Limitless possibilities of AI

Real estate takes a step to the future with state-of-the-art technological developments

The future comes with further advancements in technology waiting to be utilised by anyone who can turn these into profitable opportunities. One of these advancements is in abundance on the market today: Artificial Intelligence.

Samuel Leeds of UK based Property Investors wrote in his column on Entrepreneur that AI can offer predictive maintenance, notifying homeowners and landlords when it is time for regular maintenance or if something needs to be fixed. It also can learn the patterns of tenants and provide a way of saving energy when they leave and preparing features such as heaters or TV for when they come back. When it comes to analytics, AI provides investors with access to future market trends and potential investments. 

However, tenants may not be happy with AI monitoring their patterns and behaviour since it would feel like an invasion of privacy, so investors are advised to conduct research on any technology that they would like to implement. The public, in general, are also cautious that may AI replace jobs or mundane tasks that are reliant on people at the moment.

More: The value of technology in the real estate industry, from construction to user stage

Forbes reported that AI can further adapt to human creativity and innovation. Proof of this possibility is seen through ChatGPT, which many people have been using to write essays, screenplays, or anything else that requires human thinking. Chat features for customer service are also being linked to AI rather than actual people, as well.

Despite more roles being filled in by AIs, multiple new jobs and opportunities can come out of it, as well. Global provider of multimedia platforms and distribution PR Newswire revealed that AI in real estate could help with search and listings, consultations for brokerages and mortgage, mandating insurance, and managing construction funds.

Though the concept of AI taking its role in real estate is daunting for some renters and investors, the opportunities are endless when it comes to AI assistance.

The Property Report editors wrote this article. For more information, email: [email protected].