by Ashok Singh Jaunapuria, Managing director & CEO, SS Group
Technological advancements have made deep inroads in every sphere of our lives. With each passing day, new technologies are bobbing its head, further simplifying the way we live and work. A classic example is the ubiquitous computer. There was a time when computer meant a bulky machine sitting on a desk. Thanks to technology – today we are talking about palm sized gadgets. Who knows, there might come a time, when technology will shrink this further to a finger-sized gizmo.
Talking about technology, the global buzzword today is artificial intelligence (AI), machine learning, robotics, augmented reality, big data, datafication…..just to name a few. Among a laundry list of such technologies, christened “new-age technologies” that is transforming the way businesses operate, Artificial Intelligence, Machine Learning, Robotics and to some extent Augmented Reality, occupy the top slots.
Sectors like healthcare, logistics & transportation, entertainment, retail & e-commerce, travel, banking & financial services, manufacturing, food tech, real estate are some of the visible sectors that are harnessing AI, ML to make informed business decisions. It provides valuable insights that are faster, more accurate, data-driven, and analyze massive amounts of data. Chatbots enabled by AI can give quicker customer service, answering queries and providing information round the clock. This saves precious time and helps in giving better service to their clients. For instance in the financial sector, the technology can help in detecting fraudulent activities such as identity theft, money laundering, phishing and other sorts of scams. This can help merchants to zero-in on fraudsters, accurately.
Talking about the real estate sector, these new-age technologies are opening up new opportunities for agents, brokers and also clients.
Real estate professionals can use AI to analyse market conditions, property prices and other factors to arrive at property value, market trends and investment opportunities. Property management is a difficult task. There is a lot that goes into the process, such as rental applications and transactions, leasing agreements, and disclosure statements. It can aid property management in a variety of ways like automatic document creation, allowing realtors to focus on other duties. AI may also be used to scan property paperwork for errors such as blank fields, missing signatures, and so on. AI assistants and Chatbots can help landlords, renters, and property managers communicate more effectively. AI-powered Chatbots can answer common questions from renters and can even send utility bills and notices automatically. Validation of property documents has been made easier using AI. And can even make language translations of documents lot more easier.
Furthermore, real estate sector can use AI to create immersive virtual tours that allow potential buyers to examine properties from anywhere in the world. For instance, prospective buyers can experience 3D views of houses without leaving their homes thanks to AI-powered technologies. It has zoom-in spoken notes and panorama view capabilities. When a buyer is looking for a home, they consider several factors, including location, price, square footage, and the number of bedrooms.AI can provide quick and accurate answers. Customers can rely on AI systems to deliver faster search results, resulting in higher conversions. This can save time and money while also allowing agents to reach a larger audience base.
Voice AI has simplified the process of automating calling interactions. AI email tagging is supplementing customer service. Having AI-powered programs scan emails, categorize them, and directing them to the appropriate offices, reduces time required to read every customer communication. This saves service representatives’ time enabling them to focus on more complex activities that require human interaction. AI is capable of proactively identifying client requirements and addressing them..
Furthermore, AI can identify possible dangers and make recommendations to mitigate such risks, resulting in a more successful and sustainable investment strategy. AI technologies are those that learn from experience. They can adjust based on the information they acquire from numerous sources. It could also include information gleaned by the technology from the web or its contacts with people. AI technologies have lessened the possibility of human errors disrupting a project. A machine does not get tired and does not overlook important information. An AI will always get things right if it is properly trained.
Customers can rely on AI algorithm to deliver faster search results, resulting in higher conversions. AI enables more effective engagement and time management.
Most minor activities can be handled by AI on their own, freeing up your staff’s time for more important responsibilities. As a result, agents can focus on more complicated support issues while still ensuring that all customers are taken care of.
It dramatically accelerates the process, which is critical to these businesses in a fast-moving and ultra-competitive market, AI can help real estate companies make sense of the massive amounts of consumer data that they have access to, allowing them to make more informed decisions across the board, from project development and planning to sales and marketing.
AI can assist in predicting the real estate market. It can mine massive information to forecast the trajectory of the property market. It can also provide data on a local, national, and international scale.
By analyzing large volumes of data and understanding individual preferences, AI enables professionals to personalize interactions with clients. This result in customized advice, personalized marketing efforts, and personalized communication, all of which improve the overall client experience. AI has transformed many industries by improving consumer experiences and enabling professionals to provide the best services possible. AI has shown to be a game changer in delivering excellent customer experiences, from personalized suggestions to fast problem-solving. AI systems are capable of analyzing massive volumes of customer data and discovering patterns and trends. This enables experts to anticipate client demands, forecast prospective challenges, and give applicable solutions proactively. Professionals can give a more proactive service by employing predictive analytics.
While artificial intelligence is still in its early stages of adoption in the real estate sector, it has the potential to change the way real estate agents work. Real estate professionals can stay ahead of the competition and give better service to their clients by utilizing these technologies to optimize marketing efforts, improve customer experience, and make more informed decisions.
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