Why AI Is Going to Have a Significant Impact on the Real Estate Industry

AI or artificial intelligence has become a major factor in modern society. It helps protect people from identity theft and credit card fraud because it can tag photos. It performs tasks, is critical for web development, synthesizes information, and categorizes data. As a futurist, David Lubbat has seen the potential of machine learning in all fields, including real estate. This new technology touches buyers, sellers, renters and real estate professionals. Despite the possibilities, the technology is complicated, but there are numerous benefits for renters in the future.

Artificial intelligence is being used to streamline the procedure for property managers, landlords, and tenants. Property managers are able to recommend management and maintenance tasks, locate new tenants, and find vendors at a lower cost of advanced machine learning. Tenants now have the convenience of paying their rent on the internet, and the chatbots feature enables them to report any issues they are experiencing quickly and easily. This type of technology is fixing a lot of the problems so common to buildings with numerous tenants. Property managers can accurately anticipate and respond to tenant issues without any guesswork involved. This makes the process much smoother for the managers and owners of the buildings.

Chatbots are starting to completely change the field of real estate, and the way business is being conducted. While it is true that it takes a human being to take interested buyers on an actual tour, virtual tours are gaining in popularity and momentum. There are bots capable of answering a wide variety of questions concerning the terms of the lease, the square footage, and many of the most common questions asked in real estate. As the web development and machine learning continue to advance, the bots will be able to answer more questions and even accommodate many of the nuances. This is having an impact on every area of real estate. Commercial real estate brokers are using a platform powered by machine learning to locate and lease office space. The chatbots are finding small to medium sized locations for commercial clients. Please take a moment to browse David Lubbat and his views.

Machine learning not only enables bots to correctly answer the question, if the bot does not know the answer, the call will be transferred to a human representative. This is increasing the number of leads generated and combines the worlds of humans with machine learning. The biggest concern regarding this new technology from the realtors is job automation. There have been a lot of predictions in every industry, and during the next twenty years, fifty percent of the current jobs may be threatened by technology. Many people do not believe this technology is harmless, and are afraid of the possible repercussions in the future. As this concern starts to spread, it is imperative society prepares for significant changes in the workforce of the future.

There are two distinctly different thought processes concerning the new AI technology and the effect this will cause for the real estate agents. The first is the core capabilities of real estate agents can be improved through cognitive computing. The agents would be unified, and their services significantly improved. The second thought process is machine learning could effectively eliminate the need for many of the services provided by the agents. If this occurs, the belief is the only remaining agents would be specialized practitioners. The real estate business must be extremely careful how much of the new software and technology is integrated into the field. The optimal solution would be to increase the efficiency of the process for the buyers and renters, without jeopardizing the jobs of the property managers, brokers, and agents. The changes cannot be ignored because the process has already been set in motion.

Many individuals are expecting a lot of future layoffs for the real estate agents. Although there is currently no solid answer, many people in the field believe there is a way to use AI to support the real estate industry without humans losing their jobs to machines. Technology must be implemented to make businesses human side stronger and more competitive, not eliminate the human factor. This encompasses relationship building, emotional intelligence and customer service. The new technology does offer the real estate field a lot of advantages. There may come a day when new apartments and houses will be shown by robots. The expectation is robots will eventually find roommates, answer complex questions and match the skills of the real estate agents. The change is evolving, and hopefully, human and machines will be able to work together to improve the field.

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