How Artificial Intelligence Will Affect Realtors and Housing
AI, or artificial intelligence, isn’t exactly a new concept, to begin with. In fact, as early as the later 90s, robotics and AI technology have already made rounds in manufacturing, heavy industry, and services.
Innovation will only improve the development and application of AI, so much so that it will make an impact in other sectors especially real estate.
Before, we couldn’t even begin to imagine AI-driven homes, which were only a cinematic convention back in the day. But with new developments in AI, science fiction is making its way into the realm of reality – or should I say realty?
Rise of the Robot Caretakers
Smart homes are becoming a trend nowadays thanks in part to home construction concepts that involve IoT, or the Internet of Things. AI will no doubt play a vital role in a shift towards homes that are highly personalized and automated.
Convenience and functionality are the top ingredients to a modern home, so it makes sense for homebuyers to opt for properties that deliver along these lines.
It’s hard to tell what an AI-driven can actually entail from where we are now, but in an article he wrote for Forbes, Andrew Weinreich might have a clear idea of a smart home:
“It can be aware of the presence of the people who live in the house (along with their personas); it can be aware of what they’re doing; it can even be aware of what every device in the house is doing. If you want the house to think like a human, the house needs to be able to analyze the data a human would analyze before making a decision.”
Big data and cloud computing will certainly have a central role in the houses of tomorrow, so we can expect homebuyers to inquire if a home has any provisions for Ai and automation features.
Real estate processes made easier
Probably the most important contribution of AI to the real estate market is its ability to simplify and streamline complex transactions.
Property valuation and assessment are crucial to helping homebuyers zero in on the properties that match their criteria. Accuracy is important, and for buyers to find the right deals on the market, they need to focus on getting data without the need for a visit to the neighborhood.
So far, Zillow has been refining a new feature which uses AI to qualitatively score homes based on the number of rooms and available amenities as well as median prices within the area.
The feature has yet to come full circle. Subjective factors will still play a role in the home buying process. Nevertheless, Zillow has opened up clear potential for the use of AI by realtors and homebuyers.
Where can we go from here?
The world of AI offers exciting potential to the real estate market. But as we inch closer towards a more automated world, it’s still important for buyers and sellers to deal with realtors who can address their needs that no sophisticated AI software can.
That being said, opt for a realtor who can work with all the way towards a closed deal.