Artificial intelligence once belonged to the realm of speculative science fiction. More recently, however, it has weaved its way into daily life, becoming an essential driver in various industries.
AI-powered chatbots have transformed the customer service industry, providing consumers with immediate, round-the-clock support. AI technologies that provide real-time financial insights and data analytics have revolutionized the accounting industry. And the healthcare industry uses numerous artificial intelligence concepts (IoT wearables, AI-driven diagnostics, etc.) to provide a higher quality of care and address institutional efficiency issues.
Those are just a few examples of how specific industries benefit from AI - the list goes on. And nestled within that list of industries, you'll find the real estate industry.
Yes, artificial intelligence can be a game-changer in real estate, benefiting agents, sellers, and buyers alike. In this article, let's explore how AI can improve (and already is improving) the real estate industry.
AI-Powered Agent Searches
Not long ago, prospective homebuyers and sellers were at the mercy of "word of mouth" to find the right real estate agent. Occasionally, they wound up with the right fit. More often, they settled for an agent that didn't click with their needs, priorities and financial expectations.
AI is changing that. In his interview with Superb Crew, Nobul CEO Regan McGee explains how his AI-driven business "enables buyers, and sellers to openly see the transaction histories, pricing, reviews and services of real estate agents." Essentially, Nobul uses a proprietary AI algorithm to assign a "match score" to agents based on a consumer's unique criteria (experience, savings opportunities, language, etc.). It's a transparent, free way for real estate consumers to feel engaged and empowered throughout the buying and selling processes.
Buyer Pre-Qualification
In the same Q&A interview, McGee was asked what the next decade or two may hold for the real estate industry. In response, he touched on "AI-supported bots that will help pre-qualify buyers," a technological advancement on the bleeding edge of the real estate industry.
Hastily issued pre-qualification and pre-approval letters have long been sticking points for sellers, buyers and real estate agents. At best, they waste time. At worst, they can cost someone a lot of money. Lenders can leverage AI-supported bots to aid in the due diligence process, ensuring a more robust pre-qualification process.
Buyer/Property Matchmaking
Artificial intelligence also benefits agents who want a more streamlined - frankly, more efficient - way of matching their clients to relevant properties.
Before, a real estate agent had to guess their way through the process, spending time on several physical showings simply to get a sense of what the buyer wanted. Artificial Intelligence can help automate the process by recommending relevant, curated listings for buyers based on their criteria.
Real-Time Valuation
Recently, we've seen a few new "instant home valuation" tools, some of which use AI to calculate a home's value based on large swaths of data.
This can be a game-changer for prospective sellers once the kinks are worked out. Since a certain high-profile, AI-powered home valuation tool caught some bad press, it may take some time before sellers are ready to trust AI valuations again, but the concept still has a lot of potential.
To recap, artificial intelligence has a lot to offer the real estate industry. We've seen fantastic strides in consumer empowerment through AI-driven digital marketplaces, and future potential in pre-qualification bots and real-time valuation. The real estate industry has a reputation for being staunchly brick-and-mortar, but with the help of disruptors and tech-attuned thought leaders, that reputation is changing.
