Artificial intelligence (AI) is permeating all channels of our daily lives. Today, it is difficult to find a single industry that is not using or not planning to use AI machine learning in one way or another. Even the once-archaic real estate industry is finding innovative ways to incorporate this new technology. If you are looking for ways to buy real estate using cutting-edge technology, here are some examples of how the industry is changing for the better.
Say “Goodbye” to Pen and Pencil Data Entry
Property specs like room types, basement status, kitchens, and more can be recorded on data entry systems. Developers have created new AI programs that automatically enter this information into online databases for agents representing investors and contractors.
AI Means Better Customer Service
With the evolution of AI, chatbots are becoming more responsive and helpful than ever. Chatbots can collect and store data from interactions and even screen out unqualified leads. The data that they collect can then be used by real estate agents and investment firms to generate more sales and leads.
Finding the Best Real Estate Investment with AI
Less time that is spent searching for properties can mean more time that is spent streamlining a process to increase profits. AI-based algorithms make it easier than ever to find a property that meets an investor’s specific needs.
Besides AI, other technologies are making an impact. For example, Propy introduces a borderless shopping experience where a buyer can search, buy, and sell real estate without leaving his or her home. This service is all made possible with the automation of smart contracts that facilitate all steps of the transaction for buyers, sellers, and agents. Furthermore, information is stored transparently and permanently on the blockchain where it is safe from hacks or manipulation.
Gone are the days of lengthy manual work and expensive real estate middlemen. With the addition of AI and other technologies, real estate buying can be more efficient, more affordable, and more profitable for investors.