| | NOVEMBER 20199incorporating AI. Due to the ex-cellent benefits of Artificial Intelli-gence, this technology is changing the landscape of several industries. Nowadays, every business is looking to create enriching cus-tomer experiences and the real estate sector is not far behind. The impact of AI is set to increase in the real estate industry, bringing with it, several beneficial oppor-tunities. Apart from Artificial Intelligence technologies like Augmented Reality, Internet of Things, Robotic Process Automa-tion, 3D Printing, and Blockchain have already begun reshaping the real estate sector. These tech-nologies not only prove useful in providing great customer experi-ence, but also result in increasing the productivity of the business processes like never before. AI enabled humanoid coupled with NLP (Natural Language Process-ing) capabilities can understand the home buyers' requirements and interact with them in the language of their choice. The adoption and implementation of AI in real estate is steadily going from an added benefit to becom-ing absolutely essential. It is con-sidered as one of the top factors mainly because of the high value of real estate investment and the period between initial customer acquisition to the actual delivery of the product ranging anywhere between 2-5 years. The journey of the home buyer from `Book-ing to Handover and Beyond' be-comes most crucial for develop-ers as active customer referrals and recommendations. AI in the form of chatbots or when coupled with IoT devices for creating Al-exa enabled Smart Homes make a solid case for providing excellent customer experience.Real estate today is no longer confined to a brick-and-mortar structure, and developers are con-tinually looking for alternative ways to offer value to their cus-tomers. This industry in India today is at an inflection point as far as tech adoption is concerned. Nowadays, location is not the only selling point in real estate, but is accompanied by the availability of accurate data about the buyer, their finances, and preferences. There is a need to leverage arti-ficial intelligence to analyze and make work easier. Also, develop-ers can understand the impor-tance of personalizing every cus-tomer interaction with the help of these technologies. Realtors are trying to overcome these challenges with the help of Artificial Intelligence. Many real estate developers handle enor-mous amounts of data, and it is almost impossible to work on this data manually because of how much time it takes. This data man-agement, data collection, and fil-tration can be simplified manifold with the use of machine learning which can also provide insights from the data in hand. Since artifi-cial intelligence processes a large amount of data, it also helps the marketers and salesperson to use that data in their marketing ac-tivities and get in touch with the property customers who are likely to buy.Additionally, most home buy-ers today prefer text or even an email over a call (cold) from an agent. This can be addressed us-ing the beacons/IoT devices that transmit information about a home to anyone passing by. New age mobile apps can help share in-formation with prospective buyers about the projects in the vicinity while they are on the move. IoT can immensely help in improving operational efficiency by reducing machine breakdowns through sen-sor-based preventive alerts and via real-time monitoring of remote sites from the safety perspective.Real Estate is certainly head-ed for a digitized and automated future. Additionally, the industry players are fast realizing the po-tential offered by these technol-ogies and how their implemen-tation is bringing about a sector sea-change. LOCATION IS NOT THE ONLY SELLING POINT IN REAL ESTATE, BUT IS ACCOMPANIED BY THE AVAILABILITY OF ACCURATE DATA ABOUT THE BUYER, THEIR FINANCES, AND PREFERENCESVineet Bhardwaj
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