Artificial Intelligence (AI)

The world has long witnessed great development in modern and smart technologies, and after the spread of the COVID-19 pandemic in 2020, we've come to heavily rely on and get more comfortable with technology. And now with the recent emergence and hype surrounding artificial intelligence (AI), where computers or machines have the ability to mimic human thoughts and behaviors in such smart way that it replaces human intelligence, one can expect a huge revolutionary shift in the coming years that will reshape and lead humanity towards a better future.

Such an example of the power of artificial intelligence (AI) would be Facebook’s Metaverse, an emerging 3-D-enabled digital space that uses a mixture of virtual reality (VR), augmented reality (AR), mixed reality (MR), and artificial intelligence (AI) that allows people to have lifelike personal and business experiences online to the extent that one can invest, sell or buy virtual real estate.

It is worth noting that real estate companies, developers, and agents have already started adopting AI in real estate and applying its technologies in smart cities, such as 4G and 5G cities, especially in enhancing energy efficiency and waste management, improving health care, optimizing traffic flow, and detecting air quality. In the following, we will take a closer look at how AI can be applied in the real estate sector in Egypt.

How Will AI Transform the Real Estate Market?

Real estate companies have started to apply AI, especially in real estate marketing, and it is assumed that in the coming years, AI will create a boom in the real estate field by:

Helping Clients Find Their Homes Easily

Searching for properties in website portals will be developed. Instead of providing listings just based on features, such as space and number of bedrooms, AI technologies will provide listings compatible with the client’s preferences. In addition, there are already chatbots in the real estate portals that facilitate the process of customers finding their preferred homes.

Moreover, the process of purchasing a property will be facilitated. With AI, the process will be automated, and computers will provide accurate information about the properties, and everything related to title deeds, land registry, and some personal information about landlords, and thus will increase the transparency between the seller and the buyer. It is worth noting that some of the biggest companies in the real estate industry, such as Compass, Zillow, and LoanSnap, have already used AI to help buyers find a suitable property and assist in the mortgage process.

Helping Real Estate Investors

With AI technologies, profitable investment opportunities can be identified by analyzing huge amounts of data, which can be used to identify the most suitable time to invest or buy and sell properties, the best type of investment, and the best location.

As for investing in commercial properties, AI technologies will help investors efficiently use a commercial space by collecting data from different sources online analyzing them, and converting them into valuable advice and recommendations, which will help in making better decisions when it comes to space management.

Helping Real Estate Developers

AI technologies will help developers make buildings as sustainable as possible and will help design better security and fire safety systems. By using AI, it will be easy to identify the current condition of a building and take action to improve its status.

In addition, AI technologies will help developers promote their properties through virtual tours to showcase properties to potential buyers. This technology will display properties in 3D and will allow clients to walk around a property without the need to physically be in the actual property.

Helping Real Estate Agents

Instead of taking clients to explore the property in its location, AI technologies will help offer virtual tours to client to showcase the property as if he is seeing it in reality. This will save real estate agents time and effort, and will help them filter out the more serious clients who would want to complete the whole process and actually see the real property as a next step.

AI technologies will also help real estate agents by providing Customer Relationship Management (CRM) software, which analyzes data to identify serious clients and determine the type of property the client is looking for; saving a real estate agent’s time and effort when dealing with clients.

It is worth mentioning that AI will also help optimize property listings by providing solutions on the best ways to showcase a property, the ideal time to place it on listing portals, and the appropriate price for the property at the current time, which will attract more buyers and this will be in the interest of real estate agents.

Providing Predictive Analysis of The Real Estate Market

AI technologies will help predict the future prices of properties by analyzing data, such as activities and services found in residential areas. AI can also predict future market trends, such as which properties are likely to sell quickly or which areas will experience a surge in demand. In addition, there will be instant alerts as soon as something new happens in the real estate market.

We are all waiting to witness the effect of AI in real estate in the coming years and how it will lead humanity towards a better future. If you want to buy or sell any property in Egypt, contact RE/MAX Egypt by calling +202 2269 2004 or contact us here.