The Role of AI and ML in Real Estate

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Real Estate is one of the most profitable businesses in the world. According to MSCI, the value of business acquisition would rise to about 9.6 trillion $ in the coming years. In this era where ML and AI are being applied to products to enhance their efficiency or gain new features, ML in real estate is helping consumers as well as sellers by providing strategies to investing in construction 🏗️.

How exactly is ML changing/affecting the real estate sector?
✔️Enables investors to figure out who would be their potential customers.
Machine learning models can be trained with various e-commerce businesses. We can find various key customers who could be the reason for our success because humans can make mistakes and miss some key customers but machines they wouldn't miss, if the data is present we will get the accurate output.
NLP(Natural Language Processing ) tech can be utilized to help investors focus on their eligible/main customers.

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✔️It transcends the process of searching for residential real estate
Now with help of Ai and Ml, we can use applications to find the property we are looking for. Here the algorithm is trained with various data sets of "different residential areas" with sub column like area of the 🏠 (house), price of the house, several bedrooms, etc.
Once the model is trained and in action it will accurately determine which house from the given data best suits your requirement.

✔️CRM
CRM( Customer Relationship Management) is basically automated to report and read items. It helps in maintaining a good connection with customers.
This also auto-fills the important paperwork, sometimes humans can make small errors which could lead to very painful issue's in the future to avoid this CMR does this job precisely.

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✔️Evaluation Of $$$ of property
AI has the ability to predict the "future" in the sense when we provide the current and past data it can find some important factors in the data that cause some recurring patterns. These factors can be utilized to predict what the value of certain properties would be in the future.
Eg: How much rent would be generated on holding onto some property or is it better to sell this property
these questions can be easily answered by investors.

Pros:
⚡ Investors can make decisions based on current facts and also keeping in mind future predictions.
⚡ Automation in the whole process; usually in real estate, there are many middlemen with ai we can automate the whole process.
⚡ Advantage over other investors; As we have heard information is power, investors who have all the analysis of certain properties have a higher chance of generating profits.

I would conclude by saying that Ai and Ml will most likely change the whole real estate industry in the upcoming years. It will be a critical tool for most real estate investors to gain max profits.

Hope you learned something new! Let me know your thoughts on this topic in the comments :^)