Risk continues to be a major factor in multiple areas of real estate. From understanding how well a property or building type works in the current market to working with the right tenants, data can show a lot of details that are unseen in meetings.
One point of caution for all AI is to avoid giving total trust and control. Just because computers have a mainstream veneer of being logical and lacking the mental follies of humanity doesn’t mean they’re immune to bias.
The one fact that debunks computers are infallible logic machines is that the data can have human-introduced biases. AI makes decisions based on data sets that are used to create a base of assumptions and ideas. Those data sets contain bias.
Bias is not always overt. In fact, outside of direct espionage, the biggest problem with bias is that unconscious, seemingly disconnected decisions could be rooted in assumptions that shouldn’t be there.
Machine learning and AI is a constant march forward that requires more than shouting “no bias!” as a slogan. Bias identification requires analysis, and multiple assumptions on different details must be challenged as they’re encountered.
For real estate, that covers everything from tenant discrimination to using the wrong type of wood-based on personal preferences of decision-makers from decades ago. AI data can comb through data about old decisions and come to new conclusions.
Virtual Reality Tours and Services
Artificial intelligence (AI) plays a big part in the Virtual Reality (VR) industry. AI allows real estate companies to collect information based on user requests, website use habits, and other details.
When that information is introduced to VR, real estate web designers can cater to the entire experience to fit what users want. This includes the look and feel of a site, the way that VR environments are designed, and options available.
Pictures are good, but today, potential renters and buyers can see their future home from different angles.
Virtual reality is already a part of the real estate gallery experience, and it will only get better. VR technology makes it easier for real estate agents to showcase properties and add value to their brand through convenience.
VR is still improving. Image tearing and awkward blurs still exist, making the 3D experience a bit jarring as people get used to better quality.
On the user side, web browsers and multimedia companies are still working on making the 3D experience less system intensive. Although the newest, best phones can view VR fairly well, there will always be new techniques that could slow smart devices down.
For more details on cutting edge technology in the real estate world, contact a real estate tech specialist.