Indian Real Estate Standing On The Verge of an AI Revolution
Integrating Big Data with artificial intelligence (AI) and machine learning tools can now take data analytics to the next level. It can assist in the thorough but systematic review of a large number of potential options and the identification of the best fit.
5G will be available soon, resulting in a multifold increase in current internet speeds. As a result, smart devices and machines will proliferate. With more devices and machines, there will be more data, providing AI and machine learning-based predictive models a boost.
Artificial intelligence (AI) is poised to become a major tool for property appraisal, trend analysis, and price forecasting. Property valuation and forecast are now limited to a few indicators such as property type, carpet area, property price ranges, and location, among other parameters, in cloud-based assessments.
Property advisors such as Zillow, Redfin, Trulia, Compass, and others are already leveraging Big Data-backed AI algorithms to provide relevant inputs to purchasers in nations such as the United States. We use a simple AI-based model in India. The ramifications of advanced AI and machine learning platforms, on the other hand, are gaining traction across the sector. Interestingly, when each transaction is completed, the AI platform evolves, paving the way for speedier adoption.
In the near future, AI-enabled chatbots will also take over the industry. It will help brokers and advisors communicate and engage with multiple clients at once. As a result, efficiency will improve and the business cycle will be more uncomplicated. More insights and data will be provided via chatbot-assisted dialogue, which will benefit realtors in fine-tuning their decision-making.