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AI in real estate: The future of buying and selling property

The future of real estate is already here, as generative AI and machine learning have already started making inroads in the way we view, purchase and sell properties online. According to a recent insights report by McKinsey, real estate firms, including estate agents that have implemented AI, have seen a 10% increase in their net incomes. This boost in business is due to improvements in efficiency, customer experience and better landlord and tenant management facilitated by several AI tools. So, let’s take a closer look at the incredible ways the real estate landscape is evolving, making the sector more efficient than ever before.

AI in real estate The future of buying and selling property

Fair and accurate valuations

Property valuations need to be objective and reflect the actual market potential of an asset. While the approach of determining a property’s value by evaluating its size, location, amenities and price patterns for similar residences continues, AI algorithms can integrate and analyse these vast datasets quickly, reducing human error and biases.

Fair and accurate valuations

It can go beyond data and consider even nuanced information like how nearby parks or traffic noise within the area impacts demand. This real-time analysis is dynamic to the current scenario and minimises the risk of over or undervaluing properties, benefiting buyers, sellers, and real estate professionals by fostering fair and transparent valuations.

Virtual viewing with AR/VR plug-ins

AI-powered virtual (VR) and augmented reality (AR) have transformed how overseas buyers and investors acquire property in the UK. Immersive virtual viewings allow buyers to remotely explore properties without physical visits, saving time and travel costs. These technologies enable international buyers to view and compare more properties efficiently. Additionally, virtual staging showcases unfurnished homes stylishly, enhancing their appeal. This innovation facilitates better-informed decisions, making the property market more accessible and attractive to global investors.

Better property management

property management

For sales and letting agents like us, AI has helped streamline our property management services. We use AI tools to track rental payments, lease agreements, maintenance requests and tenant applications, enhancing overall operational efficiency and customer service. These tools also detect document errors such as missing signatures or empty fields, ensuring accuracy and compliance. By automating routine tasks and cancelling human errors, AI enables realtors to focus on delivering a superior customer experience and managing properties more efficiently.

API integrations for local area information

Information about the local area is crucial for most buyers when narrowing down their neighbourhood. With API integrations from licensed geotagging service providers such as Locrating and OpenStreetMap, we can provide accurate information on nearby schools and train stations close to our listed properties and developments. Additional details, such as broadband speed, local amenities and price trends are also readily available on our website.

With advanced AI around, will estate agents still be needed?

Even in the era of AI-powered real estate tools, the human touch of an estate agent remains indispensable. While data analytic capabilities and tracking processes have become automated, property deals are big-ticket transactions in hundreds of thousands if not millions of dollars. Therefore, buyers and sellers need all the support they can get throughout the process to feel secure and well-represented.

AI in real estate The future of buying and selling property

For international buyers, London and the UK’s property landscape can be unfamiliar territory, and they may have cultural preferences that influence their decisions. For example, Chinese investors might prioritise door numbers and postcodes aligning with feng shui beliefs. These cultural nuances require an understanding beyond the capabilities of AI.

Here at Benham & Reeves, our experienced estate agents bridge the gap between cutting-edge technology and personalised service. With over 60 years of property expertise in the UK and 25 years in Singapore, we leverage AI to optimise our processes, but our real estate experts are just a phone call or email away. So, if you’re looking for any property sales or lettings assistance in London, get in touch with us today!

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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 15 international offices.

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