Lockdown : Home buying in India is majorly a family decision and digitalisation has expanded the area of research and options significantly. The use of artificial intelligence and other technological tools has began replacing onsite experiences of property.
Investment in property is a crucial decision and buyers always prefer visiting the site before finalising the decision. Due to the coronavirus pandemic, various nations including India are under a lockdown that has brought the realty sector to a standstill. To deal with the current situation, realty firms are adapting digital platforms and offering a virtual walk-through experience to potential buyers. For upgrading and performing better in this competitive segment, several developers are using artificial intelligence-based chat bots facility for customers to answer their queries.
Top builders in Hyderabad like Modi Builders are of the view that upgrading with time is imperative in the ever-changing world. As per their reports, realtors are getting significant customer leads on their digital platforms and have witnessed property booking with a nominal amount. They are optimistic that real estate sector will boost after a certain period.
Artificial intelligence is majorly used in business applications as it constantly improves apps, machine interfaces, lead generations and marketing with the support of natural language processing. Across realty sector, AI is streamlining operations and improving efficiencies.
Two years back the first AI-driven real estate transaction took place in Philadelphia amounting for $26 million. The property was picked by the so-called “soon to market detection” algorithm.
Currently, most marketing teams in realty sector are communicating with homebuyers over calls, email, through whatsapp, etc. Presence on the digital space has enabled developers to attend all leads and manage the customer lifecycle seamlessly.
Online platforms support customers to select the project, view the availability and book them.
“Realtors are reforming technically and using 3D renders/ 3D walk through which buyers are exposed to much before they actually visit them. Virtual Reality and Augmented Reality solutions are attracting buyers from remote locations to experience the under-construction or ready-to-move-in properties,” said a realty expert at Modi Builders.
This has also helped the industry pitch better in international markets and emerge as a support function during the current lockdown situation.