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April 29 2024
Property technology is rapidly disrupting the old-school real estate journey, including buying, renting, searching, selling, and more.
Artificial intelligence can offer enormous value for real estate, such as financial solutions, as organizations undergo organizational transformation. Generative AI and AI were ranked amidst the topmost technologies expected to substantially impact real estate in the coming years by developers, investors, and corporate occupiers. Here are the six generative AI use cases in PropTech:
Six Generative AI Use Cases in PropTech
1. Rental Property Management & Automation
In real estate management, automation is becoming a disruptor, and thanks to growing platforms, multi-family property management can change to property owners’ requirements in real time. These platforms offer the support and tools needed to reinforce profits & efficiency and fill the technology gaps. By 2029, the property management market is predicted to gain over $37 billion.
2. Fractional Real Estate Investments
Generative AI can go beyond just the crypto and stock market because investors are now eager to invest actively in real estate. Due to the massive amount of capital needed to begin purchasing properties, PropTech organizations have started to prefer crowdfunding and fractional property investment opportunities. At a 58% annual growth rate, the international crowdfunding real estate market will grow by nearly $870 billion in 2027.
3. Seamless Rental Lifecycle
Artificial intelligence is shaking things up in property management by automating routine tasks such as lease renewals, maintenance requests, and rent collection, reducing costs and saving time for property managers. Additionally, it’s enhancing the tenant experience by offering accurate & quick responses with the help of AI-driven chatbots and solving maintenance problems proactively. Generative AI services applications help owners build smart rental strategies and predict when tenants want to move out. Advanced algorithms ensure a much safer building environment through advanced security features such as facial recognition.
4. 3D Home Touring
House hunters no longer need to physically visit a property through the doors; instead, they can simply use virtual tools through property technology driven by AR and VR. It lets realtors make compelling, 360-degree 3D walkthroughs of a property using their smartphones. These generative AI models can easily be shared with clients via social media or email anytime.
5. Creating AI-Powered Visualizations
Making social media copy is another excellent use for generative AI use cases in real estate. Technological advancements in PropTech services allow people to search for properties online, such as on social media and Google searches. After setting up real estate listings, you must send text messages to promote them on numerous social channels. It means the more real estate properties you have, the more social media posts you’ll have to create. This process can become highly time-consuming unless you utilize generative AI applications. You just need to feed relevant information to these tools and get the best-suited posts for your business.
6. Predictive Analytics for Investment
A generative AI services company specialized in real estate can help you analyze economic indicators, demographic trends, and historical property data to predict highly likely areas to experience property value appreciation. Additionally, investors can create data-driven decisions, minimizing the risk related to property investments. It also broadens possibilities for diversifying investment portfolios. PropTech-powered predictive analysis helps you make knowledgeable investment decisions. Artificial intelligence recommendations have better growth potential and will ultimately boost your chances of getting a profitable or successful real estate portfolio.
Generative AI Solutions that Give Meaningful Results with PureLogics
The real estate sector has historically been behind in embracing technology. Numerous property leaders remained unaware of its unlimited potential for so long. However, the last few years have proved that the latest software technology can change any industry—even real estate and construction, which firmly belong in the physical world.
At PureLogics, we’re focused on helping real estate firms leverage generative AI services for higher value. Give us a call today to learn about our offerings and PropTech services.
