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  We have sauntered into the age of Artificial Intelligence. In just a few years, we’ve witnessed an explosion in the range of applications for this technology. They include chatbots that perform customer service functions; platforms that hold extended conversations with their users; AI assistants building websites from scratch; and tools that produce images and videos that are almost indistinguishable from real ones. Also, real estate businesses aren’t left out.
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As the list of AI use cases expands, we’re seeing more businesses deploy it to various aspects of their operations. Real Estate companies are starting to leverage it in ways that help them achieve more with less effort and fewer resources. If you’re in the real estate sector and you’d like to use AI to grow your business over the coming years, here are five ways you can do so.

Architectural Design

The planning and design process for standard buildings may take weeks to complete even when they’re handled by the best architects. But AI tools can do these things in just seconds. With them, a trained architect can quickly draw up plans with specific parameters, and create a model of the structure to be built. This saves a fair bit of time, reduces the need for physical exertion, and shrinks your design budget. It also raises the volume of planning output that architects can deliver.

Personalized Customer Experiences

AI is able to revolutionize the customer experience by providing personalized interactions at scale. Chatbots (mentioned earlier) and virtual assistants powered by natural language processing (NLP) allow real estate businesses to engage with clients 24/7, answering queries, scheduling property tours, and providing relevant property information. There are AI-driven platforms with which you can track customer preferences and behaviour, enabling tailored property recommendations and enhancing the overall buying or renting experience.
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Intelligent Property Valuation

Determining accurate property valuations is often a big challenge for real estate professionals. That’s because several factors need to be considered when figuring out what a piece of real estate is worth. AI can assist in this process by leveraging computer vision and machine learning algorithms to analyze property images, historical sales data, and other relevant factors. Automated valuation models (AVMs) powered by AI can provide quick and accurate property valuations, saving time and effort. These valuations may then be used to make informed pricing decisions and negotiate effectively.

Quality Control

A significant portion of construction sites in Nigeria are plagued with quality control issues. The persistence of this shortcoming is partly responsible for the frequent building collapses and other accidents that occur at these locations. AI can help remedy this problem by analyzing data from construction locations and identifying issues before they materialize. With the data it supplies in hand, developers can work to fix quality problems and escape the huge costs that they may incur from quality-related mishaps.

Targeted Marketing Campaigns

AI enables real estate businesses to run targeted marketing campaigns by leveraging data-driven insights. AI algorithms analyze customer preferences, behaviour, and demographics to create highly targeted advertisements that resonate with specific buyer segments. By reaching the right audience at the right time with personalized messaging, real estate businesses can increase conversion rates and optimize marketing budgets.
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Final Words

The future of real estate is taking shape right before our eyes. It’s being woven with contemporary technologies, which are eliminating inefficiencies and broadening possibilities within the industry and its markets. Artificial Intelligence is set to play a major role in this evolution. You can wield AI as a tool and work with it to power your real estate business’s growth. This article has shown you how. Featured Image Source: AHT Tech
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 29th June 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Comments (1)

One thought on “Real Estate Business: 5 Ways Artificial Intelligence Can Help”

  • lily jane

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