When we think of Artificial Intelligence, we often imagine a robot living in a futuristic city, helping us shop or do chores around the house. In actuality, AI technology draws logical conclusions and learns on its own.
Today’s “AI” is actually closer to advanced machine learning with sophisticated algorithms that process huge amounts of predefined information intended to make accurate, near-term predictions. In short, we are utilizing data that already exists to automate mundane tasks and make our jobs more efficient.
In JLL’s 2023 Global Real Estate Technology Survey*, AI and generative AI were ranked among the top 3 technologies that were expected to have the greatest impact on real estate over the next three years by investors, developers and corporate occupiers.
*JLL’s 2023 Global Real Estate Technology Survey will be published in September
The ability to anticipate the real estate market is something of a holy grail to investors. Combining human expertise and data-based analyses and forecasting, AI can predict future rent and sale prices, identify the latest market trends, and further more, pinpoint new investment opportunities.
With Land investing for example, we could find comparable properties without actually having to spend as much time searching for them ourselves.
The goal of AI is not to replace jobs, but to help automate tasks that take time away from more important duties. For example, writing quality property listings could take hours, where as AI could take all of the data and write up a posting for you in a matter of seconds, thus freeing up time to do important tasks such as negotiating the price down on a property.
For instance, we’d typically have to spend time reaching out to hundreds of potential sellers, AI can very quickly research thousands of data patterns so that we can see which properties are more likely sell than others.
AI platforms like Smart Targeting, puts focus on generating quality leads, resulting in bigger and faster profits.
Customer experience is one of the core fundamentals of sales and acquisition.
We also know that most people want FAST responses.
Utilizing AI, we could get answers to our customers instantaneously, pushing out quality responses 24/7. Furthermore, AI can work in any language, offering a diverse range of service.
If AI can learn how we price land, and can gather enough viable data and evaluate slope of land, etc., then we will be able to utilize AI in amazing ways. Granted, this will take time, but why not get a head start?
Here at Land Investing Online, we have already started building these datasets, and as a result generate useful information for our own business and future land investing businesses, which will additionally save time to focus on important tasks.
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than here at Land Investing Online!