Machine learning is already disrupting other industries, even in its infancy. It’s creating opportunities for businesses to develop quicker than ever before, allowing people to process information that previously would not have been capable.
Though the concept of artificial intelligence and machine learning aren’t new, they’ve only truly been developed within the last decade.
What Is Machine Learning?
Machine learning is technically a field of artificial intelligence. It involves using computers to comprehend algorithms and organise data before applying it to real life situations – without being explicitly programmed.
Machine learning is technically a field of artificial intelligence. It involves using computers to comprehend algorithms and organise data before applying it to real life situations – without being explicitly programmed.Click To Tweet
These computers are also able to improve their learning over time. Healthcare, Education, Law and many other sectors are already using machine learning to help with the daily running of their businesses. Making their workflow more accurate and efficient.
How Is It Used In Other Industries?
The education sector is benefitting from machine learning by reducing the responsibilities and pressures placed on teachers with the help of computers.
For example, marking papers would be a task that takes up hours of a teacher’s time. Using Artificial Intelligence, an algorithm could be created to grade papers to eliminate the time spend marking by teachers.
Computers are already being used for healthcare initiatives in surgeries and hospitals.
They can give patients faster diagnosis and also predict problems they may face in the future. It can even be used to help diagnose skin cancer by scanning moles to see if they’re harmful.
In law, machine learning is most commonly used for data processing.
A computer has the ability to filter through enormous amounts of data in a short amount of time. Much like in the education industry, it’s saving employees hours of work that can be put into other tasks to improve productivity.
Machine Learning In Real Estate
Currently, machine learning is being used in multiple ways in the real estate sector. Particularly in regards to the buying and selling process.
However, there are a number of ways that machine learning is not being utilised in real estate, creating ways of entry for the technology to be used. In comparison to the early adopters of machine learning, real estate is somewhat far behind in this innovative technology.
The technology is just starting to surface in real estate products like CRM. With the machine learning how to categorize clients, when they should be contacted and in what way.
Real estate already uses artificial intelligence to build its automated systems. This can be used in several instances.
For example, sensors can be placed around a building and used to collect data which will help the building owner improve energy efficiency, highlighting areas where the building is not very energy efficient. It monitors the lighting and heating along with other electrical appliances around the building.
Should this technology be rolled out on a larger scale, it has the potential to support the already emerging market for predictive analytics. For now, the technology can only monitor what is happening, not what may happen in the future.
In addition, machine learning is also being used to help with property management. Some tenants may be buying or renting a property using bridging loans. Machine learning could help with their repayment plan, creating algorithms specific to the home. Furthermore, devices such as Amazon Echo or the Google Dot could be used to help with communication with tenants. This could change the way property management is run. The only query may be with the privacy of the method, so there would need to be strict regulations in place to ensure the tenants don’t feel as though their privacy is being compromised.
What It Can Add To The Industry
Machine learning can also be used to help with customer service.
Consumer-facing applications such as chatbots are already frequently used by many other industries. The use of chatbots in the real estate industry could completely change the way estate agents work.
Machine learning could be used to create an algorithm to help with the property search. Users could input their specific needs and requirements with the chatbots then being able to match them up with specific properties.
Moreover, there are also further developments to be made in real estate regarding virtual reality. As it stands, computers can be used for 3D property virtualisation. Allowing a client to view the property before deciding whether they’d like to go ahead and visit the place.
However, there’s still potential for it to go a step further by realistically replicating the environment into something that truly feels like the real property.
The Future Of Machine Learning In Real Estate
The future of machine learning looks bright, there are a number of ways machine learning is being further developed to help the industry.
One these ways is using machine learning to create comparison tools that can help with the decision process. When someone is looking for a property, they are searching for the best home in the prime location. In the years to come, a real estate portal should be able to make recommendations based on much more than just the property’s specifications and location.
Given the sophistication of the technology, it should be able to match a property to a family’s individual needs, including their personality traits and preferences. It can use algorithms to take in all the necessary data and output relevant information that will actually be useful to the client.
There is also a predicted change when it comes to the way that homes are priced. At present, hiring an assessor is the best way to value a home before it’s put onto the property market. Thanks to machine learning and artificial intelligence, future real estate agents can use a system that looks into the house size, age, floor plan, garden, road and state of repair. This could then go through a range of vigorous filters to provide effective and accurate results to determine the cost of the property. This means that estate agents would be able to price properties based on individuals and not the market.
Overall, if machine learning keeps improving the way it currently is, it’s likely to completely change the world of real estate. The only factor holding machine learning back is estate agent’s willingness to adopt the technology.
Paul Matthews is a Manchester based business writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.