What was once ‘on the cards’ is a reality now that is disrupting the way properties are bought and sold? Keep reading to find out how Artificial Intelligence is flipping this field over.
The impact of Artificial Intelligence in every field that is there, is commendable. Let us get to discussing how these key metrics of domestic real estate may be facilitated or disturbed by the adoption of AI:
Facilitate: AI can keep records of properties in and around the areas, say for example, in tightly populated places like Pune; this effective arrangement of registered properties can make the search process a cake-walk.
Backfire: Though this sounds as simple as the advantageous replacement of yellow pages and classifieds with google, there is a need for constant updates and adoption of the pool of records. This may leave out non-digital good business and expired business.
Choice and Decision-making:
Facilitate: Psychology says that when choices are several and seem close-call, people might restrain themselves from making any choice at all. However, AI has our needs and particulars embedded in deep-rooted systems, which can effectively help us in decision making.
Backfire: We cannot however forget the fact that human beings are prone to have demands and desires which cannot be confined to “filter options.”
Buyer and Seller Interaction:
Facilitate: AI will effectively replace brokers and middle men which can make “systems”, the interface between buyers and sellers. This obviously saves commission cost and makes the process swift.
Backfire: Humans will never in a million years trust and align their sentimental values with an “intelligent database” more than a fellow human.
Document and legal verifications:
Facilitate: No more talking people into buying legally weak properties, no more bribery, no more stress in getting things done smooth and straight.
Backfire: Nothing at all.
Facilitate: In a very simple way, it will eliminate the conventional negotiation process which makes the selling process hassle-free. Artificial Intelligence knows the real value of a place and can nudge the buyer toward not paying a cent more than what the property is worth.
Backfire: Really?! No!!
If connected cars system and effective communications of obstacles ahead save accidents from happening, it might make human drivers lose livelihood in a very obvious way. So the question is, what picture will have the upper hand in breaking grounds in AI? It applies to the surge of Artificial Intelligence in real estate too. Let’s observe and leverage this technological upgrade to the best of our needs.