Artificial intelligence (A.I.) is on the rise and is no longer limited to the silver screen in science fiction movies. The use of A.I. is widespread in the medical, financial, and pharmaceutical sectors.
Have you ever surfed a website at two in the morning and seen a live chat? That’s certainly not a real person working overtime, but artificial intelligence for customer service. It has taken developers many years to get A. I to the point where we are now, but we can safely say that artificial intelligence is here to stay.
That brings us to our crucial question: is A.I. beneficial to the real estate sector?
What is A.I.?
Behind all the complexity of artificial intelligence is a simple concept. A.I. technologies learn and evolve, adapting to the information they receive from various sources. These can range from the Internet to interactions with end-users.
We all know Apple’s Siri or even Samsung’s Bixby; they are a great example of A.I. These phone chatbots can perform many commands for you, such as sending messages or calling someone, just by listening to your order.
Advantages of Artificial Intelligence
Allows Brokers to Find Homes That Are Not Yet on the Market.
After a year of extremely low inventory, it should be a pleasure for any real estate agent to know that knocking on the door isn’t the only way to find out if a home is for sale. Now, A.I. helps agents in finding houses that are most likely to sell in the next 12 months by searching for all the data associated with the home, such as when the house was last sold, how long the owner lived in it, and what price the home is selling for in that particular area.
Helping Borrowers Find Loans.
With the help of artificial intelligence, buyers can easily find the perfect loan type for their financial situation and even see the right investor for the loan. While we’re still a long way from A.I. completely transforming the mortgage industry, the ability to use it during some of the data collection steps can significantly speed up the process for borrowers who are eager to get a loan.
Everyone needs sleep, and it’s one of the most fundamental aspects of human life.
With AI technologies, that’s not a problem. They work continuously without you ever having to take a break.
You can give an A.I. a set of manual tasks to work through. Then you can let it do what’s needed, and the result is faster delivery and less time spent on such tasks.
This is also a particularly useful benefit for customer service. The use of chatbots on websites has become so popular because technology never sleeps. This caters to user interactions in different time zones, and people can get help regardless of when they start the conversation.
Disadvantages of Artificial Intelligence
A.I. Costs a Lot
Implementing an A.I. system is not exactly a low-cost endeavor, and the software alone can cost you thousands of dollars. You’ll also need hardware that meets stringent requirements for the A.I. to function properly.
Remember that A.I. is constantly taking in information. If it has no way to store that information, it becomes less helpful to you. You will likely need to invest more in storage solutions as the A.I. continues to learn.
In addition, today’s A.I. technology is still in the early stages of development. Improvements to current technology will come, which means constant updates on your part. That, too, costs money.
Expectation and Reality
Beauty is definitely in the eye of the beholder. AI-powered photo editing can always produce a photo-worthy of being published in ads, but it’s not always in line with what people want. Humans will still be the best option for meeting customers’ needs because they know what enhancements they are looking for. Different people have different ideas about the beauty of enhanced images, and there is no one-size-fits-all solution.
Let us know in the comments, how far do you think A.I will go in real estate?