How AI is impacting the Real Estate IndustryBy CIOApplications Europe
The business of retail is not just location it has moved beyond by collecting data of the buyers, sellers- their preferences and finances and much more. Organizations are leveraging the tool of Artificial Intelligence, to make their work easier and enhance efficiency. Below mentioned are a few advantages that AI offers.
1. Recommendations: AI can help real estate agents to find the right estates for their respective clients as it has an enormous amount of data with it. This data is usually obtained while having a conversation with the client and then coming up with the best set of choices. With the help of AI, realtors can be more efficient as it provides recommendations to the clients based on their preferences, past purchases and also on what their behavior on the current website is. It will help their clients to stay away from properties that do not match their interest.
2. Availability: AI can work 24X7, and therefore users can seek assistance throughout the day and night. They can answer simple queries to the customers, before directly talking to the estate agent. This process saves time and makes things convenient both for the retailers and the client.
3. Prediction: AI provides meaningful forecasts with the available data considering customer priority. The AI-based customer relationship management system has progressed that it can predict if an individual is likely to default on their loan or fail to credit a check. It also finds unique aspects of property using NLP.
4. Automation: Retail industry requires a lot of documentation and verification. Same goes to the people who are involved in this process of buying, renting or selling products. Here comes the role of AI, where it can automate these jobs and scan the documents.
5. Virtual tours: Most of the times, properties displayed in the picture is not similar when viewed in person. Virtual tours of homes come into rescue during such scenarios. Many organizations are adopting this platform to provide a seamless experience to their viewers; customers can have a virtual walk through a house using this platform.