Buying one's dream home requires planning, funds, and these days, putting on an AI-enabled virtual reality (VR) headset.
Realtors are increasingly providing customers an immersive experience, courtesy generative artificial intelligence (GenAI), mixed reality, and metaverse.
For realty consultancy Anarock group, AI and machine learning (ML) are enabling predictive market analysis, facilitating virtual property tours, and improving property management through predictive maintenance.
The technology is also helping create targeted marketing strategies, and streamline real estate transactions.
“Anarock used its AI/ML proptech solution ASTRA to boost primary housing sales by up to 15 per cent,” says Anuj Puri, chairman, Anarock group.
ASTRA uses predictive analysis that processes consumer behaviour to instantly provide "the highest quality leads", allowing sales teams to focus attention on inquiries with the highest conversion probability.
Real estate firms need to not just handle massive amounts of information, but also analyse it for actionable insights, says Arun Parameswaran, managing director – sales, at customer relationship management firm Salesforce India.
“AI and automation are ushering in a new economic era, which will be more revolutionary than any technology innovation that’s come before” he adds.
Mumbai-based Hiranandani group concurs.
By using technology-driven advancements, the company aims to provide customers real-time assistance, and simplify the purchase process.
“It is important to note that real estate is a touch-and-feel industry and customers will always close a deal after a physical inspection,” says Niranjan Hiranandani, managing director, Hiranandani group.
But technology can serve as an enabler for creating a more curated market experience and generating relevant market insights, he adds.
It also boosts company revenue, according to Bengaluru-based Prestige group.
AI-led voice bots converse with clients, and "ensure the timely delivery of the right information, maximising the probability of conversion,” says Vishesh Kaul, chief information and digital officer, Prestige group.
The technology also provides recommendations and guided experiences.
The integration of 3D modelling, VR, augmented reality (AR), and AI is reshaping project viewing.
“Leveraging GenAI, personalised property recommendations tailored to individual customer interests are significantly enhancing the purchasing experience,” says Anupma Khetan, customer experience evangelist, Sunteck Realty.
This technology analyses customer preferences and historical data to suggest properties aligning with their unique requirements.
Realtors are also excited about what the future holds.
Hiranandani says real estate will become even more dynamic and customer-centred as AI continues to advance.
Puri from Anarock group says as these technologies develop further, their efficiency and accuracy will increase tremendously.
"There are exciting times ahead”.
