The real estate industry is rapidly adopting AI tools to drive business benefits. Mitrankur Majundar, Senior Vice President and Global Head of Services at Infosys, highlights the increasing market for AI in real estate, projected to reach $1,335 billion by 2029 with a compound annual growth rate of 35% over the next five years. AI, along with other technologies like AR, VR, drones, and predictive analytics, are revolutionizing the real estate value chain by enhancing efficiencies, reducing costs, improving customer experiences, and unlocking new revenue streams.
Realtors are leveraging AI and drones to generate marketing content, create detailed property videos, and recommend online advertising options. AI-powered tools are also being used to streamline property tours and walkthroughs, analyze large volumes of documents for faster deal-closing, and provide more accurate property valuation. Additionally, AI-powered virtual assistants are offering personalized customer support on a 24/7 basis, addressing queries in multiple languages.
Developers and builders are incorporating AI in site analysis, planning and design, project management, and sustainability efforts. By using drones, computer vision, and AI models, developers can streamline site analysis, integrate climate data with site information, and improve project design. AI-based tools can also generate detailed 3D models in minutes, enhance remote supervision during construction, predict maintenance needs, and optimize building systems for improved sustainability.
Property managers are utilizing AI tools for tenant screening, management, maintenance requests, rent tracking, and security. AI-powered systems can analyze potential tenant data, track rent payments, automate maintenance requests, schedule property maintenance, and enhance security with computer vision. AI tools can also help property managers gain insights into tenant behavior, address causes of tenant unhappiness, and improve overall tenant satisfaction.
To maximize real estate AI investments, businesses should identify areas where AI can add the most value, scale pilot programs, choose the right AI models and tools, and continuously improve and enhance AI capabilities based on past experiences and industry use cases. By focusing on low-hanging fruit like generative AI for marketing, customer support, tenant management, site management, and architecture planning, businesses can gradually implement AI tools and overcome resistance to change within their organizations.
Mitrankur Majumdar emphasizes the importance of taking a steady approach to AI adoption in real estate, ensuring that customers and employees see the benefits of new AI tools over time. By staying informed about AI trends, leveraging existing AI investments, and cross-pollinating ideas from other businesses in the field, real estate players can successfully integrate AI technologies to drive tangible business benefits and stay ahead in the evolving real estate landscape.
