AI is a concept that has been intriguing the science world for decades, with new developments bringing us one small step closer to a machine that thinks more and more like a human. There are fascinating applications for AI in robotics and computing, which can have a profound impact on nearly every type of business given the digital age that we live in.
For various industries, using technology driven by AI can help in automating long and tedious processes, leading to a more efficient workflow and allowing humans to work at their full potential. Perhaps one of the most stunning examples of AI at present is ChatGPT, a writing tool that can produce anything from blog posts to essays to entire books given the right prompt.
It’s not a tool that can replace a good copywriter or author, but for any written work that requires that’s meant to be more functional than creative, it’s a great option to reduce some workload. AI has proven to be an essential tool in proptech and has helped in reshaping the real estate industry in recent years. We are in the process of developing the next step of AI-based real estate advisory - currently the only firm in the Middle East to do so.
Scaling up proptech
Proptech has been a core part of our business from the very beginning. We have invested heavily in digital marketing to build up a strong online brand and have developed in-house technological solutions to manage every step in the brokerage process. The use of AI will help immeasurably in creating a more seamless experience for clients and in helping us to fine-tune our advisory services, especially at the prime and super-prime level.
We use a sophisticated matching system that analyses several data points and client behaviours to determine the ideal properties that suit their needs. The number of bedrooms, the budget and location are just some of the factors that go into this calculation, resulting in a neatly curated property shortlist.
This is quite a significant advancement in how real estate transactions are conducted, particularly for the higher end of the market. By using data effectively to create property matches, we can be certain that we are presenting clients with options that they are most likely to be interested in. This in turn raises the probability of a transaction by eliminating some of the guesswork involved in curating properties.
Fit in the Dh100m home buyers
After all, if someone is looking at a home that costs Dh100 million plus, they want to be absolutely certain that they have covered all possible options to find the one that ticks the right boxes for them. The right AI helps make that happen.
But that’s just the tip of the AI iceberg. At present, we use data analytics tools to measure the current performance of the market, which allows us value properties according to where the market is. With AI, we can use present data to create fairly reliable models for future market performance – ideal for investors who want to make sure they’re making a purchase that will give them a good RoI.
AI is also used to determine the ideal mortgage rate for clients, and there are even ways to model agent performance and KPI, which can help in finding the right candidates for recruitment. The possibilities really are endless. With the rapid pace of technological development, we’re not too far off from a future where agents can help clients find their perfect home at the literal click of a button (or tap of a screen). And I am confident LuxuryProperty.com will be one of the firms leading that charge and continuing to revolutionize the world of luxury real estate.