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The Use of AI in Real Estate

A quick look into how artificial intelligence can be used to improve processes in the real estate industry.
Umesh Kumar
March 16, 2022
3 min

Artificial Intelligence is a technology prevailing in different areas of the internet and computers. And the good news is, AI has transformed the conventional methods in every field it is used. The use of AI in the majority of mobile applications is quite apparent, but there are several other areas where the use of AI has played a major role. This article will throw some light on the role AI plays in the real estate industry.   

How AI can impact the real estate sector

Though we are living in a world where virtual assets have become far more popular, the conventional real estate sector of brick and mortar is still prevailing. And the good news is the way AI is playing quite a bit of a role here. Several big players in this field have already incorporated the use of AI and they are getting better results as compared to the past. And when it comes to customers, they are now able to find the perfect home with a perfect mortgage. AI is working as an effective means to bridge the gaps that have been prevailing in this sector for a long time. You can understand the impact of AI on the real estate industry by taking a look at the way the real estate market works. 

The majority of data associated with the real estate sector is public. We are talking about elements like buying prices, mortgages, land records, etc. But obtaining these elements of the data was not previously an easy task. This is simply because  real estate agents had to rush to local offices belonging to this department and then collect all the essential information from there. And getting all the information from there was not the end of the deal. Those agents had to extract information relevant to their target customers and then take the right approach from there.

Now that the majority of information is available online, things have become easier. Advanced search algorithms are able to extract the relevant information you need. The processes that required several days in order to be completed are now done in minutes with the help of AI. Prominent players in the real estate industry are using AI-based algorithms and other tools in various aspects of their overall business process. Whether you are finding the best loan type for an individual or you want a suitable investor for a loan, AI is able to help.

Such processes are completed within seconds with the help of AI. All you need to do is feed the essential financial information to the system and it will search through millions of available options to return the most relevant. The things that we have talked about so far are just tiny fractions of the ability of AI when it comes to providing the best solutions. There are enough software tools that you can use to make a perfect financial model for people based on their demands. 

If you take a look at the full potential of AI, you will find it has the ability to serve and improve processes related to most real estate needs. And things are changing rapidly because more and more companies are making use of this technology. 

This article was written by Umesh Kumar from TechBullion and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.

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Umesh Kumar

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