How Will AI Change the Real Estate World?
What impact will artificial intelligence have on the way we buy and sell homes?
We’ve seen artificial intelligence transform the way we do many of life’s tasks, from driving to cooking to grocery shopping. Lately, AI has also been adding capabilities for gathering and analyzing data in industries across the board. How will it play into daily functions of the real estate business?
Market Predictions
Whereas real estate professionals currently face the heavy task of forecasting the general direction of their local market in order to best serve their clients, AI is now beginning to offer useful forecasting possibilities.
Improved algorithms and cloud computing allow for more precise, data-driven predictions that can help real estate professionals pivot appropriately to best serve their clients. Advising on best timing to post listings and when to start a home search becomes much more precise with AI-backed predictions.
Home Value Estimates
Many people are familiar with Zillow.com’s home value estimate tool, Zestimates. What most don’t realize is that this tool is largely AI-powered, integrating hundreds of millions of data points like a home’s square footage and unique features in a neural network that can formulate the value estimates we all rely on.
From pricing homes to make the highest earnings possible on a listing to determining the right amount to offer in a competitive market, AI-fueled predictions are poised to make an impact for buyers and sellers alike.
Improved Targeting
AI has also begun to help real estate professionals zoom in on marketing targets. Tools that consolidate data to predict who is most likely to sell their home in the next year are already helping agents at some brokerages. With a better idea of who’s likely to need an agent soon, realtors can consolidate their outreach and lead-nurturing efforts to focus on the prospects who are most likely to need them.
Boosting a Heart-forward Industry
No matter how far AI goes in improving data analysis, making predictions, and smoothing out complex processes, the element of human emotion involved in real estate will always call for living, breathing real estate professionals at the forefront. Buying and selling homes is deeply personal and unavoidably emotional, and all the data in the world can’t account for the nuance of the ever-changing housing market.
Fortunately, these tools have already begun to help streamline the nitty gritty details of the real estate profession and boost the abilities of realtors to focus on serving clients as they make some of the largest decisions of their lives.
Working with clients who would be a great fit for a custom home? Get in touch with Atmos today!
