Table of Contents
Among the laborious industries, real estate encounters tedious, monotonous, and time-consuming problems. Imagining the life of a real estate agent, the first thing that pops into our heads is extensive traveling, multiple property visits, manual valuation, and finding the exact fit for a choosy couple. To narrate the day, the hassle can be sensed without uncertainty as the real estate industry isn’t another happy episode from the Modern Family showcasing Phil Dunphy riveting the problems. With the industry inflating and rocketing high property prices, administrative and operational activities require comfort and automation to eliminate the comprehensive stress. The solutions include eliminating mindreading the client for their preferences, further property search, and introducing automated systems for concerns. That can be witnessed with the intertwining of AI and real estate.
Artificial intelligence, a driver for industry-wide restructuring, has substantiated the significant capabilities of modern businesses. Subsequently, AI in real estate works as an impetus to redefine property management among realtors and agents. As the concept of convenience crawls in, real estate agents and users prefer a system that provides them with a straightforward system. The core of inventive innovations is to resolve the issues faced by the market while inflicting the element of comfort. As the fully modernized core systems approach with the perspective of reconditioning the existing and contemporary system, the industry accepts intelligent technologies.
As elaborated by the Deloitte Centre for Financial Services, 69% of firms are either in the ongoing technology-centric transitioning process or have fully modernized with AL/ML affiliation. This figure is worth contemplating for real estate app development integrated with AI and ML in their systems to simplify company-centric and user-specific revolution. That can be possible with a clear-cut comprehension of artificial intelligence in real estate and the subsequent market value.
Artificial Intelligence in Real Estate: Market Overview
Realizing the necessity for a futuristic approach to AI in real estate comes with the requisite apprehension of market value. As real estate businesses like yours and your competitors ponder capital investment, the underlying motive remains the same: the returns on investment. Before making any decision, it becomes imperative for businesses and firms to assess and analyze the market alleviation and expansion rates.
Expeditious transition stimulated by artificial intelligence in real estate amplified the value posed. With the figures in millions, the elevation is yet to reach the billions, with meandering speed. By 2023, the adoption of real estate AI solutions for enhancing agent productivity and proactive user experience will bring the grand total to $1803.45 billion. That’s estimated to be growing at a 35% CAGR rating as per the anticipations offered in order.
Such figures fixate on the upcoming conception of the services provider for the required services. C-suites and business owners with inventive hypotheses often go on the lookout for an iOS or Android app development company with industry-centric innovative knowledge.
Real-World AI Use Cases in Real Estate Vertical
As we move ahead with the bifurcation for AI in real estate and its further segmentation, it is plausible to mention the world-real use cases transforming the market. As you may be looking for features and implementations worth the investment, centering your attention on the segment below becomes indispensable.
-
Listing Description
With ever-evolving intelligent solutions establishing themselves, AI can smoothly automate the monotonous and time-consuming task of building listing descriptions. While there is no doubt plenty of off-the-shelf software that effectively creates property listings, you can consistently create a custom model from scratch. You can also work with AI experts to integrate an AI model into your existing system.
For instance, you can create AI app solutions for real estate marketing and present them with an appropriate prompt related to the property description. Now, that’s how a time-taking task is completed with a few prompts for the model.
-
Virtual Property Tour
Taking potential buyers to a property, facing criticism about it, heading on to the next one, and again, the same cycle may seem quite exhausting. The expense of travel amounts to the investment until one potential buyer chooses to become the owner. Quite a lot of back and forth for one successful sale. But what if this back and forth can be reduced to a virtual property tour, and the finalized ones meet the potential buyer’s eyes?
That is possible with the collaborative innovation of AI and real estate with an app development company. These vertical-specific companies build apps with the proficiency to present buyers with the virtual tour and bring forth an insightful image of the property.
-
Lead Generation
To continue the cycle of buying and selling among customers, lead poses a value that only a realtor can comprehend. Lead is the oxygen to the body of real estate businesses, keeping them running and their investment-to-return window open. In simple terms, the more leads there are, the more revenue-generation opportunities open for firms and businesses.
As a decision-maker, you can incorporate AI for real estate leads and smoothly align the workflow mechanism. By identifying the potential lead with likely chances to get converted, AI-driven solutions for real estate agents upturn the competition in the saturated market.
-
Fraud and Compliance Detection
The conception and adoption of advanced technology are not limited to ethical functioning but also strengthen the capacity for cyber attacks. For instance, as the medium to accelerate efficiencies is in place, cyber attackers also utilize them to automate their techniques.
Artificial intelligence in real estate protects against cyber attacks and deters them from causing a data breach. AI-driven solutions have the capability to predict and detect patterns that are known to the system and notify businesses and firms about possible vulnerabilities. This way, real estate businesses can safeguard themselves from probable data breaches and secure the network throughout the company and its users.
-
Property Search
As we have mentioned above, realtors often find it challenging to place potential with the right property, which results in long and delayed finalization processes. Enabling the users with improved search capabilities can often reduce the manual labor going into the search process.
Utilizing AI for property search and recommendations eliminates the door-to-door approach while presenting exactly what the user is looking for. This may seem like an everyday aspect, but with real estate app development services, you can show the users with the ultimate search panel worth their time.
-
Automation Due Diligence
Paperwork, a port-property-bought task, is among the tedious aspects of real estate that are also susceptible to human error. As the saying goes, “To err is human,” it is a concern for property with imperative paperwork. For instance, people often fraud the dealers during the process and can be out in the market conning more if keen-eye is not present during the finalization.
This is exactly where AI and real estate app development save the industry from fraud and false information. The AI can easily detect paperwork inconsistencies and inaccuracies with its pattern recognition ability and report the chances of fraud. With the inclusion, the due diligence process are automated and also efficiently finished.
-
Property Analysis
How much investment is too much investment? This is a question that lingers in the heads of property dealers as well as the buyers. Is the property worth the amount being asked? Are the amenities around passable to live a standard? Should the crime rates be considered, keeping their intensity in mind? Do the neighboring schools impart knowledge that is worth the kid’s future? Not just one but multiple factors impact buyers’ investment decisions. Estimating a selling amount is among the tasks that realtors often find deteriorating and fluctuating over time.
However, AI in real estate market analysis holds value for both property dealers and buyers. They can analyze the area, surroundings, reputation, communities, and the commutes to reach the worth of the property with ease. The straightforward and fast nature of AI presents convenience to the industry in deciphering estimated ideas.
-
Customer Support
Customer support hasn’t been an industry-specific concern for users but creates issues across the industry. Users often find themselves stuck with features and functionalities, but support systems drive them through the easy lane. The objective of running a real estate business with ample revenue also straightens from communicative and seamless 24/7 support.
This is where artificial intelligence in real estate takes all the control. Among the plenty of inventions and discoveries, conversational chatbots are attuned to the industry with the availability and 99% solutions to customer problems. Often, real estate businesses and firms hire an AI chatbot development company and integrate AI-centric support agents into their apps for smooth issue resolution and user feedback.
-
Predictive Analysis
Utilizing AI algorithms, predictive analytics dissects large databases of comprehensive market tendencies, authorizing real estate specialists to forecast prospective market possibilities. By analyzing aspects like economic indicators, demographic trends, and property expenses, predictive analytics features enable business owners to make well-informed decisions.
This AI technology lessens the threat by foretelling forthcoming possibilities and market activities. That is how businesses can spot invigorated investment prospects. It is often straightforward for real estate companies to utilize predictive analytics to build revenue streams.
-
Property Management
Managing properties with their full details can be daunting manually, and presenting them in front of the clients, but with AI-driven property management, processes happen in an organized manner. AI for property management is not limited to listing the properties but also tracks them and offers tenant applications, lease agreements, and maintenance requests necessary for overall functioning.
Real estate businesses and realtors are opting to integrate their apps with artificial intelligence for property management efficiency and productivity. The more efficacious the property system, the better the selling chances and new revenue streams.
Globally Market Popular Real Estate AI Examples
The global market is abundantly saturated with property management, property valuation, and analysis apps that are ready to offer all the services users need. However, only AI in real estate is making a difference in the industry.
Users prefer advancements over normality to offer convenience-driven solutions to their problems. A similar user-centric approach is being followed by the real estate brands and companies mentioned below, which restructured their entire app while keeping users in mind. These brands hired an Android or iOS app development company that holds the expertise to integrate AI into their solutions feasibly.
-
Zillow
Zillow, a trusted real estate app with user-centric features, has been the market giant and a popular user preference. The seamless adoption and integration through the app to make the experience hassle-free has ranked it among the contenders. The distinction that Zillow made with the introduction of artificial intelligence and real estate took the market by storm and captivated users for ultimate comfort.
-
Keyway
Another example of integration between artificial intelligence and real estate is Keyway, an industry-wide competitor to real estate businesses. The decision-makers presented the users with AI-powered features that simplified the property renting, buying, selling, and leasing process easier. They fixated on ideologies in automation and processing within seconds to present their users with impeccable experience.
-
Redfin
Heading the trusted real estate leader, Redfin, an AI and real estate infusion app for users to buy, sell, mortgage, lease, or rent their properties. With simplified processes driven by artificial intelligence, users and realtors can efficiently wind up the property-finding task.
Addressing Challenges Industry-Wide With Artificial Intelligence in Real Estate
Utilizing artificial intelligence in real estate enters the market with consequential challenges, but
with futuristic advancements, they are not among the unachievable ones. Firstly, AI in any sector operates efficiently and productively when it adapts to the needed independence. To enable real estate businesses with automated AI functions, an AI expert is mandated to produce solutions with a self-regulating learning capacity.
AI-centric apps ought to be regulated in compliance with the law while making data security an ultimate priority. One of the most significant concerns implicating AI and real estate lies in safeguarding data from probable pirates. Overseeing the personal data of thousands of real estate customers is a prominent accountability.
Read More- Benefits of Real Estate Apps for Business
AI in Real Estate Development Process Bifuracation
Once the comprehension of use cases, examples, and challenges are explained with a systematic approach, it becomes a necessity for you to know the real estate app development process. Bringing in a systematic approach with Agile methodology for AI app development only assists in bringing the desired product, a high-quality AI-driven real estate app. AI and real estate app development companies often follow the step-by-step process for building an app filled with features and intelligent technologies:
- Define the Requirements
- Market and User Research
- Hire an Artificial Intelligence Development Company
- UI/UX Design
- Development Process
- Quality Assurance
- Deployment and Maintenance
As soon as the app is up and running, the real estate business owner’s concern shifts to app success, which can also be serviced by the same app development company. This phase encompasses everything from analyzing the metrics and numbers to making necessary changes, comprehending user feedback, implementing them, and building lead generation funnels.
Conclusive AI in Real Estate App Development Cost Breakdown
Mentioning and winding up the final phase brings us to the main concern that many real estate companies often have: real estate app development cost. The concern is among the reasonable questions that decision-makers often tend to ask the internet or the app development companies.
It is next to impossible to state a defined figure as the cost of AI app development depends on multiple factors, such as the app’s intricacies, size, and choice of platform. However, to give a conclusive idea, the cost of AI-centric real estate app development ranges from $35,000 to $200,000. Now, with that information, you must make a well-informed decision.
Develop Custom AI Real Estate Solutions With AppsChopper
As the artificial intelligence development cost is transparently available to decision-makers, it becomes feasible for them to decide the functionalities and features of their real estate app. Proceeding to conclusion, it is also imperative for real estate business owners to make a wise choice for the AI app development company they select. You must look for one with extensive previous experience, industry-wide knowledge, and the support of experienced developers.
AppsChoppers, an industry leader in AI-driven real estate app development, presents the client with app user-centric approaches, immense prior experience, and updated industry-comprehensive knowledge. It is high time for real estate business owners to make a choice that is worth the investment to ensure probable revenue streams.
