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2020-01-29 06:08:20
AI to rule the real estate domain?

The early pitfalls of artificial intelligence have been identified and now fast progress can be made with a sensible strategy.

By 2030, artificial intelligence (AI) is predicted to add at least $15 trillion to the global GDP. Although many banks and lenders are struggling to cope with changing customer needs, the demand is there and will continue to grow. 

Lending money is an easy task but approving a client- that's the tricky part. Virtual reality, smart contracts, virtual assistance, and even voice bots are revolutionizing just how that approval is calculated. Virtual assistants and chatbots help answer consumer questions faster than ever, which makes the entire mortgage experience less stressful. Using technology to its full potential helps target consumers who are actually ready to buy and lowers frustration rates in our 'need it now' culture. Getting immediate feedback is changing the game, and for many businesses - including Real Estate- it helps the right people get to where they need to be. 

According to Susanne Eickermann-Riepe, Head of Real Estate, PwC Germany,

'There are four main areas (of AI that contribute to Real Estate): Automated intelligence: Firstly, automating manual, cognitive and routine versus non-routine tasks. Secondly, supporting intelligence; helping people to accomplish tasks faster and better. Thirdly, expanding intelligence: helping people to make better decisions and finally, autonomous intelligence. Automation of decision-making processes without human intervention.'

AI is helping the Real Estate business learn what their client's likes and dislikes are. Big data is key to any AI interaction.  Jasjeet Third, Vice President, AI, and Analytics at Zillow, agrees. 
'Today the real estate transaction is stressful and often duplicative. By leveraging AI we can create a more personalized, end-to-end experience for our customers, eliminate many of the pain points associated with buying and selling a home, and help our customers close on their home faster.' 

Source: Forbes.com  
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