Artificial intelligence, widely known as AI, is quickly entering and altering the real estate industry. It’s wide range of capabilities can greatly increase efficiency and improve productivity.
The National Association of Realtors provided a breakdown of the advantages and applications of AI for real estate professionals, and they go well beyond ChatGPT functions. The three areas they covered were predictive analytics, generative AI, and computer vision.
Predictive analytics, which leverages historical data and algorithms to forecast trends and make accurate predictions, allows real estate professionals AI-powered tools to analyze market conditions, evaluate property values, and identify investment opportunities with greater precision. By harnessing the power of predictive analytics, businesses can make more informed decisions, mitigate risks, and optimize their strategies to stay ahead in a competitive market.
Generative AI is another powerful tool that can significantly benefit the real estate industry. This technology allows for the automated creation of tasks, including listing descriptions, property searches, marketing content, and more. By automating repetitive tasks, Realtors can free up valuable time and resources, enabling their teams to focus on higher-value activities.
Computer vision is another facet of AI, and it can be used to analyze property images and videos, extract valuable information, and even identify property features such as swimming pools or garden spaces.
This not only enhances the efficiency of property evaluation but also improves the accuracy of property listings, providing potential buyers with a more comprehensive view of the properties they are interested in.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
