Artificial Intelligence in Real Estate: Friend or Foe?
Artificial intelligence (AI) is revolutionising many industries, including real estate. But, as the technology expands, will it ultimately help or hinder the industry? It all depends on who you ask, and some technology experts are more bold in their predictions than others.
Let’s look at five expert opinions on artificial intelligence’s role in the real estate industry:
- “What if cognitive computing enables agents to be better professionals and make better recommendations to their clients?” This is the question posed by software expert Russ Cofano. He argues AI could improve many aspects of agents’ lives including the multiple listing service (MLS). Others argue AI will replace agents entirely. The truth probably lies somewhere in between. In the past, whenever technology has made the sales process faster, it hasn’t replaced the sales person. Source: The Real Daily
- “It is my belief that in the near future the real estate industry could be automated and run algorithmically.” This is the opinion of digital transformation specialist James Dearsley. He argues that while real estate agents should never be replaced, there are aspects of the real estate industry that should be automated. According to the BBC, the likelihood of real estate agent and auctioneer positions being automated is 68%. Machine learning could play a role in home searches, making queries more accurate. It also can be used to predict real estate patterns and buyer statistics. Source: LinkedIn
- “Weak AI is when all inputs and outputs are defined, like beating humans at chess or go. This is where real estate websites are today.” Customers enter inputs and are provided with outputs. Artificial general intelligence, however, would change the real estate industry. In the future, AI would be able to take more variables into account and maybe even could predict trends. Subscriptions would be made relevant to newsletter subscribers and even could be personalised. AI also could be used to determine the best place for customers to live, based not just on physical criteria, but personal ideologies and value systems. Source: onBlog
- “Small developments and innovations are mounting to form a wave that is about to make some serious changes to the way the real estate industry operates.” AI is disrupting real estate in five ways: 1. More than just your query is processed during a search. This information is used to find the exact home a client is seeking. 2. AI can not just find the perfect home, it can tell customers information it couldn’t before, such as their return on investment. 3. Currently, property images are dependent on written descriptions. AI can be used to ensure image results are accurate. 4. The use of chat bots that users think are human. 5. Make property suggestions more accurate and quicker than brokers. Source: restb
- “While 80% of all home buyers are house hunting online, more than 83% of all home buyers want to see pictures of the property before they check it out in person. And since they already have an idea of how they’d like their future home to look, AI-driven Visual Search has the potential to be a game-changer in real estate listings.” Visual Search can be used to find specific property criteria. It works with the aid of image recognition technology which has tagged each image. It also can aid sellers in determining if photos already have been uploaded. Source: PicScout
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