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What is the impact of Artificial Intelligence on Chennai Real Estate Market?

By Pankaj Agarwal
event 13-Apr-2018 share
What is the impact of Artificial Intelligence on Chennai Real Estate Market?
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Answer

Rohini Petla

23-Apr-2020 04:20

Nearly every industry benefits from the inclusion of Artificial Intelligence in the management of operations and the real estate sector is no exception. Today, a large part of the real estate sector relies on AI's ability to handle complex and emotionally dependent processes involved in property transactions.

The AI in the applications for real estate management is revamping business processes and transforming the way industry works. Its potential is recognized not only to automate the business but also to improve the effectiveness of the tasks and the accuracy of the decision-making process.

How Artificial Intelligence Is Changing Real Estate

While your property management software always incorporates key factors such as area, location, size, facilities and other information to determine the property's value, AI's algorithm analyzes unstructured data such as market demand, customer preferences, etc.

Here are the five ways AI is transforming the real estate industry:

1. Offer Better Recommendations

If you face challenges in understanding the requirements of your customers, AI can be of help. You simply need to turn the information you have while engaging with your customers into data that AI can use to provide recommendations according to the preferences of your customers.

2. Improve Sales or Leasing Cycle

Selling or renting property is a daunting task, but this is made much simpler by the AI integrated real estate management system. Use the system to monitor the purchase process in real time, ensure no compliance checks are missed and close deals more quickly.

3. Accurately Predict Property Value

AI in real estate applications integrates data from different sources to evaluate market fluctuations, understand business opportunities and forecast property's potential rentals or value.

4. Expanding business scope

AI and machine learning studies market trends and buying patterns for customers. It helps you to identify and meet your target audience with the right promotional materials, which greatly enhances the efficacy of your marketing campaigns.

5. Provide 24/7 Assistance

AI-enabled system with virtual assistants and chatbots enables you to establish personalized and human-like communication with your customers. Using this platform, you can provide your customers with quicker answers to their questions and 24/7 assistance.

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