The last two years have changed the way the real estate market operates, as the pandemic worsened, the need for technological advancement in the real estate sector was crucial. The pandemic steered this transformation and for a sector like real estate which has been traditionally slow to adapt to technology, to be "Today Forward, Future Back” we have taken multiple innovative technological initiatives to emerge again as real game-changers.
New-age tech-enabled platforms are helping buyers/investors to view multiple properties without moving out of their homes. These platforms are adding value by taking on the real estate industry to make it better, spurred by an ever-changing digital landscape and new consumption pattern. Post COVID-19, we have seen a wider growth and demand. With the increasing demand for tech-enabled real estate platforms, some trends like the use of AI, machine learning and Robotic process automation (RPA) can witness significant momentum in 2021. Such technologies enable a systematic and comprehensive evaluation of a large spectrum of properties in real time.
The rise of artificial intelligence evolution in real estate
Artificial Intelligence has significantly optimized the decision-making process with regards to asset identification and selection. AI platforms use algorithms and machine learning to process big-data sets to identify correlations, patterns, and relationships across a broad spectrum of parameters and variables. By identifying such variables and evaluating their impact on multi-scenario probabilistic models, the asset selection process over time has evolved from subjective evaluation to deterministic and quantifiable in nature. Well-designed AI algorithms constantly test the feasibility and impact of different parameters – this can often result in significant insight triggering a ‘butterfly effect. The butterfly effect is the idea that small changes can have non-linear unpredictable impacts on a complex system. AI can also help in the prediction of any safety hazard or construction defects saving time and money.
- The rise of artificial intelligence evolution in real estate
- Virtual tour of the property
- Robotic Process Automation
- Increased adaption of cloud-based technology to ease the work