Caridon Group founder and CEO Mario Carrozzo leads a company that specialises in property development and social housing, providing homes for young and vulnerable tenants. This article will look at the various applications of artificial intelligence (AI) in the real estate industry, with a particular focus on rental properties.
AI is disrupting and transforming virtually every industrial sector today, and real estate is no exception. From virtual reality (VR) and 3D tours to AI-driven predictive and investment analytics, technological advancements are turning the world of property development and investment on its head.
VR enables buyers to view properties remotely, gaining an immersive experience of what it would be like to live in a particular property without the need to visit in person. AI-powered software enables potential purchasers to participate in a virtual property tour, complete with interior design, floor plan and even virtual staging, enabling buyers to get a feel for how their furniture and soft furnishings would look in the property, helping them to gauge whether it is right for them, and saving them the time and trouble of a visit in person.
Predictive analytics leverages data, machine learning and statistical algorithms, using past information to predict future outcomes. Real estate agents and investors alike are increasingly leveraging predictive analytics technology, helping them to predict property values and tap into new investment opportunities.
AI has facilitated huge advancements in the realms of property management, streamlining processes and improving efficiency. Property managers are increasingly relying on AI-powered technologies and tools to automate routine tasks such as maintenance scheduling, lease management and rent collection. AI algorithms can analyse vast swathes of data, including historical data, tenant information and market trends, helping property managers to predict maintenance needs and identify potential risks, culminating in fewer surprises for leaseholders. In addition, AI software can also help real estate businesses to track rental property listings, tenant applications and other information.
AI has driven spectacular progress in the residential real estate market, with digital agents and VR increasingly replacing high street estate agents and real-world viewings. Chatbots and machine-learning interfaces are benefitting many businesses today by collecting and analysing customer data and helping to improve content marketing and lead generation. Take for example Springbok AI, which helps organisations of all sizes to leverage AI, enabling them to optimise internal processes and explore new growth opportunities.
Like many other fields of modern industry, the real estate sector is currently experiencing a digital revolution that is not only changing work environments and markets but is also fundamentally moulding the industry’s future.