Integrating AI in Real Estate: Guide for Modern Property Businesses

It is hard to deny that we already live in the era of artificial intelligence. It is already used in countless industries and software solutions to provide users with a better and more seamless experience and help optimize business. AI in real estate is no exception and can be used for many tasks and processes.

Surprisingly, real estate businesses don’t rush to integrate AI real estate solutions. So, if it is done correctly, it is possible to make the most of integrating AI in real estate. Yet, before discussing creating a real estate virtual assistant, we have to define what it can and can’t do and what benefits artificial intelligence can bring to real estate software.

Innovative AI Software Solutions for Real Estate

Artificial intelligence solutions are highly flexible and customizable tools that can be easily integrated into almost any modern software and adjusted to specific industry needs or customer demands.

To be more specific, let’s consider the primary use purposes and features AI for real estate can offer and why it can become a highly prospective real estate technology trend. The shortlist of main features and services of real estate artificial intelligence includes:

• Property valuation and appraisal
• AI-powered chatbots and virtual assistants
• Personalized property search and recommendations
• Predictive maintenance and management
• Intelligent property listing and pricing advisory
• Predictive analytics for real estate investment
• Tenant screening and management
• Real estate market analysis and forecasting
• Fraud detection and prevention

Property Valuation and Appraisal

Real estate is all about property. Regardless of your intentions, whether you want to rent, buy, or invest in property, you require property valuation.

Appraisal is more subjective and based on the personal views of agents and real estate companies. Property valuation is precise documentation used for many law-related processes and displays a more objective value of assets.

Modern real estate AI software can automate both processes, speeding up the valuation and making it more accurate. All you need to do so is to:

1. Integrate AI solutions
2. Use the best property valuation and appraisal methodologies
3. Train artificial intelligence models following these methodologies

As a result, navigating the property and choosing the most suited solution would be much easier, faster, and precise. Modern AI models can analyze more data, including many unobvious factors that can impact the actual property value.

AI-Powered Chatbots and Virtual Assistants

One of the most straightforward and obvious reasons to integrate AI in real estate is to enhance customer experience and streamline many business processes.

AI-powered chatbots are a great way to cut expenses and automate customer support, which is already integrated into many businesses. Moreover, such AI functionality is one of the simplest to develop because it is supported by most ready-made artificial intelligence solutions like ChatGPT or its alternatives.

So, real estate businesses don’t need to spend much time and resources developing their virtual assistant from scratch. Instead, they can integrate and adjust the best market offer to their business specifics and needs.

Personalized Property Search and Recommendations

Most modern applications and user-oriented solutions are algorithm-driven. The personalized recommendations feature is the brightest example of such services' real power and importance.

Frankly, personalized recommendations are possible even without artificial intelligence. Still, setting up such systems is very complex and resource-intensive. Alternatively, creating and empowering in-app content personalization is much easier and faster using AI.

Offering personalized real estate solutions will undoubtedly increase your product's competitiveness and enhance the customer experience, making it seamless and efficient.

To implement such AI powered real estate feature, you must:

1. Integrate artificial intelligence
2. Set up historical data mining and analysis procedures
3. Give AI access to gathered data

Predictive Maintenance and Management

Additionally, AI in real estate can be used for elevated data analysis for purposes like predictive maintenance and management.

To simplify, using AI analytical capabilities makes it possible to automate and improve various management processes by designing and testing different models to find the most efficient way of managing property or teams.

Besides, you can use AI-driven tools to optimize your finance and maintenance costs, finding out-of-the-box solutions to cut expenses.

Intelligent Property Listing and Pricing Advisor

Property listing is one of the most essential features of real estate software solutions.

This feature simplifies gathering data on available property by creating shared lists of different assets. Most property listings are open-source and can be easily used by various agencies to offer more options for choosing and helping other real estate companies by collaborating with them.

Nevertheless, property listing still requires many manual tasks and human engagement to create, sort, filter, etc. Integrating artificial intelligence can help with this by offering process automation, pricing advisory, and customizing property listings using AI.

Predictive Analytics for Real Estate Investment

Once again, one of the most valuable advantages of artificial intelligence models is their ability to deal with data arrays. Besides processing big data, modern AI solutions can make precise calculations and recognize patterns for further prognosis.

This can be a deal-breaking offer for real estate investors, providing advanced instruments for predictive analytics and helping them choose the best assets and deals.

Tenant Screening and Management

Sales predictions and advanced property listing are not the only AI use cases in real estate related to pattern recognition.

For example, artificial intelligence in real estate can help create detailed tenant profiles, including reviews and feedback from previous landlords, analyzing tenant behavior, etc. Moreover, it is possible to develop AI-driven landlord profiling as well.

Such profiling features will be a great addition to business services, supplying your clients with fair and transparent information about each side of future agreements.

Real Estate Market Analysis and Forecasting

AI real estate software also offers a sales forecasting feature, which can help create a more accurate prediction of future changes in the market and include this forecasting to optimize other services.

Such real estate forecasting software will benefit investors, developers, landlords, and tenants. It can provide them with market insights and other helpful information that impact their assets and investments, making the market more balanced and stable.

Fraud Detection and Prevention

AI for fraud detection is already being tested in several FinTech solutions. Still, it is possible to use it not only in finance.

Fraud detection and prevention in real estate is a potential service that can help achieve transparent and protected property marketplaces, minimizing the risks of being deceived. Once again, such AI in real estate requires training before full-fledged integration. Still, limitless capabilities related to data analysis can help to perform this step very quickly.

Steps to Integrate AI into Real Estate Business

After defining the core features and use purposes of AI in the real estate industry, we can discuss how to integrate AI in real estate properly.

1. Assessing Your Business Needs and Goals

First, any AI integration in business must start with assessing your needs and goals.

To rephrase it, before starting the development, you should clarify what you expect from such integration. One of the simplest ways to determine whether you require a specific AI in the real estate industry or can simply use a general-purpose NLP model like ChatGPT is to examine the preceding list of use purposes again.

If your needs and expectations match the aforementioned AI solutions for real estate - a general-purpose artificial intelligence might be enough to satisfy most of your demands. Otherwise, you might consider creating your custom virtual assistant.

Still, to avoid misconceptions and mistakes, we** recommend contacting an outsourced real estate AI company** experienced in working with artificial intelligence solutions. Such companies can advise you on future development and integration and offer their dedicated development team services to ensure the success of AI development and integration into your real estate software.

2. Identifying Suitable AI Solutions

After clarifying your demands and expectations and designing the core features and services that AI will need to perform, you can decide which AI will be best suited for such tasks.

There are two main approaches to integrating AI for real estate:

1. Develop your AI solution from scratch.
2. Find an existing AI model that can be customized and adjusted to your needs.

Frankly, developing artificial intelligence from scratch is a highly complex and resource-intensive task requiring an experienced software team for full-cycle software development, familiar with AI solutions, their training, and development. Apart from that, creating a new and unique AI will take a lot of time to develop and train according to your needs.

Therefore, we offer a more convenient and efficient solution: finding a suitable model that can be trained and customized according to your business needs and demands. As a result, businesses can significantly reduce the development cost and delivery time, mostly spending resources on integrating AI in real estate applications and training it to perform specific tasks and offer desired services.

One of the most significant benefits of conversational AI is its flexibility. Simply put, any such modern artificial intelligence can serve almost any demand and service. The success of its work highly depends on the quality of your development team, which is responsible for adjusting and training the chosen model.

However, there are also many illusions. For instance, many companies offer their AI automation for real estate, proclaiming their unique services and features. However, most real estate virtual assistants are based on ChatGPT or its alternatives. Thus, we recommend choosing a “pure” natural language processing model and adjusting it to your business needs using IT specialists.

As a result, you will have a more personalized and custom approach and an opportunity to create tailored AI-driven software for your needs.

1. Partnering with AI Experts and Vendors

Once again, the best way to make a correct decision is to find a reliable technology partner and ask for their advisory and other services.

Obviously, having an expert opinion on any topic is already a decisive advantage. So, why won’t you ask for advice from AI experts and vendors with experience working with artificial intelligence and related technologies? In fact, many outsourced software development companies share their experience for free when you discuss your ideas with them.

For illustration, before taking the project, IT companies must estimate its scale and complexity and define whether it is a reasonable and profitable task. To do so, they have to perform a discovery phase. It commonly includes discussing clients’ ideas, choosing a tech stack for their implementation, and learning how long such development will take, what the market can offer to simplify or upscale future software products, etc.

Moreover, some companies even perform a brief business analysis during the estimation to define what else can be improved within the cooperation or what can potentially cause issues.

To sum up, you should find a reliable IT partner if you want to integrate artificial intelligence in real estate business. A short checklist for checking the reliability of real estate software development companies includes:

1. Finding reviews and references from previous clients
2. Examining previous case studies related to your industry
3. Checking the software expertise (For instance, artificial intelligence)
4. Conduct interviews and discuss your ideas
5. Get a brief estimation and feedback
6. Choose the best offer

1. Developing and Implementing AI Solutions

Clearly, artificial intelligence development highly differs from AI integration. Moreover, even AI implementation might vary depending on your chosen ready-made solution.

In other words, this stage will be unique for each software project, making it hard to create a shortlist of steps to make during this phase.

Choosing a SaaS real estate AI chatbot is the simplest and most convenient solution. It requires no extra work from you and your business except learning how to use it properly. However, such AI models are not flexible, so you won’t have control or barely any impact on the chatbot's capabilities, features, and offered services.

Using a conventional solution such as SaaS won’t give you any competitive advantage over your rivals and won't significantly improve the user experience. Besides, you can’t be sure that SaaS software will meet all your demands and expectations, especially when discussing niche-specific features like AI for real estate listings or other rare tasks.

Alternatively, if you decide to maintain a custom AI software development from scratch, be ready to spend countless time and resources on achieving even the basic level of services offered by existing general AI models on the market. Creating an AI from scratch is a complex, full-fledged development project with countless demands and limitations, i.e., it is not the solution to improve your business processes or services but rather to switch them into the AI market.

Summing up all the above, you must find a golden middle if you are looking for a niche-specific AI solution to enhance your services and efficiency in an industry like real estate. The best way to do so - is to integrate one of the existing conventional AI models, like ChatGPT, and train it to perform specific tasks.

Therefore, you can save resources and cut development time while gaining an excellent and efficient AI customized to your needs. Moreover, you will have complete control over the software, allowing you to implement extra changes or features if necessary.

1. Testing and Quality Assurance

Regardless of your AI development and integration approach, you must test it before finishing the integration and delivery.

Once more, SaaS artificial intelligence in real estate requires minimum testing efforts. In fact, they are mainly related to assuring that packaged features and services are working as they are supposed to. Otherwise, even if you find bugs or issues, you won’t be able to fix them on your own. Instead, you must report them and wait for your vendor to do the rest.

Other scenarios, like developing AI from scratch or personalizing a general AI for real estate, will require more engagements. Still, while full-fledged development includes fixing bugs on the code level, working with conventional AI requires a less resource-intensive, creative approach.

For instance, when you face issues within conventional AI, you will have to fix the overall logic of this virtual assistant, having no direct access to code units. It might be tricky, but it is not impossible in most cases. You can also discuss these issues with your AI vendor.

1. Monitoring and Continuous Improvement

Eventually, after the quality assurance step, you can finally complete AI integration and plan your future functionality scaling and improvement. Still, don’t forget that you will still have to monitor its performance and efficiency, trying to avoid or prevent potential bugs or other issues that can occur over time.

Benefits of AI in Real Estate

Apart from being a cool and exciting feature, real estate AI software can bring a lot of value to your business. It can help automate multiple processes and improve overall efficiency.

To prove our point, let’s consider some of the most common benefits of AI in real estate.

Enhance Customer Relationships

AI powered real estate is ideal for improving your customer relationships.

Start with simple conversational chatbots for FAQs or other simple communication with customers and end with deep user experience personalization. For example, a more flexible and accurate AI property search that meets users’ interests and offers more suitable property solutions significantly improves customer experience, making it more convenient and efficient.

Offering AI real estate search is one of the most obvious ways to enhance customer relationships and satisfaction. Frankly, the true potential of your AI solution for real estate is limited by your imagination: such instruments offer far more options than we can imagine right now.

Increase Productivity

Even the most basic features offered by any modern NLP model can help to increase your business productivity noticeably.

AI in real estate increases business productivity by allowing process automation. For illustration, let’s consider a conversational chatbot for customer support. Businesses can significantly reduce expenses and boost customer support services' productivity by integrating a conversational AI and teaching it how to answer specific questions and requests.

First, even the simplest chatbot for FAQs allows specialists to be redirected, giving them more complex or urgent tasks. Additionally, streamlined communication with the clients would be much faster, reducing the waiting time: the chatbot can answer right away, while an employee might be out of reach. Besides, such virtual assistants are available 24/7, covering all the potential time zone differences and answering requests on the spot.

All the preceding is true for other process automation options offered by artificial intelligence. Still, the productivity boost varies, depending on the AI tasks. Moreover, some tasks are almost impossible or too resource-intensive for businesses. For example, real estate predictive analytics is much more complex for humans to maintain, while AI-powered solutions can quickly deal with it if appropriately trained.

Drive Higher Sales

Integrating AI in real estate drives your competition. Offering unique and custom solutions and services makes your business more enjoyable for the customers.

Modern AI models can also personalize user experience and suggest your clients the most attractive offers. This helps to satisfy your customer’s demands and meet their expectations. As a result, if your suggestions work correctly, you can drastically increase your sales.

Accelerate Response Time

As we mentioned before, process automation is one of AI integrations' most apparent and well-known advantages.

It is not a secret that AI-powered tools have more calculation capabilities. Additionally, they can perform tasks much faster than humans, thanks to advanced algorithms under the hood.

The impact on response time highly depends on AI tasks. Still, humans require more time to perform tasks such as customer support, data analysis, etc. To rephrase, AI helps accelerate your business application's response time.

Minimize Error Risks

Finally, integrating AI helps to minimize error and mistake risks by reducing the impact of human error.

To add more, modern AI models can already identify patterns that are invisible to the human eye. To cut a long story short, integrating AI into real estate software can help you avoid risks and mistakes related to many aspects, such as market predictions, documentation control, and advanced AI property management.

However, all the previous information is correct only if AI for real estate was designed and trained correctly.

AI Real Estate Solutions with Incora

Apart from just talking about possible AI use cases in real estate, we can offer to examine one of our recent case studies.

As part of our latest software projects on artificial intelligence in real estate, we designed and developed a conversational chatbot for customer support. Having a limited project budget and development time, we decided to enable a built-in chatbot based on a slightly changed version of ChatGPT.

To do so, we used ChatGPT API to integrate AI into real estate software. Then, we used advanced settings to train and adjust this AI module to ensure the request-response service works correctly, giving the demanded answers related to our client’s business services.

As a result, given our limited time and resources, we provided our clients with an efficient and cheap AI solution, which helped significantly reduce customer support expenses and redirect human resources for tasks with higher priority.

If you have further questions or want to discuss your ideas to find the best solution - just contact us, and we will do the rest.