The Impact of IoT and AI on Real Estate Business

In the modern time and age, technology is something that has seeped into every aspect of everyday life, and that’s not a bad thing. It’s only the natural course of how we, as humans consistently strive to improve our way of life. Current trends have seen more and more use of artificial intelligence and “Internet of Things” technology.

Now, as a real estate professional, how would this technology affect how you go about with your business? Is this new technology the holy grail or is it nothing more than a technological gimmick?

The Internet of Things (IoT) is a concept that is on the lips of many businesses. This concept is said to have the power to not only affect the way that we live, but also the way that we work. As internet technology matures even further, its scope of use also sees an increase. Almost every mobile device that is released is capable of connecting to the internet; and that isn’t a bad thing.

Smartphones are principle among mobile devices when it comes to sales. Everyone and their mother has a smartphone and it’s for a good reason – the internet is the greatest invention of the century and the smartphone is the portal by which we are able to access it.

Simply put, the internet of things refers to the connecting of any electrically-powered device to the internet. This includes smartphones, tablets, computers, television sets, refrigerators, washing machines, and even light bulbs. In essence, the internet of things is a giant network of devices. – and who owns these devices? We do.

These devices are treated as an extension of ourselves. This widespread connection enables devices to communicate with each other and as a consequence, this connection also allows people to communicate with each other.

Going along this line of thinking, this enhancement to our ability to communicate has obvious advantages to real estate professionals, buyers, and sellers alike. Because it’s so easy to access information, we are able to find and be found by the people who find this information relevant. A real estate professional could be sitting pretty at home as a potential buyer requests for a tour.

Other ways in which technology is already affecting the real estate industry is in the use of beacons and maps. Apps like Google Maps make it easy to navigate through a concrete jungle. Some homes are equipped with Beacon. In essence, Beacon sends house information and the listing agent to any device within range. This greatly streamlines the process of initiating contact.

Artificial Intelligence refers to the simulated intelligence found in machines. It is also called machine learning and it enables device software to react to a user’s data. For in the Real Estate Industry, this helps buyers and sellers find each other while still adhering to each other’s preferences.

This also eliminates the need for extended conversations. And these conversations are often close to ad nauseum for both buyers and sellers who need to interact with several prospects.

The main focus here is on relevance. In the same manner that search engine optimization is able to help users find relevant information, artificial intelligence is able to take this a step further in order to provide information that is tailored to the user.

Apart from that, artificial intelligence is also capable of learning, so the more the device is used, the better it gets at providing information to the user.

Technology also paves the way for some pretty effective marketing. Real Estate photography is a great way to help sellers attract buyers. It also helps buyers determine whether a home is worth the asking price or not.

While the use of technology in real estate can be polarizing at times, what’s held to be true is that technology is here to stay, whether we want it or not.