Today it is all about transparency. The real estate world is full of twists and turns. The reason for that is that real estate is a purely human-driven industry and all involved do not think the same. Plus, some in the industry try to keep information from buyers and sellers.
This lack of transparency has many in the industry clamoring for a better more transparent method of conducting business. This call for better and more transparency has opened the door to involving artificial intelligence.
This move may be a good one but AI is still in its infancy and it remains to be seen if it can make real estate transactions more transparent.
AI is being used in Dubai to help make real estate transactions smoother and easier. Those in favour of using this technology are starting to create marketplaces that help you find the perfect home in the perfect area per your requests. This is not all that AI can do for real estate transactions.
When it comes to this part of the real estate industry, AI has the ability to analyze the market’s and the property’s past performance. Then it will look at certain predictions to gather all the data it needs to predict property value.
To provide value to the property, AI looks at several factors. Those factors include retention rates, lease terms and average vacant days, sales comps, lease transaction data and operational forecasts, and more.
All of this data can be presented to the investor to show him or her where the best investment opportunities lie. On top of all those factors, AI is said to be able to analyze trends and then make predictions based on all the data it has analyzed.
This information will help investors make better investment decisions.
There are three main roles that AI performs that help optimize property management.
1. Routine Tasks- What would take a human hours and possibly days to do, AI can get the work done in seconds or minutes. This frees up employees to handle more difficult tasks and can save a company some money in the long run.
It should help employee production and get more work done in a shorter time.
2. Tenant Experience- With chat boxes answering tenants’ inquiries, the tenant does not have to wait hours or days for a response. AI can do it immediately. Implementing AI here helps reduce the property manager’s workload.
Also, AI analyzes tenant preferences and experiences to give property managers information that will help them customize their response to tenants’ needs.
3. Optimize Operations- When AI is on the job, it can analyze a large amount of data that helps the property managers make informed decisions. Some of the information analyzed includes rental trends, occupancy rates, and maintenance needs.
On top of those duties. AI can also help screen potential tenants again reducing the workload of the property manager.
There are several aspects of AI implementation that will transform property searches:
1. AI Can Understand User Requirements- Then it analyzes data, including property listings, user preferences, and market trends to narrow the property possibilities.
2. Appraises Property Value- This is done within seconds not hours and has been known to be highly accurate.
3. Calculates Resale Value- This is more for investors who are looking to profit from their purchase or use the home for rental income.
4. Cuts Down Search Time- Instead of taking days or weeks to search different properties, AI cuts that search time down to minutes.
5. AI Does Interior Decorating- Its algorithms help prospective owners design the interior of their homes by analyzing preferences, design styles, and existing furniture.
After analyzing all requests and requirements, AI will produce advice for colour, decor options, and furniture arrangements.
While AI can be used for the good of the industry, it also provides a highly sophisticated tool for those people who do not want to follow the rules of real estate yet profit from that industry. Here are some of the concerns:
1. Misinformation- Fake reviews, testimonials, articles, emails, and other types of information can be generated to mislead both buyers and sellers.
2. Lack Of Data Security- Because AI gets access to large amounts of personal data, security breaches are a big risk.
3. Can Replace Workers- AI could replace lawyers, real estate workers, and other professionals in the areas of legal, tax, and professional advice.
4. Can Create Openings For Fraud- This is not limited to creating false listings but can include phishing scams, ransomware attacks, creating false identities, can create false property documents, and much more.
When you are ready to invest in the UAE or Dubai, contact our office. Our estate agency has over 10 years of real estate experience in the UAE and Dubai.
Our agents are skilled in using AI for your benefit and can help you avoid the ethical issues that can harm you and take your money. Call us today for advice on AI real estate use and also to see what we can do for you. You go to the best to get the best results.
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