Role of Artificial Intelligence and IoT in Real Estate

“30 million US households either use a Home Automation system or have plans to install one within 12 months,” says a study.

With the world has become preoccupied with Artificial Intelligence and IoT (Internet of Things). It is no surprise why a domain like Real Estate should be left out of this sphere! Going by the vision of helping people seek better homes, better lifestyles and in a way creating a small world that is “just their own space” and the peace that it can add, is incomparable. Like everything else, artificial intelligence too, took the world by storm when it first came into existence and ever since there has been no turning back when it came to applying it to a million different aspects to make them better and simplified.

The real estate world, for example, is a different space altogether. For builders, it may be using the best of equipment and technology in order to create a better home for their clients.  However, for most individuals, this may exclusively focus on other aspects like costs, location, amenities etc. While the thinking of both may even cross at some point of time, one thing may be of core importance for both – making everyday chores simpler using technology that will help save time, money and effort.

To put this idea into reality, IoT and artificial intelligence are brilliant options and the way they have so far managed to touch the real estate domain is simply marvellous! 

For example, imagine an individual who is looking out for an apartment in a particular area and has certain expectations. Using IoT, he can use this information to connect to the best real estate dealer and in return, he can help him out with various options for the same. The individual can view it on his laptop, use live videos etc. to check out the place and understand the location. All this can be done without the person physically heading to the site. If all goes well, he can shortlist a view, visit and then take it further. Without technology, this entire process may require multiple visits, time and effort from both the parties.

Well, this is one of the million different things that IoT is capable of and it can make a surreal difference in one’s life if done right!

Here are some of the most creative and helpful ways in which IoT can be utilized for making real estate better:

1. Better Interaction 

With the use of artificial intelligence and internet of things, the timely conversations between the tenants and owners can be taken care of in the best manner. This reduces the hassle of having to communicate on the phone or through emails, given both parties may not be free at the same time to have a quality conversation about any issues or challenges etc. To make it easier, IoT can work a way for both teams to speak by checking their schedules, deciding on a particular time and then creating the perfect space for them to speak. These are some of the benefits of Ai and IoT in real estate:

a) Ai powered bots for ease of communication and property selling:

With Ai, communication is one aspect that is made simplest! Chatbots is something that is one of the many things that artificial intelligence can take care of easily. This can be made live on the website or portal and used to interact with new customers who have inquiries. Without using this feature, one would have to have a person specifically designated to take care of enquiries and communication.

b) Personalizing experiences:

Using IoT, it is possible to make your conversations and interactions more personal with the owner or vice-versa. This goes a long way in maintaining a good relationship with the buyer and also makes him/her feel more valued. In the long run, IoT thus makes sure the next time there is a deal the buyer will definitely remember you and this is a perfect way of maintaining the buyer-seller relationship without the pressure of investing time and effort.

c) Hassle-free follow-ups:

Need to check whether the maintenance fee has been paid or no? Did someone miss out the contribution for the annual society party? Make sure your follow-ups are hassle-free and time-efficient with the help of IoT. If done right, IoT will sync all aspects of an event like the persons who have not paid, the deadline, balance amount if applicable etc. and then notify the person about the same well before the event. This can be done for every person in the society who has missed it out along with follow-up calls until the end date and even a late-fee for those who do not respond on time.

2. Improved security:

As per an incident, “In 2016, IBM’s X-Force Ethical Hacking team conducted a penetration test on a customer’s building automation system and found numerous vulnerabilities in the HVAC system that would allow a malicious intruder to gain access to the enterprise’s central server, proprietary customer data.”

Thus, with the use of artificial intelligence, one can safeguard all access points in the home without even having to install locks. It can be taken care of by virtual devices, micro-cameras and fingerprint recognition technology while entering homes. Similarly, using IoT, the information can be immediately reached out to the security team/police if an intruder enters at any time.

3. Building Structure Models (Pre-Construction Stage):

A lot of hard work is required before the construction phase. At times, due to minor errors in the blueprints or measurement of various aspects of the construction, it can also happen that the final result gets faulty. To correct this, artificial intelligence can use its insight in order to measure all aspects correctly and ensure there are no flaws in the initial plan so the final result turns out absolutely flawless! 

4. IoT and Artificial Intelligence in the Marketing of Real Estate:

Defined as “A scenario in which objects, animals or people are provided with unique identifiers and the ability to automatically transfer data over a network without requiring human-to-human or human-to-computer interaction.”

For any new real estate property to sell out like hot cake, people need to be aware of it well before the launch. A lot of effort is thus put in by builders to showcase their amenities and aspects of their apartments and reach out to the target audience. To make this process simpler, one can use Ai and IoT and market real estate effortlessly. Social media, eBooks, newsletters, webinars etc. can be created, invitations to a  launch party can be sent out and the word can be spread without adding all the money, time and effort of doing the same manually.

Thus, artificial intelligence can make homes and real estate seeking really easy for both the builder as well as for individuals seeking homes. With all aspects taken care of with minimum or no human intervention, the process can be truly a dream if done in the right manner. Today, in a country like India where technology is given high priority and a good preference is given to make everything digitalized, incorporating IoT n this aspect will truly be a big step for the industry.

Another aspect to this is keeping an open mind about IoT and artificial intelligence. While in the very beginning, this new concept may require a wee bit of getting used to, understanding it and going with the flow to make things happen, it will be only a matter of sometimes when everything gets synchronized and works flawlessly to deliver one the best possible outcome in any situation!