As technology continues to develop and change every industry around us, what are the possible changes we will see in property?
As one of the world leaders in AI research, Great Britain has invested large amounts into the research and development of these technologies in order to give itself the edge over other nations. So much so that many international companies are using the UK as their base for AI development. The development of this technology, across all industries could have far reaching implications, with a dramatic effect on various areas.
Industry leading publications such as Property Week have already commented on the potential developments of AI, such as in the architecture profession. “Combined with increasingly impressive advances in building information modelling (BIM), will change the way we approach buildings’ design and delivery. Many formulaic and repetitive aspects of the design process could be automated and iterated, freeing up time for the more creative, problem-solving side of the job, thus amplifying our talents and abilities.”
Disruptor companies, such as Proportunity.co, is helping drive the AI revolution. Using it’s super-secret A.I technology to understand the property market, it is using it’s knowledge to help first-time buyers make it on to the property ladder putting it’s money where its mouth is with loans that rise and fall with the price of the house. Trusting the potential impact of AI in this industry, Google recently invested in property AI company AskPorter
Problems being streamlined and improved with AI include:
Virtual Estate Agents
Being able to search through hundreds more properties a second than we can in a day is certainly one of the biggest benefits to be seen through AI Understand individual buyers needs and wants, taking on board comments and noticing trends in properties they like that may go unnoticed by the human eye will inevitably lead to more efficient behaviour for both buyer and seller.
Property Management
The ability to quickly contact those necessary when things go wrong, usually during the middle of the night, will help reduce costs for those acting as the “middle-man” for the agency. It will be able to build up a catalogue of similar errors and help predict where similar circumstances may appear.
The introduction and wider use of AI can help control mispricing situations occurring where poor-behaving agents are taking it upon themselves to manipulate industry pricing in order to benefit themselves.
With all the benefits of AI and how it will, as with much of a digital market, be able to ‘level the playing field’ for many smaller estate agents such as Peter Wetherell and his independent Mayfair estate agent. “While working with clients who prefer a personal and face to face sale, the advantage in market knowledge and property preference that AI could give us is something we must try. As long as we are able to put a welcoming face to it for the customer, there seems to be no negative.”
While the industry still relies on the person to person element, and with buyers after houses with that “je ne sais quoi” it is important to continue working hard and not imagine upon leaving it all up to the “clever little box” in the corner!