Artificial Intelligence is here to stay and grow continuously in every sector of business and knowledge industry and has the potential to change the way human interact for better or may be for worse! Artificial Intelligence is like cloning – like creating robots with human like intelligence that can learn, reason, plan, perceive and execute the plan, self correct on real time, handle massive data saving time and resources. When Computers were first introduced in banking sector in the late 70’s, I was in my final year getting a semester on job training with UCO Bank in Kolkata. Every day there were protests from employees shouting slogans against introduction of computer fearing huge loss of jobs. But within a period of a year or two all protest subsided and it was found that introduction of computer helped in speeding up transaction time and bank expanded many folds. Employees attained new skill for handling computer and there was no cut down in employment. On the contrary employees salary got several hikes as UCO Bank which was in Red during late 1970’s became profitable in the 80’s.
Mass scale implementation of Artificial Intelligence in real estate sector is also posing similar qualms. Real Estate Developer can actually get huge benefits as the real time transaction will cut down to half by using AI tools .AI tools can process massive data in fraction of time that is taken through manual process The entire architectural design, structural design and accurate evaluation of material assessment and cost analysis will become more of an academic exercise using high ended sophisticated AI tools.
AI tools are basically divided into three types. Automated intelligence can complete non-routine and routine tasks and automate cognitive and manual tasks. Supportive and Expanding intelligence improves decision making process on real time and makes corrections while executing the work. Autonomous decision process reduces the need for human intervention which eliminates any possibility of contradictions. Using these tools will take the Real Estate Industry to a different level, improving operational efficiency.
The business of real estate is much more than just location, location and location. It involves a lot of data about buyers, sellers, their finances and preferences, among many others Advantages that IA offers are multi facets.
Benefits of Artificial Intelligence in Real Estate Business
1. Matching right housing or commercial project for the right kind of customer. Even after following the practice of getting all requirements input through conversation with customer, the customer still remain indecisive and becomes difficult to zero down on one choice easily. AI can give excellent support to property dealer to as it can analyze large data is a very short time from the data base and finds a perfect match for the customer. The entire process of matching the choice becomes less time consuming, economical and efficient. This also gives the scope for Realtor /estate agent to expand business as they can offer efficient services and make a perfect match of properties as a price that is comfortable to the customer by using AI tools.
2. Searching for Availability : AI tools can keep track of all projects in their data base with complete information about the availability as AI tool has the capability of every information on real time basis and works on 24 x 7 basis using its algorithm interfacing with host server which is located at Real Estate Developer’s end. There is no need for a real estate agent to call up any sales person of Real Estate Company to make enquiries.
3. Forecasting techniques to predict future of the project and its location: It may be unimaginable but AI tools can provide meaningful prediction on price trends, it can give data on the trend of crimes in the locality from the data base. AI tolls also give many other useful information on payment default trends, Cibil scores therefore predicting likely defaults. It can also find unique aspects of a property using NLP (Nero Linguistic Programming) provide predictive analysis to provide solutions to customers.
4. AI Automation Process: Property buying, renting selling, leasing require lot of documentation, verification, scanning & recording etc. AI automation process makes all these work on finger tips.
5. Virtual tour of projects: This CORONA lockdown has given Real Estate Developers the advantage of virtual tour of project when sales person for customer could not be present physically. Many times, properties seen in pictures do not look the same when viewed in person. Virtual tours of homes come into rescue. Ghar360 is one such platform that provides people to have a virtual walk through a house using a digital platform. Physical tour of projects will become a thing of past because of AI tools, real estate developers and their authorized agents will be available to customer in comfort of their home to walk through different projects to make their choice.
6. Predicting building health: AI tools can determine the safety of the building not only on the basis of the structural information but also past data on seismic stability. This helps the builder to take proper protection while making the structural design for the building.
There are many views about the introduction of Artificial Intelligence in our daily life. There is no denying that AI will now be in every field of business. Optimist think that the AI will take Real Estate business to a new heights with providing scope for Real Estate Developers to earn much higher profits as customers will drift to those Developers who have aligned themselves with the latest AI technologies. But social thinkers feel that excessive use of AI tools will have many adverse effects. The main deteriorating facts as per the philosophical thinkers is that the human race will forget to think and analyze on their own as all thinking and decision making process will be left to Artificial Intelligence tools. www.paisabole.com deals with application of Artificial Intelligence for making useful educational blogs creating blogs for earning passive income. On the similar line many websites are being built using AI tools to enhance the capability of websites to communicate with people and determine their interest area to deal in future. Pessimist think, there will be huge loss of employment opportunities at all level i.e., A Real Estate Developer will not need an architect or a structural engineer at a high salary as all the jobs can be delegated to an AI tool to perform.
KW Group's Anthem.