If you think about it, real estate professionals manage a massive amount of data. From the real estate portals contacts, the property information, the legal documentation related to the property, sales details, prices, appraisals, property history, and regulations… If we add to all this info, a large amount of data on users’ preferences and movements. As a result, we obtain volumes not manageable by human professionals. 

For this, we have artificial intelligence with machine learning. In this post, we will see that artificial intelligence is used to analyze the data that we have more and more massively in the real estate sector and has many other utilities also that will help professionals take their services to the next level. 

Talking about artificial intelligence, we have always found it is the most futuristic technology we have in proptech. Still, if we look analyze it, it is more part of our present than our future. 

Artificial intelligence is a technology that, through algorithms, can draw logical conclusions and learn by itself. Although today it is very focused on processing large amounts of data or user behaviors to make predictions, we have a lot to discover and much still to apply. 

How is AI applicable in the real estate sector? 

  • AI may reduce time in the decision-making process due to the analysis of extensive different data. The subjective evaluations carried out until now will be replaced by real data reaching exact conclusions.
  • It improves the housing search experience in such a way that the algorithms identify the users’ preferences and suggest properties based on the specific needs of people in search of housing. 
  • Predicting the value of the property, the market movements with its sales and rent fluctuations, mixing them with socio-demographic data, services in the neighborhood, mobility, and type of population, thus mixing necessary variables (such as price, square meters, rooms number, materials …) with desirable variables such as the type of life you want to have. 
  • Identifying the value of the assets with photographic analysis.
  • Classifying of the clients’ type and interest in the purchase (how close or far the client is from the moment of the transaction) 
  • Documentation analysis and time improvement in mortgages through image recognition and analysis of the results obtained. 
  • Communication improvement with clients through chatbots. These chatbots also can learn and give increasingly complex answers, working effectively for professionals when they are not in the office.

However, we still have a long way to walk towards artificial intelligence integration in more processes in the real estate sector. This is a technology that has an endless journey that will cause an unprecedented change in the real estate sector and all aspects of our lives.

This leads us to a new paradigm. Now and in the future, we will focus on the client’s needs, in information, in transparency, in immediacy, in communication, in making a more intelligent real estate management. 

We no longer focus on the “brick” but give a more adapted service to the end customer.

Sheila Gracia

Services Director at the Real Estate Agents Catalan Association