The real estate industry is slowly adapting to the new data-focused world and making progress in defining use cases for artificial intelligence utilization. Quietly, managers are educating themselves on the application of data analytics to gain an edge.

Since AI has the ability to analyze patterns in vast amounts of data, it can be used in realty to make real-time advanced property analysis, future property value predictions, property recommendations based on customer preferences, and automate property management for maintenance, tenant applications, and seasonal availability.

What else can AI do? It can be used for lead management for prospects, analyze customer interactions during the lending or buying process, and better understand what matters to customers within a given geographic area.

Bottomline, the time for digital transformation of the real estate industry is here. With widespread adoption and acceptance of AI as a powerful tool, real estate companies adopting a technology-first attitude will help agents become more effective, brokers more strategic, clients more empowered, and their firms much more competitive in a rapidly evolving sector.