Is AI Disrupting the Property Industry

CIO Applications| Thursday, March 12, 2020

AI is offering the real estate industry the opportunity to achieve efficient property management and cost-savings.

FREMONT, CA: Artificial intelligence (AI) is helping the property industry move forward. Realtors today are discovering new opportunities to drive cost-savings. As the demand for properties and property management solutions rises, the relevance of AI is skyrocketing. Contrary to popular perceptions that innovative technologies make everything pricey and unaffordable, AI has contributed towards making buildings and innovative service models commercially feasible to people. The cost-savings also reach down to the customers, allowing market expansions. The following are three opportunities AI entitles to the property industry.

• Building Automation

There are several opportunities for cost-savings in commercial and residential properties by deploying building automation systems. Building automation can add significantly to saving energy with the help of intelligent, sensor-enabled controls. AI is at the core of these automated functionalities within properties. Every smart device deployed in real estate properties is powered by AI. Be it a new building or old ones, and AI can reduce energy consumptions and facilitate reduced electricity bills.

• Customer Service Delivery

Customer communication has become more critical than ever in every aspect of a business. AI-backed applications like chatbots are allowing the realty sector to revamp customer interaction and improve engagement while reducing dependence on customer service representatives and contact centers. In the process, the property industry will be able to reduce operational costs.

• Realty Marketplaces

With AI, the property sector has been able to revisit legacy business models. Today, properties deals are executed on the internet through intelligent platforms. The intelligence of these platforms enables it to recommend properties to buyers and quote accurate prices. Such optimized and efficient platforms assist property developers, and managers cut down on costs and yet get the best deals.