Artificial intelligence (AI) applications have become more advanced, which has led to revolutionary changes in the commercial real estate field, according to global office brokerage service Instant Offices. As these changes continue, it’s expected how real estate professionals conduct business will continue to shift as well.
As property technology, or PropTech, start-up companies offer innovative products and business strategies for the real estate market at an alarming rate, Instant Offices recently took a look at some of the top-predicted AI trends that PropTech companies will introduce to the industry within the next two years.
Augmented and Virtual Reality (VR)
VR can be used to provide customers with virtual tours, which will allow prospective tenants and buyers to look at properties from anywhere in the world or even look inside of properties that haven’t been built yet. Meanwhile, augmented reality, which overlays virtual objects on top of a real-world environment can help agents bolster their in-person property tours. This technology will make it easier for agents to sell to clients all over the globe and provides clients with the confidence to make a decision knowing exactly what they’re buying.
Technologies such as voice commands and facial recognition are being used to improve commercial buildings’ security. Biometric technologies offer better safety and security for clients, which is especially useful for those who work with sensitive information.
AI applications such as “chatbots” can work 24 hours a day, seven days a week to service customers. This helps commercial real estate agencies provide clients around the world with readily available support, no matter the time of day.
Cryptocurrency and Blockchain
Block-chain-based smart contracts are expected to become more widely used throughout the commercial real estate industry because they eliminate the need for third parties in a real estate transaction. Meanwhile, crytopcurrencies like Bitcoin have become more popular and reducing the need for notaries, lawyers and title holders.
AI can analyze large amounts of data that helps agents match the right properties to the right customers in a short amount of time. This helps providers offer more targeted marketing and tailored solutions to their customers.
Data Visual Tech
Data visual technology includes applications like drones that are used to capture footage of properties and their surroundings to be used in virtual tours and produce videos of areas that are being developed or upgraded. Real estate agents can leverage data visual technology to provide customers with an in-depth look at potential properties and locations.
AI has the ability to draw critical data about properties from maps of their location, which can then be analyzed and used to predict future changes and trends. As an example, AI can use data about development plans in a particular area and predict the price of property in that vicinity. Agencies can use geolocation tech to gain valuable insights into up-and-coming areas as well as trends in their clients’ preferences.
Internet of Things (IoT)
IoT applications are all over the place and more real-world items are being equipped with sensors that Internet applications can read and then translate into data. The same concept applies to buildings, too. IoT also creates an opportunity to build “smarter” properties, which can be tailored to the people occupying them.
The common theme among these applications is AI, which can help make real estate sales and rentals faster and easier for customers and providers. With the right AI application, time and hassles can be saved, making the process more targeted and efficient.