The pandemic steered this transformation and for a sector like real estate which has been traditionally slow to adapt to tech
The pandemic steered this transformation and for a sector like real estate which has been traditionally slow to adapt to tech
Digitalisation and Artificial Intelligence are the most intensively discussed topics in the real estate industry. The subject aims at increasing the efficiency of existing processes and the institutional side of the industry is really interested. And in some ways, this is a breakthrough. This article elaborates on the current status quo and future path of the industry.
The real estate industry is evolving, and parts of the business are increasingly being conquered by ‘proptechs’ and ‘fintechs’. They have come into real estate to stay not because they discovered inefficiencies in the way one manages and does business with real estate, but because they come with an arsenal of new technologies that can change the whole game.
In this fast-changing digital world, it has never been more dangerous for companies to neglect the importance of accepting new technologies. And, the real estate industry is no exception. Ever since then, AI-based applications started to boom, and many interesting Chabot concepts started to shape the sector. In the beginning, people just wanted to explore how to use this AI engine to create a bot.
However, as the AI infrastructure kept improving, it is clear that AI will surely help people in their everyday lives and make businesses run more efficiently and enhance their customer service.
All property developers have had to embrace digital technology as it has enabled them to serve customers better and stay ahead of their competitors. This is the best time to revolutionise real estate business models as the COVID-19 pandemic has profoundly changed the way people live, work and play in a way that could have never been imagined previously.
Most businesses have adapted and are innovating to ensure consistency of services during extensive lockdowns and to ensure they serve customers in a way that safeguards health and safety. To say that, the last two years have changed the way the real estate market operates is an understatement. As the pandemic worsened, the need for technological advancement in the real estate sector was crucial. The pandemic steered this transformation and for a sector like real estate which has been traditionally slow to adapt to tech.
Moreover, the industry players are starting to understand the benefits of investing and using modern technologies. According to the Technology and The Future of Real Estate Investment Management report created by the University of Oxford, in 2020, 53% of real estate companies are now directly investing in technology. 42% of Statist respondents confessed they see potential in smart building technologies, while 56% of respondents have already noticed the impact from the tech sphere.
It is poised to see even more growth in how new technologies are genuine real estate disruptors and will affect everyone involved in the industry.
Real estate software customers expect to get the best service and experience from using the technologies. Contact channels must be available 24/7, the response time must be as fast as possible, and the error rate should be close to zero.
An automated service desk with the conversation AI can easily fulfil the requirements. This technological approach goes beyond common chatbots. According to Deloitte, “These assistants would be built for purpose, have a rich set of capabilities, and be integrated into the end-to-end process landscape of the enterprise.”
Artificial intelligence and machine learning (ML) have revolutionised the real estate industry, from enhancing processes such as relevant home search to refining transaction processes. Artificial intelligence can help real estate agents in identifying quality leads that visit their websites. ML algorithm saves time by identifying those leads with the most potential in becoming a genuine buyers.
As we all know, the ongoing pandemic is not going anywhere shortly, and it will keep changing consumer behaviour worldwide. Customers are getting addicted to the latest technology year on year. Real estate businesses that adopt digital transformation will see a significant boost in their business growth and have a competitive advantage. Artificial intelligence assists machines in completing complicated and sophisticated jobs. This includes everything from assessment, problem-solving, and decision-making to pattern identification and comprehension. Machine learning is frequently utilised as the AI’s primary method.
The writer is Director, Ajmera Realty and Infra Ltd.
