From self-driving cars to diagnosing cancer, machine learning has infinite applications. Real estate is no different; like everything else, it too has been affected by machine learning. So the question is, how has this fascinating technology affected real estate, and what can you expect from it? Here, we will be exploring these questions and explain what you, as an investor can expect to gain.
First, let us explain, what is Machine Learning
In a nutshell, machine learning is artificial intelligence teaching itself how to perform a task on its own.
Traditionally, computers were able to perform tasks because their code had all the predefined data and parameters needed. All the computer needs to do is go through the code and follow the steps it is given.
With machine learning, certain algorithms are put into play, which lets a computer program improve upon a task based on patterns and past experiences. In other words it ‘learns’ the best way to perform a task from what it has done before, hence the name.
Machine learning is not strictly a new piece of technology. We have had rudimentary self-learning machines for years. What has changed is the sheer amount of information that computers can track and thus use to learn from. What was once a mere novelty has now become the practice.
Take self-driving cars for example, they can be taught how to drive themselves, identify objects on the road, track speeds and view traffic reports. Through this information they are able to find the best route to take you from point A to point B even if they have never taken the route before.
How Machine Learning will Change Real Estate
Search engines are growing steadily more sophisticated. Earlier, investors were happy with simply getting a list of properties by area and price. Nowadays they want more information such as the details of the area, future developments and chances of a high return on investment. New software that uses machine learning is able to not only determine the value of a property, they are also able to show the development potential of the land, market analysis and market predictions.
Today, chat bot technology has a level of sophistication so high that many people do not even realise that the person they talking to is not human. In real estate, this means that chat bots can automate tasks such as booking appointments and providing standard property information. You could integrate a chat-bot into your website, where visitors could put in all their queries, and the chat-bot would answer them! A chat-bot could even ask leading questions to create rudimentary profiles for the agency’s future use.
Images are one of the most important selling points of a house in Real Estate. They are the first thing that a client looks at and uses to judge whether they want to invest in a property. However, most search engines like Google show results based on the text accompanying an image, not the image itself.
Artificial intelligence has reached a stage where software can recognise an image and even describe it to a person with an almost uncanny degree of accuracy. Now you no longer need to worry about categorizing a property, the machine can do it for you based on just the picture you take of it.
A portal is meant to provide the most relevant results for any given query. They are like a search engine except they are more specialised.
Machine learning gives portals the power to deliver listings to the most qualified leads based on not only information provided by the portal but also information from the visitor. They can look at your likes and dislikes and then provide you with a listing that matches those previous choices. This will lead to faster sales and better pricing results.
Machine learning has the potential to automate the entire legal process. Lawyers are already using tools and software which helps them get more done through faster researching, leaving lawyers time to focus on tasks such as advising clients.
All in all, machine learning will help boost productivity. Armed with these tools, agents can focus more on the most important aspect of the job, the clients. Machine learning is changing the world, making things easier and faster, increasing productivity, and assuring better quality. The real estate industry has a lot to look forward to thanks to machine learning.