Advanced technologies like artificial intelligence are widely preferred among sectors prioritizing digital transformation. This technology offers the potential for creating applications with automation and intelligence capabilities. Real estate is one such sector largely investing in developing AI-supported applications. Such solutions enable real estate firms to optimize their property management operations extensively.
By incorporating AI and machine learning algorithms in customer-facing applications, realtors improve the end-user’s property search experience. These algorithms autonomously assess and understand a customer’s property buying/selling preferences and enable applications to deliver tailored recommendations. This helps realtors improve the engagement and retention levels of property investors. Besides, real estate applications equipped with intelligent algorithms are capable of detecting and mitigating document irregularities and fraudulent transactional activities, maintaining compliance in the long term.
Value of AI Expert Assistance in Real Estate Application Development
Extensive expertise in AI tech stack like algorithm libraries, model development tools, and app development frameworks is crucial for designing and launching functional AI-powered real estate applications. However, embracing in-house AI application development is a complex and resource-intensive endeavor for realtors.
Internal AI app development necessitates real estate firms to make massive investments in terms of development team hiring and training, infrastructure setup, and tooling support. This leads to increased development and operational costs. On the other hand, realtors should consider partnering with a reputable AI development services provider for real estate app development.
- Dedicated AI developers are skilled in crafting and training custom AI and ML models using libraries.
- They use development frameworks like TensorFlow Lite and Flutter to design the interfaces of AI-powered real estate applications.
- These frameworks support the development of desktop and mobile-based AI real estate applications.
- By integrating custom models within the applications, developers ensure that the resultant solutions are well-aligned with the real estate enterprise’s operational requirements.
Some of the key benefits of hiring dedicated AI developers for real estate app development include:
- Minimized Development Costs and Risks – By leveraging time-tested algorithm libraries and frameworks, AI developers build real estate applications free from bias and manipulation risks. Besides, developers adopt agile methodologies and open-source tools for application prototyping, creation, and testing, enabling realtors to save development costs largely.
- Scalable Deployment – AI developers deploy newly designed AI real estate solutions on cloud application hosting platforms. These platforms offer essential computing power and storage resources for real estate applications and underlying AI/ML models. Moreover, cloud-hosted AI real estate applications autonomously scale up/down storage and compute resources based on utilization demand and requirements, enabling realtors to save application operational costs.
- Data Security Compliance – Dedicated AI developers focus on building and launching real estate solutions that effectively adhere to data security standards like GDPR and PCI DSS. By implementing advanced encryption and access control mechanisms, AI experts improve the overall data security and compliance levels of real estate applications.
3 Key Use Cases of AI Real Estate Application Development
1. Lead Generation Applications
The relevance of property buyer lead generation for real estate firms cannot be understated. To effectively assess, capture, and influence potential property buyers, dedicated AI developers help real estate businesses with the development of AI-powered real estate lead generation applications.
Development Approach:
- During the development phase, AI developers incorporate key components like data pipeline, ML lead scoring model, and NLP-based chatbot solutions within the real estate lead generation solutions.
- AI developers configure the data pipeline of lead generation apps to extract and accumulate property buyer lead data across several channels. The pipeline consistently extracts lead queries, surveys, or interaction data from email campaigns, listing websites, and social media channels and accumulates them within the application’s storage environment.
- To analyze the accumulated data and identify the potential customers, AI developers build and integrate an ML-based lead scoring model within lead generation apps. AI experts train the model to assess key points in lead datasets, such as demographics, engagement levels, and property investment preferences to score and qualify potential leads. Consequently, developers program the NLP chatbot in the application to understand the preferences and behavior data of qualified leads and send tailored and automated responses.
This level of AI-powered automation ensures on-time lead prioritization and engagement.
2. Property Valuation Applications
Modern real estate firms are looking to embrace a data-driven approach for assessing and determining the value of properties in the listing websites. To fulfill this need, developers from a reputable artificial intelligence development services provider help realtors build and integrate property valuation solutions with the listing websites.
Development Approach:
- AI developers incorporate the neural network-based dynamic pricing model and third-party platform connectors during the development of property valuation solutions and integrate them with listing websites through APIs.
- After integration, AI specialists train the neural network-based dynamic pricing model to extract key information about the properties uploaded by sellers on the listing websites. The key data extracted by the pricing model include public property records, economic indicators, and seller preferences. Consequently, developers program the third-party geospatial and mortgage/loan credit connectors to assess and transfer the property’s demographics and historical loan/transaction data to the pricing model.
- By performing a combined data analysis, the pricing model in valuation apps effectively recommends optimal prices for properties in real-time.
Realtors can update these prices on the listing websites and help property sellers/buyers make strategic decisions.
3. Smart Transaction Management Applications
Another key aspect that modern realtors focus on is delivering a secure document verification and financial transaction medium for property buyers and sellers. For such realtors, AI developers build and deploy smart property transaction management applications.
Development Approach:
Property transaction apps built by dedicated AI developers consist of optical character recognition (OCR)- powered classification model, rule-based contract validation flow, and the payment gateway for in-app fund transfer.
AI developers configure and train the OCR classification model in transaction management apps by inputting historical property document records and datasets. This enables the model to autonomously verify documents submitted by property sellers and buyers and flag when missing fields or data inconsistencies are found.
Consequently, developers program the contract validation flow to capture verified documents and request property buyers and sellers sign digitally in-app. After the digital consent, the contract validation flow triggers the payment gateway in the application to send transaction requests to property buyers and ensure secure fund transfers for property sellers.
This level of AI-powered automation enables realtors to modernize property transactions and minimize fraudulent activities.
Closing Thoughts
In essence, AI-powered applications offer real estate businesses the potential to modernize key aspects like lead generation, property evaluation, and transactions. However, developing and deploying feature-rich real estate solutions using AI technology requires leveraging expert assistance. In this regard, real estate firms should consider hiring dedicated developers from a reputable artificial intelligence development company. These developers effectively build applications, embed custom AI/ML models, and revolutionize real estate operations. Moreover, developers incorporate advanced security functionalities within the real estate solutions and ensure greater data compliance.
