The Future of Real Estate: How AI Is Changing The Game
Artificial intelligence has changed the real estate industry. It has forever changed the day-to-day work of appraisers, mortgage lenders, and developers, not just homeowners. In real estate, AI takes many forms. It can encompass analytics that informs investing and decision-making choices and automation that aid professionals in providing an optimal customer experience.
How is AI changing the real estate scene, though? For instance, appraisers and Automated Valuation Models, or AVMs, now compete in value properties based on data and digital images. In addition, mortgage lenders make underwriting decisions rooted in AI’s risk calculations, and developers select construction sites based on tips from AI platforms specializing in hyperlocal zoning regulations. There are also many other ways AI has been elevating the real estate industry.
These are:
Improve Home Listings
Home buyers have been searching for homes since listings have become available online by filtering home attributes like location, price, square footage, and number of bedrooms. Despite the filters in the listing, limiting the property search to these parameters is not infallible. Rather, it still leaves home buyers with hundreds of options to look at.
Several firms have produced AI applications that have made home hunting easier. These applications serve as conversational customer interfaces and answer simple and complex questions.
An AI-based algorithm helps make finding a home/real estate investment easier for clients. AI will help match customers with their dream property; thus, real estate agents can get a sale.
Predictive Maintenance
If something goes wrong at your own property, consider it another cost. If it’s something urgent and must be fixed immediately, its fees will be high. However, you can have it mediated by a strong team consisting of reliable contractors, handymen, and a reliable property manager nearby. If you have an extensive portfolio of properties, however, then problems may always be inevitable.
On the other hand, with AI, predicting maintenance in advance makes your job easier. AI estimates where and when care may be required and can schedule the work by analyzing sensor data from the properties. Moreover, AI can identify misused things within the property and help give tenants advice that can prevent the need for maintenance.
The technology for predictive maintenance belongs best in a data science lab. For example, Megaworld Corp. recently opened a data science laboratory in Taguig. The new data science laboratory, dubbed Township Analytics and Technology Lab (TAT Lab), is the first data science lab in the Philippines to be led by a property developer.
Smart Home Devices
Real estate is a large industry. Property tech, in fact, is often underlooked in comparison to REITs, which are worth tens or hundreds of billions of dollars. It is a fast-growing niche within the industry and is geared towards devices that can remotely monitor properties. Smart home devices also include smart doorbells, smart locks, smart thermostats, cameras, and other smart home devices that help notify people of any problems that happen within the property.
AI helps devices learn user preferences and adjust settings as needed. They can help save money on utilities, improve tenant satisfaction, and help the landlord stay up to date and avoid major repairs.
Property Management
Under real estate, there is another subsector. This is property management – and AI can also play a crucial role. AI helps managers screen tenants, collect rent, and schedule property maintenance.
In particular, AI powers chatbots. These chatbots screen tenants and answer questions regarding availability and rental rates. Moreover, throughout the application process, they guide customers and alleviate some of the work human agents normally do. On the other hand, automation via AI aids greatly with payment processing, managing workflows, market analytics, and others. They can also generate reports that track leasing performance to improve optimal occupancy and operational efficiency.
Market Analysis
You can predict how property prices will do in an area in several ways, as businesses are moving in and out, and there are historical trends. However, the process is time-consuming. However, AI can make this easier by looking at millions of bits of data from the area, news, crime stats, new companies, business registration records, and perhaps future market trends and potential investments.
For those with AI, this can be a big edge. It can help investors find opportunities that others overlook.
Real Estate Opportunities With Megaworld
Artificial intelligence enables real estate developers to concentrate on relational, intuitive, and creative roles – things that computers cannot do and things that are informed by being human. It will also change the way the real estate industry operates!
On the other hand, Megaworld has also been elevating its property game with Tulip Gardens! Tulip Gardens is a five-mid-rise residential condominium project within Southwoods City in Carmona, Cavite, and Biñan, Laguna. It also happens to be one of Megaworld’s new premiere condominium projects. Moreover, it’s only twenty (20) minutes from Makati Central Business District and Fort Bonifacio, nearby Alabang Business District. Reach us via 0917 525 3797 today!