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Predicting Property Prices: Real Estate Software Solutions

The document discusses how AI has applications in real estate such as predicting property prices through regression algorithms, lead generation through chatbots and apps, recommending properties through conversational data analysis, and enabling virtual tours.

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Mainak Sarkar
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28 views

Predicting Property Prices: Real Estate Software Solutions

The document discusses how AI has applications in real estate such as predicting property prices through regression algorithms, lead generation through chatbots and apps, recommending properties through conversational data analysis, and enabling virtual tours.

Uploaded by

Mainak Sarkar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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An authentic and quick prediction of the real estate value is necessary to prospective

homeowners, developers, investors, appraisers, tax assessors, and other real estates market
members, such as mortgage lenders and insurers. Real estate software solutions valuation based
on traditional approaches like cost and sale comparison does not have a trusted standard and a
certification process.

Hence, the availability of a real estate value prediction model benefits in filling a critical
information gap and growing the efficiency of the real estate market.

In this context, the use of Multiple Regression Analysis (MRA) becomes effective. Artificial
Neural Networks and Expert Systems are presently utilized for real estate valuation.

Predicting property prices


AI has applications in estimating the market value of properties and predicting their future price
trajectory. For example, ML algorithms combine current market data and public information
such as mobility metrics, crime rates, schools, and buying trends to arrive at the best pricing
strategy.

The AI uses a regression algorithm– accounting for property features such as size, the number
of rooms, property age, home quality characteristics, and macroeconomic demographics–to
calculate the best price range. To wit, the AI algorithms can predict the prices based on the
geographic location or future development.

Lead Generation
Chatbots, AI-enabled consumer apps, and machine learning interfaces are used to collect
customer data and help with lead generation for marketing campaigns for realtors.

Property analysis and recommendation


AI-powered software improves the ability of a business to provide accurate and comprehensive
information about the property to clients. The algorithms parse the conversational data to
recommend properties to the customers.

The US company Localize uses AI to fact-check apartment listings. The algorithms take
aspects like nearby schools, transportation, light sources, disturbances, etc into account to
profile a listing. For instance, it verifies real estate agents’ advertisements of “sunny” properties
by looking into seasonal light variations and the time of day when the apartment catches the
most sun.
Virtual tours
Inarguably, AI is primed to upend the real estate industry. The most recent technological
development in the real estate landscape is virtual tours. Virtual tours and virtual reality allow
the customers to follow 3D views of the property online. This is especially beneficial for remote
& abroad properties and those still under construction. Virtual tours that include options for
zoom in, panorama and spoken notes, act as an easy and cost-effective way to conduct landlord-
tenant meetings.

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