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All you need to know about Real Estate and Artificial Intelligence

By Jack Alf | July 31, 2018

“An Artificial Intelligence (AI) is the science & designing of making intelligent machines, mainly intelligent PC programs” – according to the father of Artificial Intelligence John McCarthy. It is the way to making software or a computer robot that can think intelligently like a human. It is the idea of having machines that can feel like a human.

Nowadays artificial intelligence is changing the globe in several ways. It is about making our lives even better than before. There are lots of companies are getting success considerably by the use of artificial intelligence. One of the growing companies is real estate.

Today AI is not taking the place of real estate agents. The technology like AI helps them to save time & money as well. We will discuss the benefits of real estate and artificial intelligence.

Artificial intelligence will change the real estate industry:
Nowadays there is no doubt that artificial intelligence will change all in the real estate. Let’s see how artificial intelligence will change the real estate industry:
1. Data Management:
Many realtors manage huge amounts of data. The total of data is increasing from year to year. If the human realtors do this entire work by hand – it needs plenty of time to deal with it. To the real estate agents frequently requires the data about the property. You can automate data collection & data management through artificial intelligence (AI).

2. Getting Data-Driven Insights:
Artificial intelligence (AI) receives the same patterns in the data, although that data is not clear. Even experience realtors sometimes are helpless to identify complex patterns. Another issue is not just to find the data but also to get insights from it. Artificial intelligence person finds the particular area is probably to explode in popularity in later.

3. Property Price Calculations:
There’s a challenge in the real estate sector: it is quite hard to calculate the worth of the property. Generally, the real estate agents find out the cost according to the former sales costs without taking into consideration many points.

These points are including neighborhoods, environment changes, improvements, infrastructure, and transportation and so on. All these features influence the end property value. Artificial Intelligence can resolve that problem with pattern identification by exposing the points that affect the property cost.

4. Lead Management:
Lead management was the heart of each company & business in the Real Estate is not the particular case. Artificial Intelligence or AI may process lots of data in the search for necessary information. Realtors and other marketing agency use that data in marketing functions like advertising, post-sales, pre-sales and so on. That data assists the real estate agents to get the property clients most likely to purchase.

5. Customers Interaction:
Nowadays people face the latest, unsighted before, chatbots that use natural language processing and artificial intelligence. That chatbots work quickly and smartly to process complicated user queries. That chatbots are self-learned. Chatbots can learn in the method of human communication.

6. Reduces the cost of real estate services:
You can save switch office from offline to online offices by using artificial intelligence improvement technologies. Thus realtors can reduce their office costs and in return provide their services to clients at a low cost.

7. Helps in the economic transaction:
Artificial intelligence (AI) can be used in the bank to make business deal faster & safer. Also, it can stop cheating by verifying bank accounts & notifying there are any issues.

How will artificial intelligence in real estate work?

Two phrases: Lease Abstraction.
Lease abstraction  a method of collecting from a rental agreement for the aim analysis & modeling. Nevertheless, LEVERTON develops the method with artificial intelligence. Leases are specially made the real estate sector engaging.

Leases are complicated, and lengthy deeds are frequently consisting of a large page of information, and examining them can take anywhere from 4 - 8 hours.

Leases can be dropped and pulled into a platform with LEVERTON’s artificial intelligence. This will examine those leases and based on the information you give and can mechanically pull the data & show them in a skilled manner.

These types of analytics in real estate save time, lessen the total expense basis, and finally, give a more well-aimed process of lease abstraction.

The real estate sector doesn’t have significant technological advancement. But the MRI Software brings the way to keep its customers contemporary with great & flexible solutions. Also it helps companies to succeed in the modern time.

LEVERTON is functioning to get the new technology to the market by implementing an artificial intelligence that increases the method of lease abstraction.

While the artificial intelligence of LEVERTON is a time-saving machine, one of the most valuable & unique features of its service is its capacity to draw a total of data from leases & agreements.

This data will provide your company a more comprehensive snapshot of that rental agreement. It will qualify you to make successful business resolution concerning your property.

The real estate field can go ahead with the modern time. Also it is ready to meet the challenges of today with this technological advancement.

What does the industry think?

According to the research among real estate experts based on the current use of AI, its future use and what points might stop its acceptance, you will find some key factors about artificial intelligence and real estate industry. These factors will give a clear conception about the effect of artificial intelligence over the real estate industry. These are including:

• There is only one person in five (18%) comment that artificial intelligence will substitute human efficiency in the end
• More than half (54%) of the real estate experts already use artificial intelligence to promote the keyword search system in the real estate business deal.
• Almost two-thirds of people (69%) trust artificial intelligence provides their company a competitive benefit by qualifying a higher amount and many data to be searched at high speed.
• Over fifty-three percent recover a lack of dependence in artificial intelligence’s capacity to match human knowledge & decision-making

When asked where AI has the best influence regarding progressing the competency of processes, more than three-quarters of consumer says identifying related data in an essential data room. Also, two-thirds of people say it is eliminating time-consuming manual review system.

However, it doesn’t mean the battle of technology vs. humans. Regardless of it’s to automate an enormous number of methods, artificial intelligence (AI) will work best in combination with human efficiency & intelligence.

Artificial intelligence needs to learn from human attitude & there is no alternative for years of expertise, knowledge, and inspiration. Nevertheless, artificial intelligence (AI) goes with those aspects and adds massive worth by making real estate processes much more efficient, automated and cost-effective.

If you find this article valuable, then try to deal it with your friends as I am sure that they would choose to read about it. Thanks for staying with us ‘til the end of this guide! If you have any questions, please leave your comment below. Buy!

Jack Alf is a Realty Biz News Contributor and enjoys business and technology writing
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