The Influence of Artificial Intelligence on Real Estate Market Amidst COVID-19

Although artificial intelligence (AI) is a well-established concept in the real estate sector, its use and importance gained a lot of importance in the past few months. This advanced technology was planned to be used in the real estate sector long before the COVID-19 hit us but the global pandemic forced the realtors to make it an integral part of their operations in the current challenging times.

Many companies are now following the famous proverb “necessity is the mother of invention” and coming up with effective AI-powered solutions to improve the potentials and abilities of their real estate businesses. These solutions help such businesses to provide accurate and comprehensive information to their clients related to a property.

This feature of this AI-powered software can prove to be quite useful in current times as the businesses in the real estate sector can track listings of properties available for rent and sale along with maintenance requests. Furthermore, they can also collect tenant applications through such platforms powered by AI. With the use of these solutions, real estate businesses today are gathering all the information and data they require without compromising the social distance protocols laid by the government.

For those interested in making real estate investments, UAE is no less than a paradise. The trend of relying on online property finder UAE platforms has also surfaced in the recent past. Particularly, in Dubai where the real estate market is flourishing, the use of such applications has greatly helped the real estate agents to conduct their businesses. 

The use of AI has enabled them to gather more information about their clients by monitoring social networks. Moreover, the big data algorithm these apps feature also enables them to extract the information they require in a precise and quick-paced manner.

AI has also facilitated the “work from home” initiation taken by many real estate companies amidst the COVID-19 outbreak. As they can gather all the relevant data using AI-based apps and platforms without having to step out of their home, making sales predictions and revenues hasn’t been a big problem for them. Whether it is the property for sale or rent offers, they can make listings available to their clients in a convenient manner using the latest apps and platforms.

Based on the type of data available i.e. qualitative and quantitative, AI can help real estate organizations to predict sales growth and manage their business engagement effectively. However, the major problem the real estate sector faces is that it lacks qualitative data, even though there is abundant raw data available. As this type of data holds prominent importance for AI, its shortage, coupled with a lack of awareness about AI’s abilities, can prove to be a big hindrance to tap its maximum potentials. However, a number of real estate companies in developed cities like Dubai have taken the plunge to get training on AI tools in order to optimize their functions. This reliance on AI-solutions and the urge to learn AI tools have helped them to prepare for the future.

The impact of AI-based solutions hasn’t been limited to the real estate industry. It has been prevalent and successfully deployed in numerous industries, particularly in the eCommerce sector, for quite some time. Ecommerce businesses collect customer data and keep a tab on consumer behavior using AI-based solutions such as chatbots, machine-learning interfaces, etc. The use of such applications has helped them to make precise targeting with their marketing campaigns and generate enhanced revenue. The same prospects AI holds for the real estate sector.  

Earlier this sector relied on data sheets to make predictive analysis and sales forecast. Moreover, automation systems in buildings have also been used as part of IoT technology. This process enabled them to collect data by deploying sensors in the various strategic locations around a development/property. The data obtained was then used to improve the energy efficiency of the property. However, the time has come when the businesses in the real estate market need to look beyond these dated practices and look for the latest AI-based solutions to garner impactful results.