Top 10 AI Solutions for Real Estate Industry

[1] Identifying Genuine Leads

Now, we know it’s hard to differentiate between a potential buyer and a “casually checking out the prices for later” person. Real estate agents struggle with this problem almost every day. They sometimes spend hours understanding the intentions of the person they are talking to. This is because having a direct approach to asking: “whether they want to buy or not” seems like an aggressive approach. And it most certainly ends with a negative response. 

This is where AI can come in handy. You can train AI models based on the customer data you have that enables them to identify trends based on the customers inspection patterns to give the agent a pretty solid differentiation between genuine buyers and window shoppers. The agents can leverage this information to focus on which customers to attend personally, the remaining will be handled by the AI assistant itself.

[2] Capitalizing on the Data

When it comes to capitalizing on the content the customers willingly provide us, there is nothing as good as AI. Whenever an individual is searching for a property or let’s say discussing their needs with an AI-based chatbot on a specific listing website, they are providing us with the data about what they need. AI can analyze this data and make a list of properties that will align with the customer’s needs. These properties can then be displayed as personalized ads to increase customer engagement, with the eventual goal of leading to a successful purchase. This will benefit the customer as they can directly get the property according to their niche with minimal effort. And pretty evidently, the happier the customer, the better the business reputation.

[3] Analysis of the Property for Present and Future Valuation

Now as an individual who is trying to sell a property the most difficult situation comes around when trying to decide on a price tag for your property. What if it’s too low? You will regret that you could have gained more from it. What if it is too high? No one will be buying it off your hands. What if the price suddenly spikes in the coming years? You may want to hold on to that property for a bit longer. The issue is that the market is dynamic and the prices are constantly changing as well. What is the seller supposed to do in this situation? Yep. AI got you covered. With the implementation of Data Analytics which we previously discussed. We can perform short and long-term predictive analysis with reliable accuracy. It can give the seller an estimate of what could be the correct price range by analyzing the current market state. It may also suggest whether it would be wise to hold on to the property for a bit longer or not.

[4] Helping the Buyers Find the Perfect Property

Now let’s say the seller has listed the property at an appropriate price with the help of AI. Now what? The process is just halfway done. Finding the right property is just as challenging as selling one considering that there were over 750,000 active listings in the US alone during November 2022. 

It’s overwhelming to see so many options. But the issue with normal listing is that it is limited to a few filters. Looking into the niche details of the property is only something an AI solution can do effectively. With AI you can go into very specific details like “a property with a hospital and a school nearby”. And the AI solutions will show you the results accordingly. This is just a small example of how being specific about your needs, you can go further into details and AI will show you results accordingly. Now we know what you are thinking. “I am going to try and search for real estate properties near Brad Pitt”. Won’t work, we’ve tried. (‘:

[5] Generating Virtual Tours for Your Property

We know augmented reality links digital information with real-life objects which makes it super useful for AI and real estate. AR can be used to generate virtual tours of a real estate property with pieces of information about specific features or appliances that the buyers can get with the property. For example, wooden flooring, contour kitchen, access to thermostats, and others. This allows the buyers to have an in-depth tour of the property remotely with the most appealing features highlighted.

[6] Managing the Property

When dealing with multiple properties managing the paperwork for each one of them, tracking the finances, and maintaining an organized system for everything can be a hassle. Thanks to AI, all of this work can be done with little to no effort. The AI can automatically push scheduled notices or reminders for the payment of the lease or mortgage or any such established agreement between the tenants and the landlords. With the help of image recognition, AI can easily detect if there are some missing fields in the paperwork that needs to be filled. Artificial intelligence can also help to store all of the paperwork in an organized and secure way for future reference.

The AI model can also be used to address tenant issues by automatically contacting and scheduling appointments with the partnered service providers as soon as a ticket or complaint is raised. 

For example, after a storm, if 15 of your tenants from different areas raised a ticket relating to roof leakage, clogged gutters and other issues. Previously you had to manually identify and map the address of the tenants and their raised issues, find the partnered service providers in that area and ask them for their availability. Once you had the details from the service providers, you had to relay that information back to the tenants. Feels draining and time consuming just to think about it, right?

Fear not, with the implementation of AI the entire process can be automated, the AI will use NLP and machine learning to identify the issues within the tickets, analyze the urgency, and check their locations to contact the associated rooftop repair company, plumbers and others to seamlessly schedule appointments with absolutely no effort or confusion.

[7] Giving Lending a New Meaning

We discussed mortgages in the previous section, right? AI can help in automating the paperwork with predefined templates every month. People take loans for various reasons in the real estate industry. It can be for construction, purchase, maintenance, or something else. Using artificial intelligence in real estate money lending can be useful to track the loanee’s credit score and overall digital footprint. By implementing machine learning for real estate tracking the lender can make sure that the loanee has no suspicious market activity that may lead to a fraud attempt. The lender can further use ML to analyze everything to change the terms of the loan to secure their returns.

[8] Making Investing an Automated Task

The use of Artificial Intelligence in real estate can help investors automate multiple aspects of the investment process. By analyzing market trends to find changes in real estate prices AI can help investors decide which real estate may give them the highest ROI. Perform background checks on the sellers using machine learning to confirm that the people you are dealing with are legitimately linked to the property. You can also use AI-powered systems like CMS to contact property leads efficiently.

[9] Power Consumption Management

Okay, we have finished the difficult part of purchasing a suitable property to live in.  But now there is another problem, the electricity bill is way too high. With the proper implementation of IoT-based devices and machine learning applications, the property owner can get a detailed report about the entire power consumption. There it can be easily pointed out what parts need to be taken care of to maintain a normal bill. By using artificial intelligence in real estate you can get insights into irregular trends in power consumption patterns based on multiple physical factors.

[10] A Personalized Experience for Every Customer

Now that everything is settled let’s ask AI for one last help and that is improving our quality of life. AI got this covered as well. The IoTs we mentioned can do a lot more than just give us our power consumption reports. AI in real estate can do wonders from home automation to automated medical alerts. It can be so useful for a better and easy life. With the help of natural language processing, the AI can turn your property into a part of your family that can understand your needs and helps you in case of emergencies.

[I] Help People to Find Their Perfect Real Estate Match with BinaryFolks’ AI solutions!

Use our state-of-the-art AI real estate solutions to filter through millions of listings to find the property that serves your exact needs. Account for factors like budget, location, ROI, and features down to the customer’s very specific needs with the use of our multiple AI filtering and predictive analytics solutions.

Our developers do not just create random filters. We try to put ourselves in the shoes of the customers and think about real-life scenarios to create well-thought-out solutions that can actually cater to the customer's every need.

[II] Use BinaryFolks’ Real Estate Analysis Services to Get the Perfect Value for Your Property.

Find the right customers and offer them the right value for your property with our cutting-edge predictive models. List your property with dynamic price listing to stay on par with your competitive listings in this ever-changing value market. 

Our developers also help you make properties stand out. Create V-tours, and install IoT-enabled equipment to boost the value of your property. Use our AI solutions to know when is the right time to list your property on the market and when to hold onto it. This is achieved by modern analytics tools which scan through previous market trends and compare them to the present-day market situation to help you make the right decision.

[III] Help Your Newly Bought Properties in Becoming Your Home with our AI-based Property Management Systems!

When we discussed that you can boost the value of your property, this is what we were talking about. You can use AI-based technologies to improve your quality of life. Install automated sensors to ease up your basic day-to-day tasks. For example, AI-based home appliances. Wouldn’t it be great if you entered your house and the temperature was already regulated to the most comfortable setting? Or if the Food you left in for yourself was already heated and ready to be eaten.

Our developers help you install AI solutions that can help a property do all that and much more with minimal configurations. Imagine selling a real estate property with all that. It will yield the customers a good price for sure and it will be sold in no time.