing tasks and makes it easier, saving time and money as well.
- Boosts Lead Generation – With AI adoption in the real estate sector, the algorithm is capable of understanding human behavior. This in turn records and analyzes the data which later helps in generating potential leads for the company and realtors. It also helps in saving the time and efforts of the brokers and estate agents.
One such thing is Chatbot, it aids users by talking like a human, and also the potential buyers can interact with these chatbots regarding their queries, which drives better engagement.
- Automates the Workflow – With the ability of Natural Language Processing (NLP) and Automated Speech Recognition (ASR), the AI-driven real estate apps automate the work process and reduce the time consumed in doing such tasks manually. The integration of AI along with Robotic Process Automation (RPA) helps in self-driving tasks like generating property reports, managing land records and customer data, checking seals and stamps, verification of documents and signatures, and many more.
- Provides Virtual Tours – Visiting properties one by one and then deciding what to choose is both time-consuming and a hectic process and to ease and serve the users with virtual tours, AI has been a savior. Through the AI-integrated real estate software, now realtors can directly provide a virtual tour of the property and plots with high-end videos and pictures, to potential customers.
The demand for real estate services keeps changing constantly according to the location, budget, and requirements. But what changes faster is the service you provide, which can be enhanced with the integration of technology into it. And what adds a feather to the hat is the integration of Artificial Intelligence into real estate software.
This opens the way to the PropTech industry which is growing and has opened up way more opportunities as compared to the traditional method by providing better marketing opportunities and serving the customers efficiently.