Technology and its applications are parts of your everyday life. From the moment your alarm clock rings up in the morning to the time you check your phone before sleeping, automation is your friendly companion. You might not even visualize a community without cars, electricity, gadgets and even your favorite coffee maker. Indeed, it is difficult, if not impossible, to imagine a life without technology.
Digitalization also creates an impact in commercial transactions. The discovery of electricity, fuel and oil makes the transportation and communication easier. The delivery of products and services in a faster way generates more dealings to businesses and the convenience of communication makes the contracting parties more connected to each other.
Real estate industry is not an exception to the areas where technology has made a huge impact. A report from the KPMG shows that 95% of real estate companies employ a person for spearheading responsibilities on digital transformation and innovation. This shows that real estate companies are capitalizing and innovating on applied sciences in order to develop their businesses.
Here are the steps on how to run real estate comps:
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:
AI perception is used in the creation of cameras, sensors and 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.
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.
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 to stay on top of the competition. Feel free to join us in our training and webinars as we discuss the latest trends in real estate and new technology for investing.
2 – Automate your business
You must keep up-to-date about the latest technology and use it to develop your tools and services. You must experiment, measure, learn and repeat the process of exploring available possibilities to leverage your business.
You may check our amazing 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.
From receiving emails, answering phone calls and using automation tools to find and analyze deals, artificial intelligence truly serves as the new electricity in real estate investing.
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.