First of all, I want to thank you for the opportunity that Bloomberg Financial gives us to be able to write about topics related to the Real Estate sector, on this occasion we will talk about the impact of technologies.
The obligatory question today is not whether the incorporation of technology in the real estate sector is a good idea, the question is how to use it to benefit us, and which one is better for us than another.
Although we can differentiate ourselves from the competition in many ways that have nothing to do with technological innovation, it would be naive to think that we will be able to achieve the competitiveness that the sector demands without using technology.
One of the technologies being used is Large Language Models (LLM), which consist of advanced Artificial Intelligence that focuses on understanding and analyzing text. They are more accurate than traditional machine learning algorithms because they can understand the complexities of natural language.
For example, the LLM can generate and classify text, answer questions conversationally, and translate text from one language to another. The large label refers to the number of parameters that the language model can change autonomously as it learns. Some of the most popular LLMs have hundreds of billions of parameters.
In such a way that the debate would have to revolve around which technologies should be adopted, and this is where the main challenge of the sector lies in terms of innovation, knowing how to choose between the offer of technological advances to those that really contribute to solving problems and responding to the needs of the real estate sector. In short, there is no point in filling the streets with billboards with QR codes if this does not eventually translate into an increase in your sales.
Every week, Artificial Intelligence (AI) revolutionizes the real estate sector in a different way. Technologies and applications constantly emerge with the goal of improving efficiency, productivity and customer experience.
What areas will benefit the most from technology? I would say any area. One of the initial points where it is being applied is to facilitate the interaction of companies with their customers. Artificial intelligence is being used as an interpreter between the language of the real estate business and the language of technology.
Something that must be taken into account is that employees in the real estate sector are not going to be replaced by AI, but they are going to be replaced by a person using AI, therefore, the application of new technologies in addition to professionalizing the sector It will also allow you to optimize resources and time.
One of the most crucial and complex tasks for real estate investors and developers is to analyze and predict market trends and opportunities. AI and ML (machine learning) can help you do this with greater accuracy and confidence by using deep learning and neural networks to process and interpret data from various sources, such as demographic, economic, political and environmental data.
You can use AI and ML tools to generate insights and forecasts that can help you identify and evaluate potential markets, segments, niches, and strategies.
One of the most important tasks for any real estate agent or broker is attracting potential clients and determining the fair value of a property, in addition to the most common challenges for real estate buyers and sellers such as finding the right property that matches with your needs and expectations.
Other of the most tedious and time-consuming tasks for real estate owners and managers is maintaining and optimizing their properties, as well as analyzing and predicting market trends and opportunities.
However, new technologies will help them make their operations more efficient and effective by analyzing data from various sources, such as social networks, web traffic, online reviews and market trends. He who is not innovating, without a doubt, will stay by the wayside.
For example, the Proptech Doorvel already has a dashboard (information management tool) that allows obtaining metrics on the behavior of publications, and with intelligent matchmaking (a focused way of doing B2B networking) and a range of insights, data , smart messaging, based on advanced statistical algorithms that instantly helps make decisions whether to buy, sell or rent a property.
