4 AI & Machine Learning Tools Every Property Investor Should Start Using
Artificial Intelligence and Machine Learning tools are revolutionising the real estate industry. Discover why you need to leverage them and the 4 tools you should start with.
A Morgan Stanley research once revealed that real estate used to be one of the least digitised industries.
But that time has come and gone. Artificial Intelligence (AI) and Machine Learning (ML) tools have introduced several innovations to the property industry.
For instance, buyers no longer have to be physically present to view a property. Augmented Reality (AR) and Virtual Reality (VR) allow online walkthroughs that make the viewers feel like they’re physically inside a property.
Various platforms are no different.
Zillow now uses AI to help buyers search for the right properties even from afar. Compass also leverages AI to search for properties that have the highest probability to sell within 12 months. According to them, agents are 94% more likely to win potential listings thanks to AI technology.
Although the majority of sellers still rely on real estate agents to sell their properties, the trends are rising in favour of AI and ML tools. And if you don’t start adapting the technology into your work, you’ll be left behind.
In this article, you’ll find out the extent of AI and ML usage in the real estate industry and how you can get started in using them yourself.
5 Problems AI & Machine Learning Solve for Property Investors
There are several problems that AI and ML tools can solve for property investors and developers. Among these are:
Problem #1. Inaccurate appraisals
Before you close a real estate deal, you need a proper appraisal. It’s the best way to know if you’re paying the right price for it.
Such an appraisal requires accurate data, which is something that’ll take a lot of time to gather if you’ll do it completely manually.
But with the help of AI-based technology, gathering relevant information will now only take you seconds. Not only that, ML algorithms will help sort through the data so you’ll only get what you need to make a decision.
Problem #2. Outdated marketing
Communication is an integral part of real estate transactions. And with AI and ML technology, real estate agents and property developers can leverage targeted advertising, marketing automation, chatbots, and other marketing tools to help complete a property deal.
Problem #3. Complicated and time-consuming property management
Once you’ve purchased a property, the work doesn’t end there. You still need to maintain and manage the property if you plan to profit from it.
Technology can make such tasks easier. After all, ML-based systems are used with IoT (Internet of Things) devices to help with predictive maintenance, fraud detection, and even finance and accounting tasks.
Problem #4. Security threats like theft or damage
Using AI and building security analytics can help you ensure that your property investments are safe. It’s because there are a lot of AI innovations that protect properties from theft and damage.
If you combine this with predictive maintenance technology, you can avoid structural issues that could cause irreparable damage to the property.
Problem #5. Time-consuming process of advanced real estate analysis
Buying and selling properties require a thorough analysis of data. This process used to take a long time to do, but AI and ML algorithms can now make it happen faster.
For instance, they’ll allow you to get easy access to a location’s crime records, entertainment and recreation opportunities, natural disaster probabilities, education statistics, and so much more.
You’ll also get pre-analysed data that can help you make informed decisions that’ll lead to profitable property deals.
4 AI & Machine Learning Tools You Should Start Using
If you want to give AI and ML tools a try, here are four tools you can start using:
Tool #1. Workfit
This is a software package that can improve the flow of meetings. It eliminates the need for taking minutes of the meeting since Eva, the AI, records and analyses everything that’s said.
For instance, Eva can set up a follow-up meeting based on what it has heard. It can also adjust the profile of the client to update their CRM (Customer Relations Management) system.
Workfit ensures that everything discussed during meetings with builders, contractors, and even the buyer or seller won’t be forgotten or ignored.
Tool #2. Leverton
This platform uses AI technology to ensure data accuracy. Leverton uses deep learning AI capabilities to read documents and transfer the data into a digital system.
As you continue using Leverton, its ML capabilities will allow it to learn what information you usually get from the documents. It’ll then become more efficient in gathering data. It can even send a notification if important information that should be there isn’t available.
Tool #3. BioConnect
The primary role of this tool is for security purposes. In particular, it uses AI technology to identify biometric features to ensure that only those with proper access can enter a building or property.
This is a great feature to add to commercial properties.
Tool #4. Archistar
Archistar is a great tool for property developers because it makes research and due diligence efficient and easy to do—even more so than other tools. For instance, its design generator uses generative AI to help you create hundreds of building designs much faster and with less effort.
The Archistar platform has a new AI-powered design generator that allows you to create compliant building options instantly. Simply enteryour specs and the data-driven technology will show the possibilities of a development site.
It’s a powerful tool that unlocks design possibilities and help you make timely decisions about a property.
Leverage Archistar to Your Advantage
AI and ML technology is paving the way for a more efficient and profitable property development career.
If you leverage it, you can stop struggling with inaccurate appraisals, outdated marketing techniques, tedious property management tasks, security threats, and lengthy real estate data analysis.
Archistar, in particular, will help you solve these issues quickly and more efficiently.
And with the generative AI integrated into the platform, you can stop worrying about getting the right design for your property development projects. You can just focus on how you can make it as profitable as possible.
Use Archistar to take advantage ofgenerative AI. Try it out for free today through this link.