Technology has completely transformed our societies and our day to day lives. Since the invention of smartphones, technology has become more accessible to the masses thus bringing in the technological revolution.
This technological revolution has paved the way for the development of futuristic branches of technology like AI and Machine Learning. These technologies have made inroads in our day to day lives with the use of smartphones. As of data available for 2020, there are 439.42 million smartphone users in India.
A large number of conglomerates and startups have realized the ever-increasing number of potential customers available online thus making sure to have an inevitable presence over the app markets available over the web.
The presence of AI is permeating our lives in countless ways, from search engine suggestions to targeted advertisements to virtual assistants and chatbots.
It has transformed major sectors like media, entertainment, lifestyle, FMCG, retail, etc. over the past two decades but somehow the real estate sector in India has been slow to adapt to the changes. However, a multitude of advancements is making inroads to the infra and real estate sector, which has remained unorganized and impervious over the years.
Role of AI and ML in India’s Real Estate Sector:
AI and machine learning are set to transform the property markets in India. These technologies are essential in determining the novelties of the future in almost every field. AI offers enormous potential in the Indian property sector, including cutting operative expenses, improving customer service, recovering competence, and reducing resource depletion.
In the Indian context, AI can be advantageous in two different ways, one is consumer-specific which involves digital marketing, lead generation, virtual walkthroughs, to name a few, while the other targets on gaining insights about assets that are likely to be sold soon. There is still a long way to go in bringing AI into the Indian Real Estate sector, but the growth is achievable with sufficient investments.
Millennials and Generation Y represent the largest group of homebuyers today. The realtors must stay on top of these rapidly evolving trends and learn how new technology can benefit their business.
According to the Indian realty experts, AI and ML will be more frequently used in the next 12-36 months.
How AI is Reshaping the Real Estate Horizon?
Chatbots: One of the most basic features of AI is chatbots. A large number of realty companies are now adopting chatbots as their first line of communication with their web audience. These digital marvels help reduce the human efforts in performing the basic tasks thereby providing ample time for more complex tasks.
Forecasting loan defaults: Artificial intelligence can be used in real estate crowdfunding platforms to forecast loan defaults, thereby increasing investor profits. AI tools ensure that the risk valuation becomes well-organized, minimizing unprofitable trades.
Buyer Investment Criteria: The buyers can set their investment criteria using multiple filters and be notified when a property meeting their criteria is listed on the market. This helps to reduce their time and efforts in the property search while maximizing the probability of finding the perfect match.
Even a very basic property search can now be enhanced with AI support from some major search engines. Buyers, sellers and brokers have been using traditional search criteria over the years. With the help of AI, searches can now be refined through multiple layers, which further help in finding more appropriate inventories.
To remain competitive in the real estate market, real estate professionals should adapt to these futuristic technologies and diversify their strategies. A centralized experience that combines all aspects of real estate transactions will be increasingly sought by the consumers in the near future and forth.