Many PropTech companies possess highly sophisticated automation software with some AI elements, but AI is much more than automation. What makes automation intelligent is AI. With an abundance of software automation in PropTech helping to supplement the property sales process, automated emails can respond to property requests, and chat boxes can answer specific questions with precise preprogrammed answers. However, AI is able to analyze the substantial body of historic housing data, in addition to the knowledge bank estate agents possess on customer queries, to analyze patterns and anticipate information that would appeal to a customer based on the questions they ask regarding a property.
Likewise, AI works to hyper-personalize the home buying journey through compelling data and technology that can help target customers with critical messages in real-time. Creating seamless customer journeys, regardless of the channel, which is filled with relevant offerings and content that indicate to a customer that you value their time and needs, leads to a better customer experience.
There are a multitude of practical AI applications in PropTech. Some include conversational AI much like Alexa, monitoring and tracking energy efficiency and usage, drones used on construction sites to enhance safety procedures, and robotics increasing the efficiency of automatic and repetitive processes in construction like stacking bricks. Moreover, in real estate, AI can collect and use data so agents can connect with clients more appropriately and more efficiently through automation.
Machine Learning (ML), a subset of AI, is often also referred to as AI. The emphasis on “learning” in machine learning allows computers to make better decisions each time, based on previous experiences. Numerous combinations of ML programs, acting as subprograms, have the potential to support the goal of true AI. Individual ML programs have been trained to specialize in performing certain tasks that have proven extremely useful.
For example, ML assistants can understand basic commands and have a large vocabulary allowing them to help with daily tasks, such as making calls, providing reminders of meetings, managing to-do lists, and taking notes. ML assistants, some of the most advanced forms of AI currently on the market, can reduce research time significantly.
The foundation of AI and automation is already in place, improving and enhancing close to all digital consumer experiences delivered by property agencies. They help agencies save more time by assisting consumers in getting to the right information more quickly, and they deliver a better customer experience because they can add significant value in recommendations based on their choices.
As we continue to forge on towards more meaningful AI, we will begin to see PropTech solutions dispatch new and improved agency services for buyers, sellers and tenants alike. Join Tavant executives, Ritu Jyoti, Group Vice President, Worldwide AI and Automation Research with IDC’s software market research and advisory practice, and Dr. Atul Varshneya, VP of AI, as they unveil real world “game changing” business benefits surrounding the adoption of AI and its strategic impact on the Proptech industry and hyper-personalized home buying experiences.
Sign up to attend this Webinar HERE
The Place for Lending Visionaries and Thought Leaders. We take you beyond the latest news and trends to help you grow your lending business.