The Role of AI in Transforming Real Estate

By CIOReview | Thursday, February 8, 2018
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Like most of the other industries, real estate has also reformed with technological innovations. Advanced solutions such as AI and data analytics are transforming real estate into a new realm by enabling virtual access to properties and AI enabled buildings. In addition, features like process automation that ensures cost-effectiveness of property management and real estate business management is also gaining traction in the industry.

The technological advancements in this space today extends to virtual tours of sites that offer a new experience for buyers while saving time and expenses of visiting the plot. Chatbots, such as Vera, are the visible example of a new era of AI-powered platforms in real estate.

AI has also marked its presence in responsive systems designed for buildings which include smart LEDs and self-programming thermostats. This technology will help in reducing the costs of designing optimized structures. Furthermore, AI is slowly being piloted to optimize specific aspects of building operations, such as predictive maintenance and building system controls. While offering unmatched customer experience, AI also enables integrated service capabilities that reduce human intervention. In addition, investors can also harness the potential of AI to set income and growth goals by monitoring them through intelligent robots which can assess risk based on investor parameters and make necessary adjustments.