The Role of AI in Real Estate – Application and Examples
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Discover the potential of AI in real estate, applications, and the companies that have implemented it along with the platforms that apply AI in real estate.
It is true that AI has influenced almost every business and real estate is no exception! From managing day-to-day transactions, and real estate business operations to providing insightful predictive analytics, AI has proven to be a life changer for the real estate industry. Artificial intelligence is a machine’s ability to perform human-related tasks more efficiently or productively and AI in real estate industry has surely transformed the way real estate agents operate.
In this article, we will focus on the importance of AI, its applications in real estate, and which platforms are best for AI applications in this industry. So, if you have any questions in mind like ‘how to use AI in real estate’, you are going to get the answer here.
- On This Page
- Artificial Intelligence Applications in Real Estate
- Examples of Companies Implementing AI in Real Estate
- Emerge AI Solutions in Real Estate With 3 Best Platforms
- Free AI Video Generator for Boosting Real Estate Sales
- AI in Real Estate Future Trends and Predictions
Artificial Intelligence Applications in Real Estate
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Automated Chatbots & Virtual Assistants
Leveraging advanced technology, video chatbot and virtual assistants offer efficient handling of customer inquiries. AI has been proven to be mighty effective in providing personalized and efficient assistance in every area. It may include appointment scheduling and property information provided to enable real estate agents to prioritize intricate tasks.
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Predictive Analytics for Market Trends
With the use of AI algorithms, it becomes easy to collect and aggregate large volumes of data from various sources including social media, news articles, market reports, and customer feedback. Additionally, tools such as machine learning and data mining enable comprehensive data analysis to reveal patterns and predict market trends in a particular industry. Thus, it can empower real estate professionals to make well-informed decisions about property investments and pricing strategies. Creating an introduction video at Vidnoz to analyze the data provided by the user, and check how AI video analytics did that.
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Image Recognition & Virtual Staging for Property Marketing
AI-powered image recognition and virtual staging tools enhance property listings by generating realistic, immersive visualizations that captivate potential buyers and renters. AI models can clearly classify property images based on various criteria, such as property type (e.g., residential, commercial), architectural style, or interior design theme. In addition, AI technology enables virtual staging, where empty or sparsely furnished properties are digitally enhanced with virtual furniture, decor, and other elements.
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Smart Home, Technology & Energy Optimization
Integrating AI, smart home devices optimize energy use, decrease expenses, and elevate overall living experiences, thereby increasing the appeal of properties for prospective buyers and renters.
Examples of Companies Implementing AI in Real Estate
As we have mentioned earlier, AI has completely changed the way of the real estate industry. Here we listed 4 successful examples of how they contribute to artificial intelligence in real estate industry and what progress they have made in order for your reference.
CoreLogic: CoreLogic employs artificial intelligence to provide property data, analytics, and services, assisting real estate professionals in making data-driven decisions. It is to be noted that the company currently collaborates with a vast network of over 1.2 million agents across the United States and Canada. And guess what? AI has made things a breeze for CoreLogic!
Rex: Rex is a real example of how to use AI in real estate. It is an AI-powered real estate platform that matches buyers and sellers using machine learning algorithms, expediting the home buying and selling process. The company uses AI systems to transcribe maintenance calls and assign relevant tags for prioritization.
Zillow: Zillow uses artificial intelligence (AI) to improve its home value estimations, known as "Z estimates," by analyzing millions of data points such as property photos and listing information. It is found in Zillow that their estimates using AI for sales, which take into account factors like square footage, provide property value predictions with a median error rate of 2.4% on a national level.
Divvy Homes: Divvy Homes uses AI to assess applicants' financial profiles and determine their eligibility for its rent-to-own program, simplifying the home-buying process for consumers. Underwriting calculations are accelerated significantly with the use of Artificial Intelligence and Divvy Homes currently requires minutes to do it compared to the week-long process with traditional lenders.
Emerge AI Solutions in Real Estate With 3 Best Platforms
Verdigris - Enables Smart Buildings Through AI
Verdigris is an AI-driven platform that helps optimize energy consumption in buildings. Their system monitors energy usage, identifies inefficiencies, and provides actionable insights for improved energy management. Thus, Verdigris helps make the properties smart and more appealing to the renters and prospective buyers.
BuildingIQ - AI-driven Inference Engine
BuildingIQ offers an AI-powered platform that optimizes HVAC systems, reducing energy costs and improving occupant comfort. Their inference engine learns from building data to make real-time adjustments. It can be used to improve overall energy efficiency in real estate properties and allow real estate managers to proactively schedule maintenance activities, minimize downtime, and increase the lifespan of critical building systems.
Also read: How to shorten sales cycle >>
PointGrab - Smart Sensing Solution for CRE-Tech
PointGrab provides a smart sensing solution for commercial real estate, using AI to analyze occupancy data and optimize space utilization. Their platform can help improve energy efficiency and enhance tenant experience. One should maximize PointGrab, more specifically, AI in real estate to grab the opportunities.
Free AI Video Generator for Boosting Real Estate Sales
Vidnoz AI is a customizable video generator that helps foster real estate business by creating engaging videos. According to statistics, over 60% home buyers rely on real estate videos to decide if they want to learn more about a certain property listing. With the help of Vidnoz AI, you can easily bring all things about your property listings to your potential customers.
Vidnoz AI - Create Free Engaging AI Video with Talking Avatar
- Easily create professional AI videos with realistic avatars.
- Text-to-speech lip sync voices of different languages.
- 2800+ video templates for multiple scenarios.
No matter if you want to make an introduction video for yourself or your new property listings, a house tour video and an open house invitation video, etc. You need to know the excellent features of an AI video generator to assist you create professional videos as below.
- Easy to start with templates. Vidnoz AI has 200+ enrich templates covering all common fields. You can choose one to create a real estate video in less than 5 minutes.
- Text to speech without voice over recording. This feature of Vidnoz AI saves your time recording your script or inserting subtitles, you are allowed to transform the text to speech and make it a voice over for the real estate video.
- Introduce the real estate with a realistic talking avatar. A face-to-face communication is the most effective way to make a deal. Vidnoz AI offers 50+ human talking avatars and customizable talking photos. You can choose an avatar or generate your talking photo to simulate a face-to-face effect in your video, conveying the information about the property listings vocally.
- Fast email or share the real estate video to your prospects. Once you finished the video creation, you can add a call-to-action to the video and email or share it on your social platforms to reach more potential customers.
How to make a professional real estate video fast with Vidnoz AI?
Step 1. Sign up Vidnoz AI with email, or accounts on Google, Facebook, Microsoft, or Linkedin.
Step 2. Choose a suitable template to start creation. Add a talking avatar, convert text to speech, and make creative edits.
Step 3. Generate your real estate video and share it to get quality leads for your business.
Sit in front of your computer and guide your potential buyers to explore the properties remotely, boosting sales easily only with an AI video generator. Try it right now!
AI in Real Estate Future Trends and Predictions
Advancements in AI Technologies & Potential in Real Estate
As artificial intelligence technology continues to evolve, the real estate sector is expected to witness an influx of groundbreaking applications. These innovative developments encompass an array of areas, ranging from refined property search algorithms to cutting-edge property management systems. Leveraging the power of artificial intelligence, specifically machine learning and predictive analytics, real estate professionals will be empowered to extract invaluable insights from vast volumes of data, with enhanced precision and efficiency. AI's discerning algorithms and bolstered computational capabilities will enable the identification of intricate patterns, trends, and interconnections within real estate data, facilitating remarkably accurate projections of property prices, market dynamics, and lucrative investment prospects.
Also read: How AI upscale video can help your business.
Emerging Areas of AI Application in Real Estate
New areas of application for AI in real estate are likely to emerge, such as AI-driven property development, construction management, and urban planning, further revolutionizing the industry. AI-powered platforms can analyze massive quantities of data to present buyers and renters with personalized property recommendations. These algorithms take into account a variety of characteristics such as geographical preferences, budget, amenities, and historical data, to recommend homes that match the user's criteria.
Integration of AI With Other Technologies Like Blockchain and IoT
As artificial intelligence continues to merge with emerging technologies such as blockchain and the Internet of Things (IoT), an array of uncharted possibilities emerges, revolutionizing data-centric decision-making and taking property management to new heights. The integration of artificial intelligence and blockchain creates an indestructible and transparent field for executing and securing transactions. By coordinating AI with smart contracts, real estate transactions can be seamlessly automated, resulting in accuracy, efficiency, and unwavering trust. AI plays a key role in reviewing and verifying contract conditions, verifying identities and automating payment procedures to increase the accuracy and speed of these complex processes.
Conclusion
Artificial intelligence (AI) is rapidly altering the real estate business, providing innovative solutions that streamline procedures, improve customer experiences, and optimize property management. As technology progresses, real estate professionals should embrace AI and investigate its potential to transform the sector. Real estate professionals may position themselves for success in an increasingly competitive market by staying ahead of the curve and implementing AI-driven solutions. Property appraisal, market analysis, lead generation, customer service via chatbots or virtual assistants, image identification for property marketing, smart house technology, energy optimization, and other sectors can all benefit from AI in real estate. With the use of artificial intelligence, real estate professionals can streamline workflows, spot market trends, better understand consumer preferences, and ultimately make more informed decisions to achieve business success!
Vidnoz AI - Create Free Engaging AI Video with Talking Avatar
- Easily create professional AI videos with realistic avatars.
- Text-to-speech lip sync voices of different languages.
- 2800+ video templates for multiple scenarios.
Tim Henderson
Tim is an SEO content writer and an IT researcher with over 10 years of professional experience. Specialized in software reviewing and IT content writing, he has helped tens of thousand readers solve tech-related problems.