The impact of COVID-19 on real estate is vast and takes various forms, there is no simple answer as to how far it will and has impacted the real estate market. No part of the business is safe from cash flow, regulation, imperfect markets, and liquidity.
The harshest impacts of COVID-19 on the Real Estate sector has been on personal lead interactions due to the prevalent restrictions on travel and transport. This has made Real Estate agents look into online ways to acquire and cultivate leads, as both buyers and sellers are focusing on communicating through digital channels. This makes it essential for them to design marketing campaigns that give optimal customer engagement through social media, emails, phone, and video calls.
Due to the pandemic, India has estimated a loss of Rs. One Lakh Crores. The housing rates have gone down by 25–35% sales (that is approximately 6.1 lakh units) and the office absorption is expected to fall up to 13–30%.
To succeed in the real estate industry, the aim is to provide the client with the right property for them that can fit their expectations and needs adequately. Getting to know the clients requires talented salespeople who can comprehend them; interpret their key needs, and find out what they’re looking for with exactitude.
To utilize AI, they’re going to also got to be ready to convert what they learn into data that an algorithm can understand. Consequently, AI will be able to take over by personalizing every customer interaction, compiling the marketing activity in a way that it can aggregate the data and make accurate predictions based on set parameters.
Real estate may be a synonym of ‘investment’, and if having a reliable data forecasting of the longer term value can make the client confident enough to get , then AI is that the ideal tool to look forward to. Similarly, it may also help agents and brokers to predict occupation rates, most-valuable lands, and locations. For instance, the system may synthesize information from a variety of sources, including transportation, area crime, schools, and marketplace activity.
Another key implementation would be the bias removal by either side giving brokers a foothold within the recruitment process by providing a deep analysis of the market and showing where the current demand is more privileged or expected to grow. Computers also offer the advantage of removing emotional bias from the agent interviewing process, thereby helping brokers to recruit the right agents and growing their professional niche successfully.
AI is that the largest “re-discovery” of the 21st century and therefore the land sector won’t be left behind without adequate automation. The real question is, will AI reshape the world inside out?