AI/ML Solutions for Real Estate

Jan–July 2022

The real-estate sector is one of the biggest industries in the business world. Yet it has been some time before industrial enterprises utilize current technologies like AI/ML.

Traditionally the investors had to go through a troublesome process of looking through many documents and finding people ready to buy or sell houses. But, the increased adoption of AI in real estate has accelerated the whole process dramatically, which is crucial to these businesses in a fast-moving and ultra-competitive market. 

Our client, too, wanted to rebuild property management while focusing on delivering an amazing service enhanced with intuitive, easy-to-use technology.

Real Estate

OBJECTIVE

The client’s main concern was to provide a solution where the heavy lifting that’s associated with a real estate transaction: the complex data, compliance, the paperwork, the finding of the home, the negotiation, and the offers could all be outsourced using AI.

Thus, the client wanted to build a platform that targets the Australian market and provides top-notch service to their valuable customers by redefining how properties are managed. 

Also, where people could search for homes to rent or buy, learn about the neighborhood, and avail themselves of the best settlement packages. Thus, guiding through the entire process from search to settlement and even beyond.

 

APPROACH

We addressed the client’s needs by building a platform to be used by four users, i.e., Property buyer, Seller, Real-estate Agent, and Barrister.

Here visitors can find the best property deals, sell their property at the best prices and connect with real estate agents to subscribe to their services wherein they look into all aspects of your property.

The AI algorithm allows Realtors to identify prospect leads and close profitable deals. Whereas, for investors, AI helps determine the right time to buy, rent and sell a property. It also helps anticipate the fluctuations in the rental price every year. 

Using Machine Learning and Data training, the platform provides an automatic predictive value of the property based on many factors like:

  • Area, location, and type of property,
  • standard industry data, 
  • characteristics of the property and key performance indicators
  • prime amenities or hospitals or schools around the property, etc. 

Also, we employed an AI/Ml-powered chatbot to provide on-demand information and answers to the user’s queries over the phone, via email, live chat, and through the owner portal. The features the chatbot offers are:

  • 24/7 access to the user portal.
  • Quick and easy access to data regarding your leases, maintenance requests, statements, and more.
  • Tenant app for prompt communication and streamlined requests.

IMPACT

With the implementation of Artificial Intelligence, the client has experienced a massive boost, solving many user experience issues.

With the help of AI, they have identified and retained 75% of potential leads depending on the data collected from website visits and landing pages.

Furthermore, AI assistants and chatbots have boosted communication between investors, renters, and property managers. For example, the chatbots respond appropriately to renters’ common queries and automatically send utility bills and notices, thus providing a seamless user experience. 

All this has resulted in:

  • 51% rise in interactions per visit on the website.
  • Better anticipation of consumer needs.
  • Converting 50% of potential prospects into availing the rental property.
Real estate

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