How AI, VR, and Big Data Will Transform the Real Estate Industry by 2020

I came to learn of AI through my colleagues. I heard them speaking of a new feature that was about to be rolled out by our company. Throughout the conversation, I was blown away as it looked like the perfect thing. There was a lot of details on AI, and it had been on the news already. It made me happy to learn that our company was in the process of creating the next-generation rental platform that was AI-powered.

Excited about our company’s great move, I asked my colleagues to explain every detail of the feature to me. I came up with the following;

• Rentberry was planning to launch lots of new features.
• The future of the real estate industry is bright as these features will change how people rent and rent out.
• Recent advancements in the technical field will save people money, effort and time.

I am that person that is not so excited about technological advancements. Maybe it is because I fear that one-day technology will take over and human beings will be deemed not important. But this information didn’t scare me at all. To say the least, it gave me hope for the future.

Let’s have a look at the details.

VR and AR Complementing Open House

Most landlords will argue that open houses can’t be replaced. But the new technologies are here to complement, not replace traditional things. While open house is still the best way to find out whether or not a house suits your needs, it has its layback. For instance, attending an open house can be expensive, time-consuming and irrational, especially when the property is miles away from where you reside.

How will it benefit you?

You can find yourself in a scenario whereby you’re planning to move to a completely different city and have no place to live. You obviously search rentals online and come across a few listings. Traditionally, you would spend money visiting the new city and attending open houses. However, in the world of AR and VR, all you do is put on a VR headset and get immersed into another reality. While VR serves as an alternative to open house, Augmented Reality can help potential customers visualize homes fully furnished.

Smart Search Tool for Tenants

Moving to a new place can be very hectic, especially when you don’t know the area. You’re not familiar with the traffic patterns or the available eateries, shopping malls, health centers, and so many other things. However, with this new system, algorithms will analyze your habits and preferences and suggest parts of the city that would be ideal for you. In fact, there are algorithms which can analyze your routine and find rental units that are perfect for you.

How Will You Benefit?

If rental apartments are powered by AI, it will be a lot easier on your side. This new feature will search through thousands of property listings and provide you a list of the ones you’re likely to like. Assumptions made by the algorithm will be based on your workplace, your housing budget, and preferred activities. Over time, the system will keep track of your preferences which will make assumptions more accurate.

Listings Powered by Big Data

In real estate, it is all about making calculated risks. Success in investment is never a result of sheer luck. When setting prices for properties, an analysis of the market is key. Real estate relies heavily on analysis and the more data you have, the more accurate the predictions.

This is where big data comes in. With big data, it is possible to set rental price, sell a property or buy-to-let while relying on statistical assumptions.

Rentberry is working on a feature that will help homeowners and landlords define the true value of their properties by using big data assets. This will help them keep their prices in line with the current market trends.

How Will You Benefit?

Imagine you are new in the real estate industry. You want to rent out but have no experience in the market. To make the matter worse, you have no time to study the market. Without the help of big data analysis, you will have to look for similar rental units in the neighborhood to calculate the average unit prices. AI will search the properties for you and give you the most reasonable prices for your property.

The Future is Bright

As someone that has full knowledge in IT and rental business, I can confidently say that there is a lot ahead of us. The future of real estate lies in improvements and advancements. It lies in getting quick, efficient results. It is all about solving problems by using smart algorithms. Therefore, if you still say nobody knows about tomorrow, then catch up young scholar.