The real estate industry is rather new to the AI game, with a majority of investors, agents, and brokers remaining hesitant to use the budding technology. As part 1 discussed, right now AI has the potential to maximize profits while decreasing risk and spending on properties. In the future, AI has the power to do much, much more.
At the moment, most real estate websites and portals use what tech experts call “weak AI.” It probably doesn’t even seem like artificial intelligence, but when you select categories on a website, such us under $100,000 or 1.5 bathrooms, that website employs an algorithm to find items that match your search criteria. That algorithm is classified as AI and is only as smart as it is programmed to be.
In the coming years, tech experts are gearing up AI to more closely match human thought processes. They estimate that by 2025, computers will be able to replicate human thought capacity, therefore creating smarter computers more capable of providing us with the information we want to know. How does all of this impact the future of real estate? In a few very exciting ways.
Real Estate Marketing
The AI-enhanced, real estate of the future bids farewell to typical forms of advertisements, such as e-newsletters and mailers. While the current technology uses “weak AI” to find potential investors and buyers, the AI of the future will allow for personalized and targeted messaging.
Targeted to their interests and desires in an investment opportunity or a purchase, AI marketing funnels information to only those who are most likely to show real interest in a property. In this way, AI marketing would create less waste, more leads, and decrease the amount of money and time spent on traditional real estate marketing.
Real Estate Portals
Tech and real estate experts agree that when it comes to listing and searching for properties, the current format seems antiquated. When Amazon can suggest multiple products to you based on your internet history, real estate portals should be able to address those values as well.
Imagine: your internet history knows you regularly watch cooking videos and purchase new kitchen gadgets regularly. Now, imagine you’re in the market for a new home. An AI-enhanced real estate portal tailors home results to your interests and presents you with homes adorned with large kitchens.
The future of AI in real estate would allow property portals to showcase homes tailored to the buyer or investor’s individual values and desires, not just by how many bathrooms they would like.
As the technology behind AI continues to grow (and learn!), the real estate industry can continue to look forward to all the new ways it will help do business more effectively, efficiently, and profitably.