There is no getting away from technology. And more often than not these days, that means things like deep learning and artificial intelligence. Nearly every industry that utilizes digital information is looking at artificial intelligence – even real estate. In fact, real estate brokers are hoping for more from artificial intelligence in the future.
Also known as AI, artificial intelligence is not a single entity. It is a collection of software tools and algorithms capable of crunching vast amounts of data to assist human beings with routine tasks. In healthcare, AI is now being used to predict patient outcomes. In the legal sector, AI can deliver qualified cases directly to attorneys.
What can it do for real estate? A lot, according to the people at Salt Lake City’s CityHome Collective. As a local real estate brokerage and interior design firm, they believe evolving AI will gradually change the way people look for and buy houses.
Everything Is Already Online
The table is already set for AI in most cases. In real estate, everything is online anyway. Your typical home buyer spends long hours searching for homes online before contacting a real estate agent. And even after getting in touch with agents, buyers are more likely to shop homes online rather than waiting for agents to send them listings.
This is where AI has such potential. Future AI systems will likely be able to ‘learn’ buyer preferences by analyzing input data and online habits. They will be able to take what they learn and compare it against a vast database of available properties in order to deliver custom search results offering only those houses buyers are most likely to find interesting.
A fascinating Marketplace article discussing AI and real estate illustrates the potential via natural wood floors. Let us say you are a buyer with a penchant for a particular type of hardwood floor. You enter that as one of your preferences when defining search parameters. The AI system can check for listings that include that type of floor. But it can do more.
AI can find homes with similar floors. It can scan photos and analyze them to find homes with the right hardwood floors, even though the exact type of hardwood is not mentioned. It can even introduce you to new kinds of floors you never knew about, floors the system assumes you will appreciate.
It is All in the Data
The power of AI rests in the data it has to work with. As such, AI and big data are inseparable. Every bit of data that computer systems collect is added to vast databases that gradually make the digital world more efficient, more convenient, and more enjoyable.
Data for real estate purposes doesn’t just come from buyers and sellers, either. It also comes from brokers, individual agents, builders, tax assessors, etc. Everybody contributes their little part to the equation. Artificial intelligence takes each of those small parts and combines them into one big learning opportunity.
Imagine looking for a new loft apartment in downtown Salt Lake City. Five years from now, it might be a matter of logging onto your buyer account and answering a few simple questions. The system will combine your data with that supplied by your real estate agent and the local market as a whole, then point you directly to the perfect unit that ticks all of your boxes. You make an offer and complete the sale within hours.
Real estate is hoping for a lot more from AI in the future. They are likely to get just what they want.