Machine learning can help improve anything – even real estate!
Perhaps you might thing, “Real estate? What’s that got to do with machine learning?” The answer – which may surprise you – is quite a bit, actually.
These days, machine learning is the new vision of the future. And it’s making huge strides. Even in fields that may – initially and to the uninitiated – not seem like a good “fit” for artificial intelligence.
Take the real estate sector. Perhaps you might thing, “Real estate? What’s that got to do with machine learning?” The answer – which may surprise you – is quite a bit, actually.
There are several reasons for this. AI – and machine learning – allow computers to take on some of the tasks that, traditionally, realtors have labured over. For example, recommendations. A successful realtor matches clients with real estate that is ideal for their situations – and they just can’t pass up. What if a computer could do this? Well, with machine learning, it can! It can take in each client’s criteria, and churn out optimised, individualised recommendations. In 2016, Inman conducted an experiment called “Broker vs. Bot”, which pitted professional realtors against a machine-learning-powered computer. The human real estate journalist picked out the same properties that were suggested by the AI bot.1
But recommendations are just one way that machine learning can help out a real estate business. There are others. Clients want 24/7 access to their realtor; so rather than hiring office workers to work graveyard shifts, why not have an intelligent bot they can talk to?1 And what about the long-term relationships that realtors build with their clients, that help them to sell not just one, but several properties? Machine learning can help here as well – and already does, through CRM (customer relationship management) systems that monitor agent-client interactions and provide assistence to keep those vital connections strong.1
And let’s look elsewhere in the real estate sector. Take the company HomeSmart International – a global leader in the real estate sector. Why? Because it uses machine-learning-powered technology (called RealSmart) to optimise the interactions between agents, brokers, and buyers. Suddenly documents can be digitally transferred and signed in minutes, rather than waiting days for “snail mail”. An entire business can be run from a laptop. HomeSmart even markets its product as “everything you need in one place”2 – and why not? With machine learning, it’s optimised not only the agent’s tasks, but the way that the real estate business itself can be run.
It’s important – especially for real estate agents – to understand that machine learning does not replace humans. Machine learning and AI supplement, and increase the efficiency of, human-run operations. In the end, the future is clear: real estate companies that embrace machine learning can thrive, and those that fall off the bandwagon are going to flounder.1