It’s undeniable that professionals in the real estate industry are using AI for all types of tasks – from writing home listings to creating algorithms that inform property investments. In this piece, we’ll share some of the most popular use cases for AI in real estate and discuss the different ways they can positively impact your business.
Real estate businesses are using AI chatbots to handle inquiries about buying, selling and renting properties. They can provide updates to stakeholders on what’s happening with a sale or purchase. This technology can schedule showings, collect contact details of leads and engage with potential customers.
By automating repetitive tasks such as sending messages and scheduling appointments, AI in real estate helps professionals save time and create a more efficient and personalized experience for clients.
2. Property Recommendations
AI algorithms can analyze data from customer interactions, purchase history and demographic information to gain an understanding of customer behavior and preferences. AI-powered platforms can then generate property recommendations tailored to each client while bots sift through new leads for potential matches.
These technologies eliminate tedious manual work and enhance customization for clients.
3. Property Valuation
AI algorithms examine data including recent sales, location and property features to generate precise valuations for properties. Using AI in real estate this way reduces human error and provides more accurate valuations, leading to increased customer satisfaction, loyalty and referrals.
4. Image Analysis
Real estate businesses are using AI to analyze images of properties to identify features such as the number of rooms, the presence of a pool and the condition of the home. This technology can also be used to find similar properties and provide recommendations to clients. This helps real estate pros save time by cutting out unnecessary travel to view and evaluate properties.
5. Property Tours
AI technology, including virtual reality (VR) and augmented reality (AR), is helping real estate pros create immersive and interactive property tours. These virtual tours offer potential buyers the opportunity to explore properties from the comfort of their own homes, saving time and travel expenses.
Virtual tours also save realtors time and travel related to staffing property showings. Plus, they help weed out leads who aren’t serious about the property.
6. Predictive Analytics
By analyzing historical data, demographic information, economic indicators and other relevant factors, predictive models use AI to forecast market movements and identify areas experiencing increased demand. Predictive analytics tools give real estate professionals insights to make informed decisions about buying, selling or investing in properties.
7. Property Management
Property managers are using AI to automate tasks like rent collection and reminders as well as maintenance requests and scheduling, saving significant time and resources. Chatbots powered by AI can reduce the workload of property managers by answering tenant queries with instant responses.
Additionally, by using predictive maintenance algorithms, AI-powered property management software can identify maintenance needs before they become emergencies, preventing costly repairs and improving tenant satisfaction.
8. Smart Home Technologies
For property management, AI-driven smart home devices enable remote monitoring and control of lighting, security systems and thermostats, enhancing energy efficiency and safety. Furthermore, AI-driven analytics provide insights into tenant preferences, allowing property managers to create more tailored and enjoyable living environments.
Equipping new builds and renovations with amenities like smart locks, smart thermostats and integrations with smart assistants like Alexa and Google Home provides value and convenience to residents.
9. Facility Management
In commercial real estate, AI is helping facility managers monitor equipment performance, foresee potential breakdowns and schedule repairs proactively, reducing downtime and maintenance expenses. Smart sensors and data analytics enable real-time monitoring of energy consumption, helping facilities to cut energy bills and reduce their carbon footprint.
10. Accounts Payable Automation
Real estate companies are leveraging AI-powered accounts payable (AP) automation to streamline financial processes and increase operational efficiency. AI algorithms can automatically capture and process invoices, reducing human error and speeding up the approval workflow.
Machine learning models categorize expenses, ensuring accurate accounting and compliance. AI-driven automation helps detect anomalies and potential fraud, enhancing security. It also generates valuable insights into spending patterns and vendor performance, aiding in strategic decision-making.
Overall, AI-powered accounts payable automation enables real estate firms to save time and resources while achieving greater financial transparency and control, contributing to improved financial management and bottom-line results.
To learn more about how finance departments are leveraging AI, download our free report, “The Ultimate Guide to AI in Finance.” In it, we share the benefits, challenges and best practices for implementing AI in your finance department.