Have you ever got a detailed analysis of your customer’s interests and even the property options they might be interested in? Or maybe the property valuation or the success of various campaigns according to the target location? Those are some benefits industries get from implementing machine learning applications in real estate!
Real estate has been the global market’s most productive and disruptive sector. Trends like IoT, AR/VR, blockchain, mobile apps, and even cloud computing brought significant innovations to the industry. Of all those, AI/ML in real estate is gaining high momentum!
Leading brands, including Zillow, have invested in machine learning applications in real estate to grow their business and lure more customers.
But is Zillow alone, or are other companies benefiting from AI-based real estate software solutions? Moreover, what benefit does machine learning in real estate offers to investors and customers?
Let’s uncover answers to all such questions in our blog below!
- Machine learning applications in real estate are used by a majority of the leading brands, including Zillow.
- The market for next-gen real estate software development is expected to reach $9.5 billion in the coming years, and AI/ML are one of those technologies.
- ML in real estate offers great advantages, including better leads, quick operations, recued costs, etc.
- The investors get some excellent benefits such as better ROI, profitable business deals, better competitive advantage, automated operations, and increased employee efficiency.
- You should always hire an experienced AI software development company to create your custom machine learning application.
- You must begin with an MVP, and should test your product before launching it in the market.
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Market Scenario of AI and ML in Real Estate
AI/ML has not remained a sci-fi term anymore. Industries, including real estate, have leveraged advanced AI development services to grow revenues, outsmart their competitors, and build a unique brand value.
As per trusted sources, real estate businesses have invested more than $9.5 billion in various next-gen real estate software solutions. According to a report created by Oxford University, 53% of the global real estate companies are today investing in real estate technologies, and machine learning applications in real estate are one of them.
Statista also conducted a survey in which 42% of the real estate businesses agreed that AI/ML in real estate is useful for developing smart buildings. Moreover, 56% of companies have already noticed positive changes by adopting robust real estate technologies.
But why are those companies investing in various technologies, especially AI development services? Well, the answer to that is because machine learning applications in real estate can help companies get real-time information on:
- Customer needs and interests
- Property valuation and market insights
- The chances of natural disasters in a particular area
- Local market situation
- And much more
Due to such benefits, machine learning in real estate is quickly becoming a futuristic trend in the market. A Philadelphian brand, for instance, partnered with an AI software development company to create an AI-driven algorithm for its real estate brand. That AI-based real estate solution not only streamlined their basic operations but even helped them win a $26 million deal!
Well, that brand is not alone! Businesses worldwide are leveraging AI-based real estate software solutions and apps to automate various facets of their business. Below is a graph depicting the different use cases of AI/ML in real estate. (Source: CRE Innovation Report)
How Can Machine Learning Applications in Real Estate Beneficial?
You now have a general idea of how many people are investing in AI-based real estate software development. But some of you may doubt the benefits of machine learning applications in real estate. Some may even think that machine learning in real estate is only for large enterprises, but that is a myth!
Every real estate business can leverage the trend of ML in real estate. Below are some of the benefits that you get via machine learning applications.
Quality Lead Generation
Finding good leads amongst thousands of prospects is difficult, especially when you’re working in real estate. However, the advent of machine learning in real estate has brought some great advantages to the industry.
Machine learning applications in real estate focus on analyzing the customer’s needs and segregating them as per their interests. You can even target user-centric campaigns to your customers with custom machine learning applications. That will eventually help you get quality leads and identify your future loyal customers.
Reduced Operational Cost
Another excellent benefit offered by machine learning applications in real estate is reduced operational costs. Unsurprisingly the real estate business calls for tedious analysis, complex calculations, and numerous paperwork. Not to mention, answering all the customer queries in real time is also important.
All those tasks require your business to spend time and costs on hiring resources. That eventually consumes your money and precious time that could otherwise be used to generate opportunities. That’s where machine learning in real estate comes into play!
With AI/ML-based real estate software solutions, you can easily automate various tasks of your organization, including email management, customer support management, report generation, property valuation, etc. That eventually saves your time and cost while maintaining better work efficiency.
Better Customer Experience
As discussed above, it is difficult for humans to respond to every customer query in real time with the perfect answer and personalized experience. However, things are different with AI development services.
Today, leading real estate companies are adopting AI chatbots in real estate to elevate their customer experience. Those chatbots are equipped with NLP services (natural language processing) to analyze the customer’s message’s the true intent and deliver the exact solutions matching their requirements.
Many other companies are also using AI-based real estate software solutions to offer the right product/services to their customers at the right time and on the right platform. That eventually enhances your customer experience and increases your brand value.
Secure and Smart Transactions
With the growing digitization, cybersecurity concerns have also increased. Companies, irrespective of their sizes and domains, are adapting the best security practices to reduce the chances of data thefts and monetary losses, and real estate is no exception.
That’s why the most prestigious brands worldwide invest in real estate software development equipped with AI/ML technology to safeguard their critical business data. Many other companies are also implementing blockchain services to secure their transactions and increases transparency across their company.
Accurate Market Insights and Property Valuations
In today’s competitive world, having real-time information on the latest market trends and customer needs is a boon. However, not many companies can leverage that data to generate profitable deals. But the ones implementing machine learning applications get powerful insights for running a profitable business.
The AI development services integrate smart tools and enterprise solutions into your real estate business, carefully analyzing the best trends required to grow your business. You can get information on the type of properties that most of your customers are looking for, the most preferred location, and the channel through which most clients search for their homes.
Read More: 5 Ways AI Is Changing The Real Estate Market
How Do Investors Benefit from Machine Learning in Real Estate?
Well, if you think those were the only benefits you get from machine learning applications in real estate, then wait, there’s more! As an investor, every person needs to have sufficient answers to what returns they will get. In short, whether the deal of machine learning in real estate profitable for the long-term or not?
Here are some of the best benefits investors can get from machine learning applications in real estate!
Informed and Profitable Decision Making
One of the major requirements of businesses these days is to get data-driven decision-making power. However, legacy systems are not capable of providing business-related data. But that’s not the case with machine learning applications in real estate!
As an investor, you can leverage AI-based real estate software solutions and apps that can offer you critical business and market data to make informed business decisions. For instance, you can check a particular location’s future value or market hike. Moreover, you can also know whether there are chances of any natural disaster in a specific area.
Gain an Edge Over Your Competitors
That’s one of the best benefits machine learning applications offer in real estate. Every company today seeks possible ways to outsmart its competitors and gain a bigger part of the market. And that’s where AI/ML in real estate comes into play!
You can offer many exciting services to your customers, including automated support, smart suggestions, secure online transactions, and more with custom machine learning applications. Moreover, you can even deploy a chatbot to analyze the data and offer your customers the exact services/products at the perfect time.
All of those eventually enhance the customer experience and enables you to become a pioneer in your field.
As an investor, one of your primary concerns could be the profits or returns on your investment. You need to know the price of a particular location in a few years. Let’s assume you can even know that for your area, but what about overseas locations? That’s where machine learning applications come into play!
With machine learning applications in real estate, you can the exact value of a particular property in the coming years. The smart real estate software solutions analyze past data and offer you the best price for your deal. That ensures a profitable business for years to come!
Better Deals and More Productivity
Finally, machine learning applications in real estate ensures better deal and more productivity. Since you only target customers in need, it ensures quality lead generation. Apart from that, machine learning applications like chatbots automate most of your tasks while relieving your employees. That means they can easily focus on more appropriate tasks for expanding your business worldwide.
How to Create Machine Learning Applications for Real Estate?
So, we are at the most awaited section of our article – creating machine learning applications for your real estate business! Most companies often hire an experienced real estate software development company with AI/ML services expertise. However, some prefer to hire in-house developers to create ML apps.
Now, both approaches are good; most companies always prefer the former one. That’s because, firstly, hiring in-house developers is a tedious task. Secondly, you may not even need those developers once the project is completed. Finally, an experienced software engineering studio has better knowledge of the latest trends in your niche.
Whether you outsource your project or plan to hire an in-house development team, below are some steps you need to follow for smooth app development.
Start with Market Research
You must start your project with in-depth market research. Knowing your target location and audience is the foremost thing that ensures a successful product. You can determine your target audience’s main concerns with accurate market research.
Once that is done, you must select the most appropriate features to resolve your customer’s issues. In your case, for instance, the basic matters could be limited property reach, not getting proper deals on time, incorrect property valuations, etc.
Hence, with machine learning applications in real estate, all those issues could be resolved easily! And while you are doing market research, do not forget to analyze your competitors. You must know what they are offering to lure customers worldwide.
Hire App Developers
The next big step in ML-based real estate app development is to hire app developers. Your chosen development team should have experience creating and delivering real estate machine learning applications.
Besides that, your app developers should know the latest tech trends that can elevate your digital solution. Hence, an AI app development company can look for portfolios and customer reviews. You can even check the AI development services offered by them!
Always Create a Minimum Viable Product (MVP)
You should always begin your project with an MVP which is a functional model that enables you to check your app’s user interface and user experience. You can explore your app’s features, navigation, and design elements.
If your app has a simple interface and easy navigation, it will offer a high UX. However, if that is not present or the app is not built according to your requirements, you can alter things during the MVP phase.
That eventually saves your cost and time for app development. You can probably eliminate the situation of redesigning your app and will also have more time to market your product.
Develop Your Machine Learning Applications
Once the final prototype is built, it is time to develop your application. While developing your machine learning applications, follow the latest tech stack according to your business needs. Besides that, also make sure to integrate various third-party APIs that can enhance the capabilities of your app.
You must also follow the agile development methodology, ensuring constant updates for your product after each development cycle. Once you verify the product at every stage, you do not need to invest much time in testing. Plus, all the changes can be made in the next stage if you follow the agile method.
Finally, test and deploy your application over your preferred choice of platform. You can even leverage cloud integration services to secure your data and host your app on the cloud platform.
Ready to Begin Your ML-based Real Estate Software Development?
To conclude, we can say that machine learning in real estate is a hot trend today, and the concept is not going down for years to come. Hence, if you seek growth, innovations, and profitability for your real estate company, investing in AI-based real estate software development is the only way.
And that’s where Matellio comes in!
With a decade-long experience and access to the most talented resources, we are the first choice of businesses for AI-based real estate software and app development. Whether commercial, housing, or even construction companies, we have successfully delivered smart ML-based real estate solutions to companies worldwide.
In fact, our clients have experienced cost reduction and efficient operations by implementing our machine learning applications in real estate. So, when your competitors are doing it, why not you? Fill out our consultation form today and leverage our free 30-minute expert consultation service for your brand.
Share your ideas and requirements over a free call and get business-specific AI-based real estate solutions and apps tailored to modern market needs. Also, get a free no-obligation quote that perfectly matches your business needs and ideas. We ensure to deliver you a comprehensive range of services to make your real estate brand a pioneer in your niche.
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