Where Will AI Take the Real Estate Market in 10 Years?
Artificial Intelligence is here and shows no signs of slowing down. According to PwC, business leaders said they believe AI is going to be fundamental in the future. Most people referred to AI as a “business advantage.” The same survey reports that 63% of people agree AI will help solve complex problems that plague modern societies, and 59% agree that AI will help people live more fulfilling lives. But, where will AI take the real estate market in ten years?
AI is infiltrating every industry, including the real estate sector. What was once a lagging industry, faces massive change now – and in the future. From enhancing the home search process to predicting property market values, AI will impact consumers and agents alike.
Currently, AI capabilities are somewhat limited. However, the way the technology is advancing, 10 to 15 years from now, AI will significantly transform the way people buy and sell property. Here are four predictions for how AI will revolutionize the future of the real estate industry.
1. Make the property search better for clients.
Searching for a new home can be overwhelming. Today’s real estate portals recommend properties based on characteristics, such as the number of rooms, square footage, price, etc. They also display far more information than potential homebuyers need.
In the future, AI will enable home search portals to recommend properties that align with consumers’ preferences, personality traits, and values. Much like a dating website, portals will deliver fewer, higher quality properties based on what’s important to the client. Instead of displaying more information, home search platforms will give consumers the right information.
Additionally, existing chatbots can answer simple queries to help potential clients find their next home. If they’re unable to provide an answer, bots will notify human agents to take over and offer a better response. As machine learning advances, chatbots will become smarter. In the future, they’ll be able to answer complex search queries proficiently, including those through voice technology.
AI will also change the way consumers receive listings. Real estate agents will no longer have to send property listings to clients manually. Instead, they’ll be able to use a tool to automatically send personalized messages in bulk based on a client’s life event like a marriage, baby, or retirement. AI will allow agents to connect with potential homebuyers in a more personal, meaningful way and help them in their home search.
2. Enable property tours without an agent.
In the future, agents will no longer need to accompany clients to show a home, and clients can tour a property at their leisure. Agent-less showings will become more popular as AI-powered robots will be able to show clients around properties anytime and answer questions they may have.
In the future, consumers may prefer to do business with bots instead of real people. According to Sales