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Artificial Intelligence (AI) is truly about technology that can draw logical conclusions and learn on its own. In Indian real estate today, AI is nearer to advanced machine learning with simple-to-complex algorithms that process large amounts of data/ user behavior to make accurate, near-term predictions.
Machine Learning
(ML) is already helping Indian agents and brokers respond faster to clients’
questions, improving property discovery, matchmaking and assisting real estate
entities in marketing their listings with more accuracy.
However, the
transition to AI has already begun and could well define the future of Indian
real estate, experts believe.
5 Ways AI and ML are changing Indian Real Estate
More
Accurate Home Search - Machine learning has made home searches easier by analyzing
a consumer’s search patterns and offering a more accurate result based on what
they really want. On the other hand, AI applications are serving as chat
interfaces with customers to answer simple and complex questions, such as “is
this 40-storeyed tower approved by all authorities?”
Validate
Genuine Clients – Systems today utilize Natural Language Processing (NLP) and
other stuff to isolate high value touchpoints from low value ones to identify
clients who are more engaged with the agent. This helps specialty agents, like
a local or community expert, narrow down to serious clients and close deals
faster.
Filling Demand
Gaps - AI and ML can provide deep analysis of a market and show where current
demand is underserved, growing or strong. Real estate firms can move
confidently into those areas by hiring local experts.
Refine
Transaction Experience – Simply by delivering faster closing times, smarter
mobile apps, online compliance checks, real time reporting and pre-filled data to
reduce manual entry and errors.
Improve
Predictions - By combining open marketplace and internal CRM data, AI
technology could help real estate players better predict the future value of a
home in a specific micro-market.
Because
Indians always see a home purchase as an investment, a reliable forecast of their
investment’s future value can enable them to make a buying decision with much
more confidence.
That’s two
ayes.