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Artificial intelligence and the property sector

Mar 12, 2019, 4:23 am

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Artificial intelligence (AI) – computer systems that can perform tasks that would normally require humans – is more common now than you may think. Whether it’s filtering the spam from your inbox, recommending you music or switching your lights off on request, AI is part of our everyday lives.

It is revolutionizing the way in which we do business and the property sector, in particular, is leading the way for the use of AI technologies. Let’s take a look at how AI innovations have transformed the way that we buy, sell and rent properties.

Virtual Viewings and Automated Chat

AI has revolutionized the way property is sold, contributing to faster processes and better efficiency which benefits the estate agent, the seller, and the buyer.

In the first instance, online chatbots can be used to assist people in their search for a property. An automated bot can answer specific questions and suggest options for them based on their specifications and budget. This creates a simple and straightforward process for the buyer and by handing these initial queries over, it can save time for estate agents.

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Another AI innovation is the use of virtual reality (VR) within the viewing process. This means potential buyers can view a number of properties in a short space or time and quickly rule out any that aren’t suitable – without the inconvenience of traveling to each individual location.

When it comes to the property market, AI can speed up viewings, provide quicker sales and also simplify the entire process for everyone involved in the process.

Data Analysis Insights

AI can be used throughout the property industry to analyze data and provide better insights, as well as reduce energy wastage.

When it comes to potential buyers, AI can analyze search data to gain an understanding of what people are looking for in a property when buying or renting. As a result, online letting agents can use the technology to rank pages to suit a specific user, providing a more efficient and personalized service.

Thermostats can be programmed to learn the preferences of their users and use the data to control temperatures at certain times of the day and of the year, which can save landlords and property owners money on energy bills. AI programs can also predict the areas of a building that may need maintenance by looking at usage, longevity, and wear of the area in question and using this data to pre-empt any problems that could arise.

Improved Security

Smart technology can be utilized to provide tenants with the ultimate security. A secure property could be a major selling point for people looking to buy or rent and it would certainly benefit commercial buildings too.

Facial recognition can be used to access commercial or residential buildings rather than hiring doormen or security. This technology could even be used remotely, through a mobile phone or computer. This is handy if residents need to allow entry to friends, dog walkers or postmen whilst they are out. This innovation could eliminate the need for keys, pass cards or fobs, which are a huge security risk if misplaced.

Artificial intelligence is transforming the property sector in so many ways, and there’s still potential for it to do so much more. With better efficiency, stronger security and a more personalized experience, the property industry is quickly heading towards a seamless journey for estate agents, property owners, and tenants.

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