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Artificial intelligence (AI) simulates human intelligence processes by machines, especially computer systems. If you haven’t been living under a rock, you’ve come across AI, Machine Learning, Natural Language Processing, etc. Some popular applications of AI include Siri on Apple devices, the use of machine learning by Amazon.com that focuses on product recommendations to users, and many more! Let’s find out how AI in real estate is evolving into a game changer.

AI In Real Estate

Real estate companies increasingly use artificial intelligence in buying, selling, and home financing. Algorithms can now go through millions of documents in seconds, looking through property values, debt levels, home renovations, and even some homeowners’ personal information.

“The traditional agent would go knock on the doors of many homes. Now AI in real estate helps you find the most likely homes to sell in the next 12 months,” said Compass’ chief technology officer. Some of the biggest names in the business, such as Zillow, are now employing AI in real estate to help find buyers the perfect home. And for real estate agents, it may already be a game-changer. AI can be helpful for borrowers, but it also seems like the holy grail for real estate agents hunting for listings in today’s ultra-competitive housing market.

AI is disrupting the growing real estate industry. Most realtors and brokers are now incorporating data pipelines into their decision-making process. Managing data and information hassle-free is the key application of AI in the real estate industry.

Among all the applications of AI in this industry, the most recent is the application in real estate AI visuals, which will unlock the value and overall experience of your real estate visuals. These technologies imitate the visual processing capabilities of humans; only they can do it at lightning speed. In addition, it can recognize objects and feed this information to other systems that can take action accordingly.

Applications of artificial intelligence in real estate

Here are some awe-inducing but totally relevant solutions using AI for the benefit of the real estate industry.

Image classification:

This will help agents prep listings in a faster and more efficient manner and eventually help buyers / renters choose a property by comparing similar houses and getting automatic knowledge of it. Companies like Ximilar, Styldod, restb.ai and Foxy AI provide visual AI services – visual search, image recognition, automatic image tagging, & object detection. Even descriptions and tags are a possibility.

AI-Based Image Enhancement:

Companies like Styldod use AI for photo enhancement, automatically enhancing and resizing images without losing quality. They also upscale images, remove artifacts, increase image quality thereby making the listing stand out to help you stay ahead of your competition while improving your conversion rates. Styldod also has an AI-powered video platform that makes it super simple for agents to create stunning real estate videos for every brand and marketing purpose.

Computer vision for room type detection:

Another application is using AI to create real estate visualizations by sharpening the accuracy of property models using computer vision. It can be used to enhance valuation models, automate room type detection and score the condition of a property using standard definitions to empower valuation modelers, and others with more accurate information by incorporating data from your property photos.

AI improves Lead Generation:  

Using machine learning, AI can find patterns in your lead data and then find new lookalike leads at scale. AI can also gain insights from this data, so you can learn more about your best-fit leads and potential clients. AI can even use what it learns on a  daily basis to predict which leads you should approach next. kvCore is an all-in-one CRM platform with A.I. capabilities. It is designed for lead generation, customer management, and more. Hyro is the world’s first adaptive real estate communications platform. It helps capture every lead from call centers, SMS, and web-based inquiries. Rather than hiring more customer service representatives, realtors utilize the virtual assistants with NLU-powered insights to manage relationships with potential buyers, increasing interactions, engagement, conversions, and retention.

Cost estimations and predictive analytics:

The application of AI in real estate is ideal for cost estimations and predictive analytics. For example, HouseCanary assesses current and near-future house prices. It accomplishes this by analyzing data from the previous 40 years and generating forecasts with a margin of error of only 2.5%, resulting in more informed purchasing decisions and higher customer conversions. Skyline AI uses artificial intelligence augmented commercial investment management solutions. It helps to deep-dive analysis of previous deals and helps predict market trends like rental costs and return on investment for buyers. In addition, it provides in-depth market analysis, cost savings on energy, fees, and meetings, which are just a few of the critical benefits that AI provides to the market.

Improves the home search experience:

Application of AI in real estate in this scenario enables renters or buyers to select user preferences and properties. Most of these algorithms can then suggest other similar listings providing users with a good customer experience. Today’s customers are usually short of time & less patient therefore they should always be shown more personalized options that appeal to them more. This can only be done by understanding user’s interaction and providing the right recommendations which can be provided intuitively using AI.

There's a myth that AI will steal jobs and make agents redundant but in fact it can help agents save time by automating their busy work to clear up time for human relationship-driven activities that only they can do. With artificial intelligence paving the way for a more in-depth and accurate analysis, the real estate industry will be able to make smarter decisions within less time and find new opportunities for improving the consumer experience. By recognizing relationships and patterns in large data sets, subjective assessments can be replaced by actual data and insights, resulting in sound property-specific decisions. This will increase transaction speed and reduce the search and sorting effort. If you want to know how the real estate industry reacted to prop tech in 2021, you can read about it here.

Styldod is a design-tech company that aims to simplify real estate marketing and help agents present homes in their most favorable light online by reimagining and automating the listing photography process. Having begun as a virtual staging company, today, Styldod has affordable and best-in-class products and services for every facet of real estate marketing and photography. Styldod’s suite of services include virtual staging, image enhancements, floor plans, virtual renovation, 3D renders, 360 degree virtual tours, and Matterport virtual staging, to name a few. We're trusted by over 10,000 realtors from all over the US and from agencies like ReMax, Coldwell Banker, Keller Williams. Know more about us at https://www.styldod.com

Sanchita Saha

Sanchita is a writer with a curious mind. A Sociology graduate, she uses her constructive ideas combined with her experiences to write content that is credible and worth reading.

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