Artificial Intelligence: The New Electricity in Real Estate Investing
Modernization and technology are part of our everyday lives. From the moment your alarm clock rings up in the morning to the time you check your phone before sleeping, technology is your friendly companion. You might not even visualize a community without cars, electricity, gadgets and cell phones. Indeed, it is difficult, if not impossible, to imagine a life without technology.
Digitalization, as one of the automation technology’s resulting outcomes, creates a huge impact in commercial transactions. As with other businesses, digital technologies are helpful to real estate investors in doing tasks such as finding and analyzing deals. For this reason, even big real estate companies have started investing in automation tools. Based in an article released by Forbes, automation opens a billion-dollar opportunity for real estate investors, as it paves way to property technology (proptech) and financial technology (fintech). This shows that real estate companies are capitalizing and innovating on applied sciences in order to develop their businesses.
Investing in artificial intelligence and automation technology serves as an electricity that fuels and accelerates business growth. By using technology, you do not need to do every task manually, instead, you can leverage on various automation tools. To further understand how automation technology works, here are the key terms, technological breakthroughs and tips for investors which may help you in automating your business:
Artificial intelligence (AI)
Artificial intelligence is a component of computer science which enables machines to perform and accomplish activities through programmed intelligence. In real estate industry, AI is commonly applied in the following areas:
Artificial intelligence perception is used in the creation of cameras, sensors and the internet of things (IOT). These areas of application help real estate investors in digital marketing, hosting events and transacting sales.
Learning and inference
AI makes the machine infer and perceive things or variables through machine learning, artificial neural networks and deep analysis recognition. This helps the real estate investors to analyze and find deals using automation tools.
Communication and language abilities
Conversation and language skills are now integrated in technology through language processing and voice recognition systems. This application enables real estate investors to stay connected with their clients in a faster and easier way.
IBM Deep Blue and Deep Learning technology
Artificial intelligence becomes more interesting when the IBM Deep Blue, a chess-playing computer, won against the world champion Garry Kaspraov in chess. It shows that computers can now play games that require human intellect and strategies. This breakthrough results in more people giving their trust in technology.
Self driving cars
The creation of self-driving cars is growing in the automobile industry. These cars have the ability to recognize traffic signs and signals. Some States already have legislation about the use of automated vehicles in preparation for the rise of demand and supply regarding this technology.
Work from Home and Virtual Assistant
The productivity in the workplace is now possible beyond the concept of a physical office. Some businesses start to invest in work from home set up specially in responding to the effects of the COVID-19 pandemic. The continuity of commercial dealings and employment are accomplished using technology and cyberspace.
Tips for real estate professionals
Given the impact of technology in life and in business, here are some tips for real estate professionals:
1-Stay on top of all the new technology
Businesses in the real estate industry are leveraging technology to help their business grow and stay on top of the competition. As a real estate investor, it is important for you to stay updated in the latest technological developments so you can utilize tools necessary for your business.
At Real Estate IQ, you may join our event “Geeks and Nerds” where we discuss the latest trends in technology which are helpful for real estate investors.
2- Automate your business
Automating your business is one of the most effective strategies to accomplish tasks more efficiently. When you invest in the proper automation tools, you may perform business duties such as finding and analyzing deals even if you are at home. As you learn more about automation technology, you may experiment, measure, learn and repeat the process of exploring available possibilities to leverage your business.
You may check our tools and see how we made automation and technology available so you can win more deals!
3- Do not forget the human element
Despite using a lot of machines and integrated data analytics, you must not forget that you offer your real estate services to the people. You must always be minded about the human element because people are your clients, not machines. As such, interacting with people is significant to win their trust, rather than relying solely on artificial technology. You may improve your communication with your client by answering their questions, paying attention to their concerns and providing solutions to their problems.
Joseph Dela Cruz has a background in Mechatronics Engineering and started his career in the high-tech industry in Austin, focusing on computer vision while becoming involved in the growing DIY/ maker and startup culture. His achievement includes bringing innovation in Real Estate IQ by combining technology, big data, and real estate; managing the Data Operations and Engineering team; and REIQ’S Austin & San Antonio Market Leader
The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.