Artificial intelligence applications are offering the property industry the opportunity to achieve significant amounts of cost-savings.
FREMONT, CA: The advanced technology of artificial intelligence is propelling the property industry forward. In the process, stakeholders are now discovering new opportunities to drive cost-savings. As the demand for smart properties and efficient property management solutions grow, the relevance of artificial intelligence is almost touching the sky. And contrary to popular perceptions that advanced technologies make everything pricey and unaffordable, AI has contributed towards making modern buildings and innovative service models commercially feasible. The cost-savings also trickle down to the customers, enabling market expansions. The following pointers throw light upon how AI entitles the property industry to save costs.
• AI-backed Building Automation
There exists a lot of scope for cost-savings in commercial as well as residential properties by introducing building automation systems. Building automation can contribute significantly to saving energy with the help of intelligent, sensor-enabled controls. AI is at the core of such automated functionalities within buildings. Every smart device deployed in homes, offices, and retail outlets is power by AI. Be it a new building or old ones, AI can lower energy consumptions and facilitate reduced electricity bills.
• Intelligent and Interactive Service Delivery
Customer interaction has become more crucial than ever in every aspect of a business. In such a situation, AI-backed applications like chatbots are allowing the property sector to modernize customer interaction and drive up engagement while reducing dependence on customer service executives and contact centers. In the process, the property industry has been able to reduce operational costs.
• Smart Platforms as Real Estate Marketplaces
With AI applications, the real estate sector has been able to transform legacy business models. Today, properties deals are executed on the internet through intelligent platforms. The intelligence that these platforms possess enables it to recommend properties to prospective buyers and quote accurate prices. Such streamlined and efficient platforms help property developers and managers cut down on expenses and yet get the best deals.
See also: Top Artificial Intelligence Companies