Future of AI in Real Estate: What’s Next?

Technological advancements have changed how the real estate market works. But where does artificial intelligence (AI) lie in the future of real estate?

Technology is currently advancing at a fast rate. Today, people are able to do things they never thought possible. Through applications and websites, people can access a wealth of information. Cell phones have changed how people communicate. With a couple clicks, the Internet can take you anywhere. All of these advancements have changed how people and industries function, and real estate is no exception.

Technology is used widely throughout the real estate industry. It allows clients and agents to communicate effectively. A simple call is now one click away. Finding your ideal home is easier than ever. Now, all you need to find your dream property is a search engine. Using that you can input and narrow down your results by choosing your ideal price and location. That information enables Google or whatever search engine your using to return the top results based on your criteria. Search engines such as these are examples of AI.

How will AI change the Industry?

AI may has already started to change the industry, but it still has a long way to go before reaching its peak. The current AI used by websites is not advanced. In fact, these do not differ that much from other examples of AI such as a computer that plays chess. So what will these further advancements in AI look like? The future of AI involves a change to search engines. Instead of relying on simple characteristic variables such as the number of rooms or location, it will look at other aspects. For example, those other aspects involve more personal preferences. The AI will look through an individual’s personality traits and determine the best possible home. Variables such as the number of rooms, price, and location are all very broad. A more advanced AI can allow a buyer to truly narrow selections down. By doing this, they will be able to find exactly what they’re looking for and the result will be one completely tailored to the individual.

Advancements in AI

Another advancement that can be made are online home estimates. Often, online home estimates can be unreliable with a large margin of error of up to 25%. With such a wide difference, this causes many to believe that their home is worth more than it is. Advanced AI can change that. A far more advanced AI can process more variables and characteristics of a home and adjust the price accordingly. Rather than rely simply on home values around the same area, it can also analyze characteristics of a home. The more traits of a home the system can process, the better the prediction of the price.

This is the future of AI in real estate and there is a lot to be excited about. AI makes everyone’s lives simpler and thanks to the advancing rate of technology, it may be here sooner than you think.