In India, the evolution of technology has gone through four phases so far. The goal of every new generation of networks is to reduce network congestion and increase speed. The 4G connections currently in use are expected to be replaced by 5G, the next generation of mobile and internet technologies. In addition to offering higher download and upload speeds, the network will be able to support a variety of systems due to its extraordinarily high capacity when compared to 4G networks. With improved augmented reality in-home tours, enhanced connection for smart home gadgets, and potential new revenue sources for commercial buildings, 5G is anticipated to have a significant impact on the real estate market.
A wireless network of the fifth generation, or 5G, is intended to provide speeds greater than 1 Gbps (gigabit per second). The 5G network has lightning-fast reaction times in addition to its high speeds. Better data rates and fast response times make it possible to connect many devices at once. As a result, the combination of 5G with the real estate sector would enable a massive increase in the usage of IoT (Internet of things) and Artificial Intelligence in real estate applications, such as Virtual reality, Building information modeling (BIM), Drones, and autonomous vehicles for construction, House search and recommendation, Lead generation and Content marketing. We are currently witnessing AI changing real estate landscape through various technologies.
Virtual reality –
The entire real estate sector has been greatly impacted by virtual reality. This technology has brought in a lot of changes to the sector, from how customers search for properties to how real estate agents list them. Virtual reality is a great example of AI transforming real estate.
A home’s interior can be experienced very differently in person than it can through images. Agents who specialize in selling real estate can snap pictures at an ideal angle to conceal any flaws. However, when you move around a house, the issues are clearly visible.
The drawback of open houses or property visits is how time-consuming they are. Potential homebuyers must travel distances to visit each property. If someone is still residing there, the realtor must arrange a mutually convenient time for the potential buyer to view the property.
Now, a real estate agent enters the scene and utilizes a virtual reality camera to collect the 3D video and image data. The agent can produce an immersive experience of virtual house tours instead of staging open houses. The COVID-19 pandemic accelerated the growth of virtual home tours exponentially. Now a customer can sit at home and have a 360-degree view of the property/house.
Building information modeling (BIM) –
BIM technology is the process of using 3D models to plan, construct, and visualize the building structure.
BIM does more than just provide cost estimates –
⦿ Enables a clear understanding of how the project will look.
⦿ Streamlines workflow by storing and sharing data on cloud-based servers, and
⦿ Identifies gaps and danger zones in construction sites.
Instead of 3D, the 5G network can offer fully confederated 6D Models and speed up information sharing across cloud-based systems. Not only will this result in cost savings, but it will also quicken the construction process.
Drones and autonomous vehicles for construction –
The advantages of drone technology have particularly transformed the entire project life cycle, starting from project idea to project closeout. Drone photography is used to scope out projects, monitor construction progress, and deliver real-time information. Drones can increase productivity, reduce expenses, and streamline workflow thanks to their real-time data recording capabilities and distinct aerial edge. Here are a few applications for drones in the real estate industry.
Topographic Mapping and Land Surveys –
Planning large-scale, extensive building projects requires consulting topographic maps. They can expose mistakes in designs that are inappropriate for a given terrain and can be an added expense. Topographic maps are useful, but they are costly and take a lot of time to produce.
Equipment Tracking –
Drones monitor the whereabouts of all the equipment on the job site. It is also used to document mistakes or malfunctions and offer graphic representations that help explain those problems. Artificial intelligence will be utilized by drones in the future to steer and control construction trucks.
Remote Monitoring and Progress Reports –
When clients are unable to visit a site in person, drones may generate stunning overhead pictures and help them understand how the project is progressing. Clients are reassured that their money is being used effectively.
Security Surveillance –
To swiftly determine whether a piece of equipment is in a secure enough place, a drone operator can perform a flyover. They can check the security camera to determine if anyone is coming onto the property without authorization. By doing so, you can prevent theft or damage and spot trespassers.
Personnel Safety –
Drone video cameras can be used by construction managers to inspect the project site for safety issues, ensuring that workers are balanced appropriately and that no equipment or structures are loose or unsafe.
Structure Inspection and Photography –
For scheduled maintenance of larger buildings like bridges, towers, roofs, and scaffolding, drones can be employed. A drone operator can complete work in a matter of hours as opposed to a whole crew of surveyors.
House search and recommendation –
Real estate agents who are technologically inclined have been utilizing Artificial Intelligence for years. They have seen how it can speed up the home-selling process and benefit both builders and homebuyers. The benefits of AI in real estate are that it can help clients make the best choices by narrowing their search to a more critical set of factors. This is so because Artificial Intelligence-powered real estate suggestion engines function in a similar manner to other product suggestion engines, for example, Amazon suggestions. They assess your property preferences and present the best possibilities that are accessible.
Lead generation –
For each of their many properties, real estate brokers struggle to find potential leads. They end up wasting a lot of time on interactions with ineffective prospects. Using technology, they can now gather useful information from website visits, landing pages, and digital advertising. This Artificial Intelligence real estate evaluation is used to determine the greatest possible leads.
Lead generation teams can optimize time allocation and boost conversions with the help of the regression algorithm. Lead generation that is automated includes:
⦿ Examining customer behavior
⦿ Narrow down the lead search process
⦿ Maximize relevant leads
⦿ Use AI chatbots and virtual assistants.
Content marketing –
AI-powered consumer apps, chatbots, and other real estate AI apps for investors are already paying off. By utilizing this technology to provide personalized material directly to prospects, real estate companies are rapidly evolving.
Without using aggressive sales tactics or desperate attempts to obtain a prospect’s contact information, AI-powered chatbots may answer common client inquiries. In real estate, chatbots can be used to pose the following query suggestions to the potential buyer:
⦿ What kind of residence do they prefer?
⦿ What is their budget plan?
⦿ What location do they prefer?
These pieces of information can help a lot in content marketing. Another strategy involves creating real estate advertisements for various social platforms. This enables the AI systems to present relevant ads to potential clients. The algorithmic real estate is much more streamlined and target focused which is making the market grow drastically.
By implementing AI in real estate India, stakeholders like sellers, investors, and managers are benefitting in understanding homebuyers’ requirements. They can now estimate the value of a property, process massive data sets, streamline the homebuying and selling process, improve client-customer relationships, generate quality leads and much more.
The traditional “pen-paper” based management is outperformed by AI in real estate when it comes to handling property documents, agreements, and contracts. AI and machine learning models can identify title frauds, make insurance policy recommendations, get rid of typos, and enhance information flow.
AI in the real estate sector simplifies the process of buying a home by making tailored recommendations. AI-enabled platforms will deliver fewer, higher-quality properties that are relevant to the user’s needs rather than hundreds of listings.