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Artificial intelligence and its impact on Real Estate

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Analytical methods, like algorithms, used to understand consumer behaviour can be widely termed as artificial intelligence in the marketing domain. These methods usually rely upon data to predict upcoming trends consumers are expected to follow and are used to identify and reach specific audiences by brands looking to influence their decision making. All major marketers are already using the methods and the realtors are no different. Recently, real estate journalist John Rebchook did some research on AI to gauge its accuracy and viability in predicting consumer behaviour.  He was presented with two options, which were based on a home he liked,. One from Denver-area brokers and another from “Find More Genius,” a computer algorithm that Denver-area broker Creed Smith had created. The findings were quiet astonishing and algorithms proved to be more accurate in predicting and offering him with options based on his preferences. “I guess if computers can beat us at chess and Go, they can best us at picking houses, too.” Rebchook concluded.

Artificial intelligence has been in use for a while now. So in this world of computers and “deep learning” technologies, the question we need to ask is, when will AI really transform the real estate sector? Although real estate has yet to experience a Deep Blue-level revolution, there are still many fascinating forms of artificial intelligence currently at work, including:

  • Facebook Messenger –Facebook Messenger now helps users to search for apartments. Via a partnership with Trulia, users of Facebook can send a message to a Trulia bot, a system which uses algorithms, specifically asking about areas where they would prefer to rent an apartment. The bot responds with various listings, and provides summaries and images of the properties selected.
  • CRMs –a company called Boomtown, matches buyers expectations and sends out automated drip email communications, while another company called Signpost, which recently joined the Zillow Tech Connect program, uses automated marketing to drive five-star reviews and social media posts.
  • Address Report – This program allows consumers to perform “background checks” on properties, and learn of their history, market health and other amenities, right down the speed of the elevators. Based on a property’s location, It delivers dynamic content to subscribers, providing notifications and certain data that points towards change.
  • CityBldr – A new product from Seattle-based start-up ‘Every home’, CityBldr pairs real estate developers with underused properties and helps them save money on real estate commissions in the process. Using 180 data points, the product ranks properties based on their use and provides an estimate on a return on the   investment. It also tells users when competitors are trying to get a permit for a property, and allows users to send purchase proposal to the owners.

What the future holds

The recommendations system from Netflix is One of the most precise AI systems in the world is also one of the most used one. According to data from the company, roughly 75 percent of the movies and shows that Netflix users watch are directly based on its recommendations system, which uses algorithms to study user behaviour and match them with similar programming. This system of finding patterns which is based on large quantities of data, is likely to be the coming revolution in the realty sector. Instead of the search engines of today, which pair consumers with homes based on a set number of factors, for example, three bedrooms, two bathrooms and a basement ,a algorithm would incorporate a home shopper’s personality traits and preferences, pairing them with a home in a neighbourhood that perfectly complements their lifestyle, and provide a recommendation.AI is the future of marketing especially in Realty because it helps Portals to display the right information which helps consumers take the right decision based on individual preferences.

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Appoint Housecraft App For Your Interior Designing Job

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Do you have a knack for interior designing? Did you always dream about being an interior designer but could never really get a head start at it? Is your home in a dire state for a revamp? Do you like to change your interiors often?

If your answer is yes then we have the perfect solution for you. The answer to your prayers is the refreshing Housecraft App. The app is available only on iPhone App Store for free.

It is a fairly easy app that can be used to design any interior living space with the choice of several pre-fed furniture and décor items. You can use your phone’s camera and watch the power of augmented reality to place fully rendered 3D models anywhere in your world.

For example if you want to redo your living room. All you have to do is open your phone camera and scan the room. You would be surprised at how accurately it takes measurements. It then lets you drop all the furniture you can think of. You can resize each object so you can customize it according to your room. Plus, you can admire objects from any angle, in any light! Once you achieve a set-up that you like, you can save it for later reference.

The app is a break through at many levels. To start with you design your own home and test it on the app so you can actually see the outcome of your design. For people who like to mix and match and change décor items on a regular basis can use this app for better visualization of their ideas. It is easy to save room configurations and try them out anywhere. Thus great help in apartment hunts, reorganizing a room, testing how new furniture will look, and more. With their video recording feature you can share your creations with your friends or family.

Also Read: 5 Real Estate Tech Startups in India You Can’t Ignore

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5 Real Estate Tech Startups in India You Can’t Ignore

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5 Tech Startups in India You Can’t Ignore

The real estate sector is one of the biggest contributors to the country’s economy. It is no wonder that the sector is booming with newest technologies that are changing the age-old industry norms and raising industry standards. Here are five tech start ups that you need to take note of:

NESTAWAY

5 Tech Startups in India You Can’t Ignore

If you have ever faced a rental problem and most of us have, this is the thing that you need. NestAway is India’s home rental network for singles that offers rental solutions via latest technology and best design.

Founded in January 2015, NestAway is an app that lets you find, book, pay, move-in and out of a rental home anywhere in India. They basically manage both parties in a rental situation and turn unfurnished houses in to furnished homes and offer them at affordable prices on sharing basis. Deepak Dhar, one of NestAway’s four cofounders, says “It’s a new concept for owners and a solution for tenants. Plus we’re solving the youth housing crisis of upwardly mobile urban migrants in cities.” It began in Bengaluru and today is spread in 9 metro cities of India.

Website: nestaway.com

NoBroker

5 Tech Startups in India You Can’t Ignore

A Bangalore based real estate search portal, NoBroker eliminates broker and directly connects flat owners and tenants. Founded in 2014, NoBroker claims to work on the basis of technology that identifies and abolishes brokers. Started as a rental platform, they have now forayed into brokerage free buy/sell property as well. They verify each listing to make sure they are owners and no middlemen. They offer maximum information in the most accessible format, thus saving you time, money and energy to actually go physically hunting for house.

Website: nobroker.in

SmartOwner

5 Tech Startups in India You Can’t Ignore

Find the biggest market for investors here; all the opportunities that you won’t find on general market. SmartOwner brings forward some of the carefully curated investment opportunities from the fastest growing cities in India. Projects are vetted by law firm after meticulous checks. It verifies all the listing to make sure the pricing and specifications are in line with the market trends. Thus it offers well calculated risk and returns. People benefit from the curated high-return opportunities.

Website: smartowner.com

Approach

5 Tech Startups in India You Can’t Ignore

Approach helps you to conveniently and accurately manage scientific data which enables you to grow your business strategically instead of hit and miss methods. Real estate is a growing sector and it needs such solutions where management can take accurate decision based on solid data. Approach lets you manage your inventory from any location. Cloud telephony lets you track all your campaigns and calls from anywhere. Automated SMS and Email Marketing allow you to connect with your audience and also offer in-depth analytics of click-rate and subscriber activity. You can now even calculate the returns on investment from all your media spending and campaigns.

Website: approach.one

GrabHouse

5 Tech Startups in India You Can’t Ignore

Established in 2013, Grabhouse is a no broker website that helps people find flats, flat mates and tenants quickly and without much effort. It is the first venture that is a 100 percent broker free house renting platform. It is able to achieve this by using powerful technologies that allow stakeholders to enhance their business. Their target group lies between 18-28 years; they are mostly students or young professionals who are looking for decent places to stay while saving a buck. Even on-ground assistance is provided after lead generation for a nominal fee.

Website: grabhouse.com

 

Also Read: Technology And Real Estate: Reaching New Heights

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Alibaba Now Enters Housing Rental Market In China

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Alibaba Now Enters Housing Rental Market In China

Alibaba, the Chinese e-commerce giant, signed an agreement with Zhejiang province to use the company’s technology in order to build an online system for house rentals. As per the agreement, this system will include all the apartments that are put up for rent by an individual, government, developers as well as agents.

The Xinhua news agency reported that the Hangzhou City in Zhejiang province will be able to use this application to seek houses on rent. The website by Alibaba will help people at every stage of the procedure, right from searching for a home to apartment contract signing and later payments.    

Han Junqing, director of Hangzhou Real Estate Registration Center, said, “Information on apartments, user reviews, and credit ratings of owners, renters, and agents will all be shared.”

The system is called the Smart House Renting System and will be supported by Alibaba’s technology, data, and commerce credit system. The government sources have revealed that it can prevent fraudulent deals.

At present, the housing rental market in China is dominated by real estate agents, and fraud and disputes are not uncommon in all the major cities. There are big real estate players with their own apps however that information is not shared with others.

People seeking homes for rents often have to refer to different apps and compare their offers as these companies lack the Zhima Credit from Alibaba subsidiary Ant Financial’s which is a much more mature credit system.

The government of China is prioritising the rental market’s development to rein in runaway home prices in the country’s big cities. The Central government chose Hangzhou among the first 12 cities to take bold reforms to boost the rental market.

Also Read: Technological Solutions That Are Helping The Commercial Real Estate Industry

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