In recent years, technology has transformed many business sectors, and real estate is no exception. The integration of technologies such as Artificial Intelligence (AI) and Big Data has made investing in Real Estate more efficient, transparent and profitable.
Today on the CREA blog we will tell you how the real estate sector has changed thanks to technological advances and what technologies have enhanced the transformation.
Analytical Artificial Intelligence
Most companies are aware of and use AI solutions such as chatbots to interact with potential customers 24/7 through their website. However, analytical AI has evolved to take advantage of the Big Data phenomenon, in which large volumes of data (own and third parties) about the real estate market are collected in order to personalize the available tools.
For example, analytical AI allows you to identify trends, expand opportunities for investors, revolutionize interior design, create virtual tours, segment customers, perform predictive analysis on properties, establish dynamic pricing models, among other solutions to increase the profitability of the business. sector.
Generative Artificial Intelligence (Generation AI)
Generation AI is an evolution of analytical AI since it addresses cases that the second does not. Generative AI has the ability to create synthesized content from unstructured data, interpret conversations, and query large databases.
For example, a generative AI can generate more attractive descriptions for property ads, focusing on a specific market and with relevant information, such as dimensions and price.
On the other hand, we previously mentioned the old chatbots that were programmed only to take appointments or respond to users to collect their data. Generative AI can provide answers instantly, offer information about properties or resolve specific questions, all with very human-like interaction.
But the benefits of generative AI don’t stop there. These tools, together with the Internet of Things (IoT) and computer vision, can create digital experiences for clients to move through properties and get to know the spaces before investing in them.
These tools, together with the expertise of architects, can create spaces focused on design, customer satisfaction, and attracting new investors. In this way, when a potential investor searches for attractive options they will see more than websites: virtual tours with augmented reality, versatile and customizable simulations to make more profitable decisions.
According to McKinsey Global Institute (MGI), generative AI could attract between $110 billion and $180 billion to the real estate industry, making it an increasingly important tool in the sector.
PropTech for real estate planning
Currently, technologies are essential for real estate planning in order to reduce risks and have a better analysis of the project’s potential. Some of the most important technologies for this are:
Drones and photogrammetry
Drones allow you to capture images and collect georeferenced data to create high-precision 3D models, detailed topographic analysis and soil analysis for better infrastructure planning.
Satellite geolocation
Geolocation systems allow projects to be precisely located to analyze distances, transportation options, proximity to points of interest, connectivity with the rest of the city, area regulations and possible legal restrictions. With this data, there is a better calculation of costs and capital gains of the developments.
Big Data and machine learning
As we already mentioned, the analysis of large volumes of data allows us to identify market trends. In conjunction with Machine Learning, Big Data allows the creation of predictive models to evaluate risks, more precise market studies, determine prices and segment the groups of potential clients that have the greatest interest in the project.
In addition, these tools can anticipate customer demand and perform predictive analyzes of the potential for success to offer more attractive real estate projects to investors.
Geospatial 3D Renderings
The combination of technologies such as drones, photogrammetry, generative AI and Big Data allows the creation of geospatial 3D renders to provide immersive experiences to investors, so that they better understand the potential of the project.
In summary, current and emerging technologies have become allies for developers to provide better experiences to customers, gain their trust to motivate them to invest and increase profitability in the real estate market.
Discover CREA solutions
At CREA Soluciones, real estate consulting, we carry out consulting and market and financial intelligence for real estate developments, with services such as Real Estate Financial Analysis and financial models, analysis of supply and demand, greater and better use of land, real estate repositioning, brand expansion, customer reports. real estate market, appraisals, among others, we have helped the planning of more than 500 successful projects.
Browse our website, discover the services we have for you such as highest and best use real estate, mixed use project and if you need more information, write to us through the contact form, to the email info@creasoluciones.com.mx or call us at 5552778044 where our specialists will be happy to assist you.
