After being a successful backbone to the research department of various companies across the globe, Indians have started applying the power of Data science and AI in their day to day business. For such technology to occur in Real estate, it is surely a miracle of its own.
What is the essence of Data science in today's real estate market? How can AI transform the market? Read on to know more.
About 30% of businesses have already implemented these technologies at their best that has been a boon to them. In the case of Real estate, these technologies compiled together is known as Prop Tech (Property technology). Uberization is the key to stand out from the rest and prop tech will help real estate markets to extend their market reach to nook and corners of the Nation in a customised way.
Prop Tech is a blessing in disguise to the online presence of real estate companies with its roots connected to digital aspects yet being a layman's user-friendly source to connect Legit Builders to the aspiring home buyers.
AI and Data science helps you predict the customer behaviours and gives you a pattern of what the future markets would be like and what products/strategies are required to be future ready. Prop Tech is small initiative in a large transformation aspects.
In short, it is taking a toll in every company's strategy and reach to bridge the gap between the customer expectation and what company has to offer. Prop Tech is a collective term used for defining the technologically innovative products, new business models for the Realty markets.
AI tools carry a potential that could help you with companies being more visible and provide you with exponential growth with the extensive support of Intelligence. Not only this, it also comes with various other benefits like;
Improving online presence
Led to a unique digital transformation
Unbiased market and equal opportunity provider
Plotting future ready strategies
Refine and reliable transactional methods
Improving online presence: The competitive analysis of the data provides you with a clear picture of what your customers truly require. Not only this, it also improves the online presence of the company which further acts beneficial to all. Before having a massive sales exposure, it is essential to improve the online presence every quarter based on the trends and current digital urge of the customers. With the help of AI and Data science, you can understand the pattern of what your customers prefer and modify the online sites as per the same. This will also improve your presence online and at the same time make your brand the most favourable choice. Thus, with the application of Data science, the process would be much simpler and less frustrating.
Led to a unique digital transformation: Precisely, it is easy to stand out when you are unique and innovative. Digital transformation is a common aspect AI and such factors are driven by strategies that assist in digital transformation in the most innovative way. It also helps in creating a quality level advances using the database of a community or group to enhance the decision-making abilities. In every quarter we get to see an innovation aspect of one of our competitors which easily catches the attention of customers and helps them stand out. It also helps in the marketing plan of a company that adds a unique factor to their overall production and manufacturing unit.
Unbiased market and equal opportunity provider: The whole automation medium comes with a decision-making strategy that is relevant and all this doesn't include favouritism. Thus, with the application of AI, you can expect an unbiased market and provide equal opportunities to the deserving candidates. Applying AI in the management of the company can eradicate a negative atmosphere and work purely on facts and data of the company. AI programs cover all the routine and non routine tasks and even the manually inputted tasks with its smart intelligence to cater to the bests of industrial standards. In terms of recruitment, the Human resource persons of the company can hire the right candidate based on factual analysis and not the emotional side.
Plotting future ready strategies: Seeing the dependence rate of people on digital and data driven mediums, it is highly essential to be future ready. That being said, As mentioned earlier, AI tools are automated ones which come with a powerful feature of potentials that include learning, comprehension, auto correction if any and plan instantly in accordance to the situation and company requirements. That being said, it helps in planning and execution of strategies that are future based and relevant in the predictive future markets. In the real estate market, considering the number of buyers and investors in real estate, it is highly essential to be future ready because the decisions are generally taken on the appreciation value of the properties in the future.
Refine and reliable transactional methods: Transactional aspect of every company has drastically moved towards a fair remunerations and payment schedules. With the rise in the hectic work culture, it becomes difficult to manage the transactional methods as every payment related activities between the customer and seller is done online via apps like Google pay, Paytm, etc. That being said, AI can help in providing a reliable transaction method which would help the customers with a user-friendly method of transaction. It will also help in providing a smart, easy and automated source for the hassle-free payments with a trust worthy access. This will eventually reduce the probability of errors and dis functionalities of the customer experience.
Data science is an emerging and dependable source today which drives your data on the road of success and evolution. Choosing AI in real estate is far better than advertising without a direction. All the above mentioned benefits can be considered to induce your entire company's operation with artificial intelligence and automation.
If you are still in a dilemma to whether take up data science in to your company then I can confidently say based on facts and data that its best to opt for AI and concerned analytics.