The market for AI in real estate is booming, with a forecasted compound annual growth rate of 35% over the next five years, reaching $1,335 billion by 2029. Mitrankur (Mit) Majumdar, Senior Vice President and Global Head of Services at Infosys, highlights the various applications for AI across real estate ecosystems. These include generating marketing content, property tours, deal closing, valuation, customer support, site analysis, planning and design, project management, sustainability, tenant screening, management, and security.
Realtors are utilizing AI and drones to create more attractive marketing content for properties, analyze call recordings with customers to tailor marketing efforts, remotely showcase properties to potential buyers, and accelerate deal-closing processes. AI tools can accurately forecast future price trends by integrating various data sets. For developers and builders, AI is enhancing site analysis, planning and design, project management, and sustainability efforts. Property managers are using AI tools for tenant screening, management, and security through computer vision integration.
To maximize real estate AI investments, it is crucial to identify where AI can add value to the business and scale pilot programs accordingly. Mit advises against diving into full-blown projects without testing pilot programs first and recommends considering IT infrastructure capabilities, data integration, and cybersecurity. Cross-pollinating ideas from other businesses in the field and focusing on low-hanging fruit like generative AI for marketing and customer support can also be beneficial. It is important to take a steady approach when implementing AI to overcome resistance to change and ensure long-term sustainability.
The Forbes Business Council, a prestigious growth and networking organization for business owners and leaders, offers valuable insights for businesses looking to leverage AI in the real estate industry. With the increasing adoption of AI tools across various areas of the real estate value chain, companies can benefit from improved operating efficiencies, reduced costs, enhanced customer experiences, and the discovery of new revenue streams. By strategically leveraging AI technologies, real estate players can stay ahead in a rapidly evolving market and drive long-term success in the industry.
