Real estate has been one of the last adopters of technology. There is a huge resistance in adopting technology in real estate, unlike many other sectors. Traditionally, we’ve been a non-technology led industry, and stakeholders have been successful without digitisation. 

Additionally, real estate doesn’t attract many millennials; industries like FMCG, banking and FinTech are more enamoring. However, the encouraging thing is that we are one of the last industries to be disrupted by technology.

As real estate is a field with heavy data and too much manual work that takes time and much effort, artificial intelligence (AI) and machine learning (ML) can play a crucial role.

Factors like COVID-19, government’s push, and customer awareness have all accelerated the pace of digitization. 

The COVID-19 outbreak has led to the largest and fastest shift in human behavior. Although it came as a challenge for businesses, the pandemic provided ample opportunity in the Prop-Tech sector. 

Additionally, governments are pushing for digitisation aggressively across all industries. In January 2019, UAE government revealed a national community design policy for building happier communities through smart systems. So essentially, governments are pushing the real estate industry to have smart systems, opening opportunities for technology solution providers. Lastly, customers across the value chain are more inclined to go digital. They are now more digitally aware and connected. 

Diving into details, here are a few ways AI can transform the current real estate sector – 

Making house search easier and more specific

AI can assist in adding and interpreting minute detail filters for the search in real estate listing apps and websites.

AI chatbots for details

When there are too many visitors looking for property details, manual conversations will take time and effort. AI chatbots can address the commonly asked questions for a better user and service provider experience.

Quick contract paper documentations

AI can assist in paper works through generating essential documents quickly. It can also help in extracting the most relevant information about properties for decision making.

Property value predictions.

AI integration in property management software can help in assessing property value with respect to available data on their own. It can also help to predict future rates considering changes in place.

Task automation

Automation will help in reducing manual tasks like paper verifications, signature comparisons, contract drafting etc. This will save a lot of time for official documentation.

Property analysis for buyers

Apart from the house and building features, AI will help in assessing the locality and accessibility and other community details of our apartments. This will help in making better decisions.

Therefore, as long as digital is enabling, convenient, secure and easy to use, as technology solution providers there is a huge untapped potential in transformation of the industry. 

This article is written by Aayush Puri, the Head of Anacity.