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AI for Property Development

06/01/2021

Studio Victoria

3 minutes

We have already provided a clear overview of what Artificial Intelligence is and discussed the benefits of AI for the Construction Industry. In this article, we are going to be looking at AI for the Property Development Industry by answering the following question: How can Artificial Intelligence benefit the Property Development Industry? Keep reading to discover how Artificial Intelligence technology for the Property Development Industry can help you to #ONEUPYOURBUSINESS!

HOW CAN ARTIFICIAL INTELLIGENCE BENEFIT THE PROPERTY DEVELOPMENT INDUSTRY?

With talk of Artificial Intelligence (AI) being the next big thing as software algorithms are increasingly adapting and evolving to solve complex data and helping industries improve their decision-making, today we discuss how AI can benefit the Property Development Industry but providing a list below:

  • Predicts property market value: Due to AI having the ability to analyse large amounts of data and analyse trends and patterns this means can make predictions on the future of the property market value. An example of this would be an AI algorithm analysing different information on the current market combined with public data and CRM to make future predictions in which humans would struggle to do
  • Improves property management: With AI systems, the Property Development Industry will be able to track a number of important information such as: maintenance, property listing, tenant applications, etc. Using AI can therefore help property developers to understand recurring maintenance issues, tenant preferences and price trends
  • Provides property analysis: Incorporating AI into the Property Development Industry provides comprehensive and accessible data such as: local school ratings, noise pollution, statistics on local transport, upcoming events, parking availability and pricing, how many sunlight hours the property receives, and so on. The accurate and insightful information collected can also be given to clients and potential clients for them to make informed decisions
  • Understands customer preferences: AI software can be used to understand your customer preferences and recommend tailored suggestions based on the real-time analysis. Property Development can benefit from this as an AI algorithm could tailor specific properties and personal the experience and interactions for potential clients
  • Improves lead generation: AI apps and chatbots can help to collect customer information to help improve lead generation by delivering personalised content. For instance, introducing an AI chat box onto your website can answer questions instantly to customers, send sales support messages and quantify leads. The data gathered can then be later used to learn more about the target audience.Microsoft's Dynamics 365 is an example of an AI virtual customer service agent that can go a step further and not only answer customer queries and requests but also know when a customer is not satisfied with the answer and transfer them over to a human. As a result, implementing AI can offer Property Developers to spend more time on other important tasks and allow customers to quickly get their enquiries answered and therefore improving lead generation
  • Enhances security: AI technology can deter and prevent intruders from using fraudulent methods to gain access to properties. A company called BioConnect uses AI to detect eyes, fingerprints, and facial features. Using AI technology enhances security as it makes sure the correct people are accessing the building. It can benefit commercial buildings, learning your clients, the employees, as well as those who should not be in the building, making buildings safer

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