The real estate industry is one of the most competitive sectors of markets around the world. People who work as realtors, property managers, or in similar positions must work extremely hard to ensure their clients are happy and earning well. While these jobs will always be challenging, given the ups and downs of housing prices, there are ways that life could become more accessible for people in the real estate industry. Artificial intelligence (AI) will significantly impact the sector in the coming months and years. Let’s check out how AI can be useful in the real estate industry, with five examples of how AI can help renters, landlords, and agents alike.
1. Better Marketing
Landlords and property managers often lament their inability to market available properties to rent or buy effectively. Artificial intelligence would allow for better marketing and promotion of real estate, especially in high-demand areas.
Platforms such as Renty.AI are a great place to start, as they allow customers to leverage artificial intelligence when searching for a home or apartment to rent.
Landlords can get their units in front of more people by listing on such platforms. Customers can use AI to search for units in a precise way, which ensures their results are an exact match for their criteria. Landlords benefit from this functionality, ensuring that the most interested parties are reading about their available units.
2. Prediction of Market Values
Ask any real estate agent or property manager about the most challenging part of their jobs, and they will all point to property valuation.
Even if you research a property, its surrounding neighborhood, the city as a whole, and the nation’s real estate market, you can never be 100 percent sure about the asking price for a house or the monthly rent for an apartment.
Most landlords and property managers quietly admit that they often over or undervalue properties. They may list a unit as being available for $3,000 when they could have gotten someone to rent it for $3,500.
Using artificial intelligence makes the valuation process a lot easier and more accurate. AI software uses property data, recent and historical market trends, regional housing availability, and other factors to determine the value of a property for sale or the ideal monthly price for a rental unit.
3. Easy Process for Finding Homes & Apartments
There are already a few platforms leveraging AI to help people find apartments and houses. If you hope to buy a home, Redfin has successfully integrated AI into its operations. Renty.AI is an emerging platform in the Los Angeles area that uses an AI assistant to make it effortless for you to find the apartment of your dreams.
The benefit of AI-powered platforms is that you get better results without asking a person questions. For instance, you can get a customized list of apartments in specific LA neighborhoods by asking the AI assistant a single question with a range of filters.
4. Personalized Customer Experiences
The most advanced AI chatbots and assistants to emerge in 2023 can help deliver personalized experiences to customers in the real estate sector. Whether a person is looking through apartment listings, closing on their first house purchase, or hoping to resolve a maintenance issue with their landlord, AI can help deliver a low-cost, personalized communications experience.
Customers can chat with AI assistants on websites, request apartment listings with specific criteria, or submit a maintenance request. The AI can then bring up the customer’s desired results or send a message to the relevant property managers or technicians regarding the maintenance request.
Such AI integration eases the workload for landlords and property managers while ensuring the customer experience is even better than it was in the past.
5. AI-Powered Management of Properties
Aside from all the benefits AI brings to tenants, there are advantages for companies that manage properties as well. Property management firms are very interested in automated HVAC operations, automatic tracking of maintenance requests, automated reviewing of renter applications, and much more. Managing properties can become more efficient and less resource-intensive with artificial intelligence.
Even landlords who own one or two buildings can leverage AI to make managing those properties easier. Rather than hiring a management company, the landlord can use AI software to automate as much day-to-day work as possible.
The real estate industry is one of the most innovative and inventive. Agents are constantly looking for new ways to ensure they can get the business of buyers and sellers, while property managers always want to make their operations more efficient. While technology and real estate already go hand in hand, the advent of AI is set to link them even closer together. Real estate agents, landlords, property managers, and, most importantly, tenants will soon benefit from the impacts mentioned above of AI on the industry.