Legal records, property evaluation records, ownership details etc are among the many documents the real industry handles, and many of these are often stored in paper format. However, this conventional method of storing records is being set aside in favor of digital records especially with the emergence of COVID-19. Today, real estate firms are investing in data entry services to convert all their data into digital format. This helps them to shift their sales online during these uncertain times.
With the announcement of lockdown throughout the world, people have become more active in the digital space and are relying more on online buying. This has led the real estate industry to adopt innovative initiatives to engage with people, and ensure a convenient home buying and selling procedure during COVID-19.
Use of AI and ML
To stay relevant and keep the business afloat, the real estate industry is investing more in Artificial Intelligence and Machine Learning. The need for AI and ML emerged due to the rising volume of data, increase in the computing power, and advancements in algorithm. This helps improve the efficiency, productivity and sales of this industry. It also helps to organize siloed and unstructured data, which are the common barriers in the real estate industry. Artificial Intelligence and Machine learning help improve data transparency and standardization, and make accurate data predictions. This enables the real estate industry to act according to the forecast and make the right decisions. With accurate data and improved analytics, they can understand the signals and patterns to use real time solutions to prioritize preventative maintenance, and prevent unplanned downtime.
Apart from its use in data processing, AI is also used in the real estate industry for smart construction like 3D maps, simulating construction plans, virtual tours, drone surveys, improving the quality of the construction, and predicting project risks. It prevents any on-site accidents or unsafe practices and also ensures better safety of the workers.
Useful for Tracking and Understanding Customers
With AI, real estate companies can track customers who are likely to purchase, or sell a new house. It helps real estate companies to identify and access disparate and unrelated data sources to compile a prediction about who should be targeted. It also analyzes the customer’s buying pattern, and can differentiate between people who want to buy and people who are looking out of curiosity. Using data processing, real estate companies can identify which individuals are empty nesters and also know about time in residence, home values and so on.
With AI, realtors can engage with customers through chatbots. It brings a conversational tone in marketing messages and provides a more personalized approach to customers. Chatbots can quickly understand a user’s intent and extract important details enclosed within their request to provide appropriate responses and solutions. This allows site visitors to have insightful information about the property that they would like to buy and also offer recommendations to help them make the right decisions.
A Digital Ecosystem
AI and data processing help to build a digital ecosystem in the real estate industry that allows strong networks and collaboration between real estate companies, suppliers, contractors, consultants etc. This helps to improve the efficiency of real estate business processes, reduce oversupply, minimize unnecessary cost and logistic burdens, and raise the overall business value.
With the outbreak of COVID-19, people have moved to the digital platform and this shift has forced realtors to move towards digitization and come with new strategies to sell properties and homes online and add value to their business. It helps in strengthening the foundation of the business and also provides a seamless buying experience for the customers. So, to begin with the process of digitization, real estate firms should invest in a reliable data entry service, that helps with conversion of all paper-based records into electronic format to improve the efficiency of office functions. They can provide customized service to satisfy customers’ specific needs and also maintain confidentiality of data. The data processing service can be used for:
- Consolidating buyer details
- Filing up and preparation of legal documents
- Creating a new databases
- Data related to insurance and taxes
- Management of legal and property documents
- Sales history
There is no doubt that digitization with the support of professional data entry companies, and a strong online presence are the needs of the hour for real estate companies. However, it is important also to scale the efficiency of the team to meet the needs of the new business model that may be here to stay.
