How Will Artificial Intelligence (AI) Affect Commercial Real Estate?

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09:30 AM 20 Apr 2019

Artificial intelligence has stepped into every industry. And there is no exception, for the real estate. It dramatically transformed the worldly methods of real estate by unhitching brand new opportunities.

From prioritising the house options as per the customer needs by using smart filters to answering their queries, artificial intelligence is everywhere. Real estate industry is investing more into AI to make the home search more convenient, profitable, and service-oriented.

Real estate is booming in many cities, and Hyderabad for its affordable property prices is the foremost in that list. With the economy being robust and an increase in population, there is no doubt in future a shortage of homes will be observed, and the prices may even double the current cost.

AI saves a lot of time and money in completing assignments, updating courses and fulfilling the needs of employees and customers in all tasks.

Impact of Artifical Intelligence in Real Estate

Back in the days, real estate agents were always on their feet, to serve customers with their unusual solutions. But, it had a lot of drawbacks like the time limit of employees. To stay on track or to complete tasks with on-time solutions, real estate considered that artificial intelligence plays a significant role.

Although real estate agents are irreplaceable, artificial intelligence, on the other hand, came pretty close that to particularly in commercial real estate. With AI, the requirements of the customers can be resolved quickly, which is very important for commercial real estate. 

As if a commercial building doesn’t carry out its day-to-day operations like gathering data, storing it, and using it for further, then it is not considered as it is maximising its competitive advantage. AI is proven to be beneficial for both customers and real estate firms to cut down on costs.

Artificial intelligence carries the potential to convert the transaction process of the commercial real estate industry and the way it performs. AI’s assimilation into commercial real estate is used to tackle some of the industry’s enormous challenges, unhitch the invisible insights and deliver pioneer value to the investors. 

Let's have a sneak peek at some of the factors that are proven AI to be beneficial for Commercial Real Estate: 

Market Search

With vast property options available, Customers are struggling hard to find their ideal property as per their necessities. Though they know what they want, they are confused about where and how to begin. Starting from the idea of buying a commercial building, a lot of questions pop up like the type of the area, rentals in the area, floor-wise rents, facilities surrounding the place, and so on.

As a solution, real estate companies are introducing smart filters with chatbots to pinpoint the perfect property for the customers. These chatbots with AI are performed by asking simple questions like the area, type of the property, price range to streamline exact requirement of the client as per their necessities in a short period.

Smart Property Management

In today’s generation, With a lot of advancement, technology is used to perform simple daily tasks as it can works 24/7/365 days, without any break. AI is implemented in commercial building operations through machine-based learning to control its basic activities like to operate lights, elevator, occupant tracking, heating and cooling of rooms, and many more.

Artificial intelligence is also used to improve workplace experience like for biometric and facial identification. With its continued growth, AI can provide enhanced operational services for employee productivity to get satisfactory customer service.

Simplifying the Rental Process

Unlike a residential building, a commercial building deals with a lot of procedure. A great deal of processes includes while dealing from the buyer and seller side. The real estate company makes abundance trips and the buyers side before they agree on one thing and close the deal. For all this procedure a lot of workforces is required and a lot of time and effort is spent.

But, with AI stepping its foot in the real estate industry, everything can be made as easy as possible in a short time. Fewer employees are needed to exchange words. AI can be used to answer all customers related basic queries and can help keep track of all communication for future purpose.

Cost-Reduction

Pricing is one of the most primary things that distinguish AI and makes it most preferable among the clients and real estate companies. With artificial intelligence performing some significant moves, it gives you an unmatched experience to perform tasks glitch free in less time. 

AI with its excellent performance makes one choose it when compared with humans to carry out simple tasks resulting in extra office space. It is also best on the client’s point of view, as in a little time by specifying their interests they are provided with more appropriate property options according to their needs.

In-Brief

From smartphones to finding smartphones, technology is changing how we do things with its robust speed. Artificial intelligence is a potential, commencing area that holds a tremendous unrealised value between producers and consumers. It is assisting us in making things in an efficient risk-free manner. 

Keeping updated with the latest technology our propertyadviser team has updated our website to give a more systematic experience for our home buyers. Visit us to know about the latest spacious apartments for sale in Hyderabad to find your perfect property. 

By Govi