In the digital age, you’d be hard-pressed to find an industry that has not been majorly impacted by technology. Publications such as Forbes, The Economist, and Bloomberg are constantly sharing articles about the use of new technologies. Things such as big data, loT or Internet of Things, blockchain, and AI (artificial intelligence) are always trending.
These new technologies are all transforming how business is conducted in their own unique way. The real estate industry is no exception. While it may be difficult to understand how buying and selling properties, something rather traditional, could be influenced by blockchain or artificial intelligence, it has been going on for some time now.
Big data can be used to reduce financial risks. The technology works by analyzing an owner’s property information, such as renovations, the condition of the asset, and the previous condition of the property. The data is then used by a real estate agent to create an estimation of the property in a very precise manner. With that information, the real estate agent is able to provide clients with a much more accurate, clear idea of the considered property. Everyone involved benefits from big data, as the real estate agent, is able to suggest a home in a superior manner based on the position and unique needs of the client.
Artificial intelligence is another popular technology that offers major advantages in the real estate sector. AI assists computers with complicated tasks such as critical problem solving and data evaluation. The subprocess of machine learning is capable of recognizing patterns which can then provide important insights from big data. Furthermore, artificial intelligence automates repetitive tasks, providing real estate professionals with more time for other pressing work.
By streamlining data management within real estate the overall performance of real estate businesses is improved. AI identifies important customer preferences and is able to then use algorithms to make better recommendations. The technology can also scan big data, locate specific real estate assets, and help professionals improve their real estate marketing endeavours.