Technology has been sweeping all verticals, and it is unthinkable to imagine a world without technology. The ease that technology brings in overall operations has made it intrinsic to every business as it not only augments faster production but also helps in increasing customer base.
Real estate sector, which is the second-largest employer in India, too is utilizing the best of the technology available. In fact during recent lockdown, technology came to the rescue and helped the sector garner sales when people predicted zero sales.
The latest addition to the real estate sector is the entry of Artificial Intelligence, which is transforming the way real estate has operated till now. Realtors have now embraced revolutionary technologies such as Internet of Things (IoT), Virtual Reality (VR), AI, and Machine Learning (ML). The current situation has made more realtors realize the importance of these technologies and to implement in all the phases of property procurement.
Role Of AI
The talk-of-the-town technology has been making real estate smoothen functions and reach out to more customers worldwide. Used in multiple ways, Artificial intelligence not only reduces the operative cost but also augments customer service and gain competence.
Investor Analytics: Intellectual robots can help the property investors evaluate risk based on the parameters set by the investor regarding the revenue goals.
Chatbots: Almost every realtor and property brokerage firm is integrating chatbots in their websites, which helps them save the cost of customer service and manage responses to queries quickly. It is utilized for generating assistance to reply to common questions.
Deal Matching: Artificial intelligence is being utilized to create dashboards where buyers can set criteria of the kind of property they want or the return that they expect from it, the client is informed the moment a property matches their benchmark.
Intelligent Search Platforms: The search engines are being optimized using AI enabling the platforms to become more vibrant. Earlier, the search options were basically limited to location and prices but now much more information can be placed such as Return on investment, good neighbourhoods, etc.
Construction Automation: Acquisition of material can be allowed to be done through robots, which can help the construction companies to obtain quality materials from best suppliers at competitive rates.
Property Management: AI can also be applied in property management which will let the developer know where the maintenance is needed and also to monitor the timing without fail.
The next big thing in real estate would be use of drones. It will serve as an effective method to cost effectively build smart cities, make the process faster and safe. Coming decade will see a manifold increase in the use of drones in the construction sector. These machines can be used for topographical surveys and the inspection would be much more cost-effective and will remove human errors.
Drones will also be utilized to carry out inspection of the construction site and monitor site for maintenance. Smart cameras can be mounted on drones to get better photos helping in creating better 3D models.
The sector has been adopting the technologies at a rapid pace but now the change will be much more visible as site-visits will be replaced by giving virtual tours and increasing use of online payments. Realtors have always been in sync with the latest technology, which has helped them deliver projects with ease, and in future too realtors will rely on tech to ensure unquestionable the quality of services.