Thoughts about Artificial Intelligence

AI slowly gets into the real estate industry

Everyone is talking about it, Artificial Intelligence will change everyone's life, but how will it affect real estate? Here we will identify some paths of change. But first…

What is Artificial Intelligence?

The term "artificial intelligence" is defined as "the construction of computer programs that perform tasks that are, for the time being, more satisfactorily performed by human beings because they require high-level mental processes such as : perceptual learning, the organization of memory and critical reasoning". One finds the "artificial" side by the use of computers or elaborate electronic processes and the "intelligence" side associated with the goal of imitating behavior.

The perfect example to illustrate this definition is the ChatBot: an artificial process replaces a human in the complicated art of arguing. But how the use of Artificial Intelligence will shake up the real estate market?

We will study two levels, two scales to identify these consequences.

1. Change on the part of buyers and owners through data analysis

Artificial Intelligence will impact the search of your customers, whether it is a property or the agency to whom they wish to entrust their property or their research. Indeed, real estate portals and search engines will evolve with Artificial Intelligence applied to data analysis. The contacts will be more qualified, the results more sharp in the searches thanks to the aggregation of multiple data on the customers AND they will be evolutive! Indeed, Artificial Intelligence will analyze their behavior vis-à-vis the search results: the photos on which they spend the most time, the videos / virtual tours they look at and then refine the quality and relevance of the properties proposed real estate.

The media offer could also evolve on real estate portals. Imagine that you can define a typical buyer profile for a certain type of property according to its purchasing power, its tastes, its geographical location ... Once these profiles defined, you could then determine to which target you want to show your advertise for a particular property. Your advertising would then be extremely well targeted and your contacts much more qualified. In fact, your budget would be better allocated.

In another case, a couple who owns a 2-room apartment starts to think about having a child, so they do some research on the subject. Artificial Intelligence can identify this couple as a prospect to contact and this upstream of their sales and purchase project! The proposed goods will take into account the data "child" and will therefore be near nurseries and schools for example.

2. What's new in real estate agents' daily lives

The goal, the primary purpose of artificial intelligence is to relieve, to replace the human on time-consuming tasks for the latter. And some tools working in this direction are already emerging in the real estate market. Among all the emerging tools, here is what we have identified as really advantageous:

- A solution that allows you to automatically write the real estate ad corresponding to the property you added in your software.

- An article rewriting algorithm, real estate ad not to be qualified as plagiarism by search engines.

- Chatbots that save time in dealing with potential contacts by avoiding real estate agents to do so to focus on other actions.

- A virtual assistant to manage the taking and cancellation of all your appointments by analyzing your mailbox.

- A web platform that allows you to qualify and communicate with all contacts received via ads on real estate portals, within five minutes of their request, by email or SMS.

- An application that analyzes in real time the supporting documents of a rental file and then makes it possible to certify that the verification has been carried out, particularly when an unpaid rent insurance is underwritten.

The majority of these tools are still at the beginning of their development and currently represent a multiplicity of platforms and tools. It will be important in the near future to group them together in a single system to facilitate management. It is certain that artificial intelligence will have a global impact and therefore also on the real estate market. Like any evolution, it will be important to take part in the movement.

The contribution of artificial intelligence is not only upstream, but impacts and will impact in the future more and more our living rooms, bedrooms, dining rooms, etc. Indeed, more and more smart homes are appearing on the market, taking advantage of the latest technologies in terms of heating, lighting, security and automation of all kinds.

These mechanisms are particularly common in environments where the climate can play tricks, as in the mountains, and moreover in residences that are not occupied all year long. Take the case of apartments and houses MGM French Properties, a company that offers property for sale in the French Alps. Imagine that after a long drive, you arrive not in a housing that flirts with polar temperatures as is so often the case, but in a cozy nest where the temperature has been previously chosen by the owner for the moment of his arrival. No waste, just ideal comfort. Or, in the case of shared housing, everyone can enter their profile in home automation systems to feel instantly at home. And for the peace of mind, there's nothing like a camera system that is searchable on the mobile, and monitors housing for a day on the slopes or the rest of the year and can automatically alert homeowners. Again, artificial intelligence has not finished helping us.