AI (artificial intelligence) is making a significant impact on many industries, and the real estate sector is no exception. As of now, the capabilities of AI in the real estate industry are somewhat limited, but as the technology advances over the next ten years, so will its impact on real estate.
Where Are We Now?
It was not that long ago that in order to find homes for sale, you had to have a real estate agent. The agent was the only portal to homes that were for sale, and you were largely dependent on their knowledge, expertise, and access to databases to find what you were looking for.
The internet has substantially increased buyers’ access to information formerly only held by agents. This has made it significantly easier for both buyers and realtors, saving time and money by being able to quickly eliminate homes that are not suitable.
Where Are We Going?
AI will transform the industry over the next few years by making those internet searches easier and more intuitive. It will provide accurate property value predictions, conduct agentless tours, and improve the buying process for clients.
As mentioned, buyers can currently search for homes online. They can set up parameters and narrow or widen their searches as needed based on things like price, neighborhood, number of bedrooms, and so on. But these searches often offer more options than the buyer needs. AI will get to know you and narrow down the number of quality options you receive, making it easier to find exactly what you’re looking for.
Property Value Predictions
AI technology will be able to link information from various sources like crime statistics, availability of transportation, and marketplace data to accurately predict the market value of potential homes in the future.
AI robots will be able to conduct tours, allowing clients to view homes at their leisure and agents to offer more flexibility to their clients and increase their number of showings. The robots will be able to answer any questions clients have during the tour, and clients can consult with agents to help make final decisions.
Improve the Buying Process
Streamlining services and automating processes improve the overall buying experience for the client. They will have more control over the process and be able to do more of the work from home.
What Does That Mean for Real Estate Agents?
Real estate agents will remain an integral part of the process. They are still needed to complete the transaction, answer any questions beyond the scope of AI, and help the buyer understand each step.
Smart real estate agents will embrace AI and use it to serve their clients better. They will be better able to provide a more individualized experience to more clients by utilizing the advances of AI and incorporating them into their practice.
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