AI-enabled virtual reality: Revolutionizing the home buying experience
Buying one’s dream home requires planning, funds, and these days, putting on an AI-enabled virtual reality (VR) headset. Realtors are increasingly providing customers an immersive experience, courtesy generative artificial intelligence (GenAI), mixed reality, and metaverse.
How AI and ML are transforming the real estate industry
For realty consultancy Anarock group, AI and machine learning (ML) are enabling predictive market analysis, facilitating virtual property tours, and improving property management through predictive maintenance. The technology is also helping create targeted marketing strategies, and streamline real estate transactions.
Boosting sales with predictive analysis and targeted marketing
“Anarock used its AI/ML proptech solution ASTRA to boost primary housing sales by up to 15 per cent,” says Anuj Puri, chairman, Anarock group. ASTRA uses predictive analysis that processes consumer behaviour to instantly provide “the highest quality leads”, allowing sales teams to focus attention on inquiries with the highest conversion probability.
Technology-driven advancements simplify the home purchase process
Mumbai-based Hiranandani group concurs. By using technology-driven advancements, the company aims to provide customers real-time assistance and simplify the purchase process. “It is important to note that real estate is a touch-and-feel industry and customers will always close a deal after a physical inspection,” says Niranjan Hiranandani, managing director, Hiranandani group. But technology can serve as an enabler for creating a more curated market experience and generating relevant market insights, he adds.
The future of real estate: Exciting times ahead with AI and automation
It also boosts company revenue, according to Bengaluru-based Prestige group. AI-led voice bots converse with clients and “ensure the timely delivery of the right information, maximizing the probability of conversion,” says Vishesh Kaul, chief information and digital officer, Prestige group. The technology also provides recommendations and guided experiences. The integration of 3D modeling, VR, augmented reality (AR), and AI is reshaping project viewing. “Leveraging GenAI, personalized property recommendations tailored to individual customer interests are significantly enhancing the purchasing experience,” says Anupma Khetan, customer experience evangelist, Sunteck Realty. This technology analyzes customer preferences and historical data to suggest properties aligning with their unique requirements.
The future of real estate: Exciting times ahead with AI and automation
Realtors are also excited about what the future holds. Hiranandani says real estate will become even more dynamic and customer-centered as AI continues to advance. Puri from Anarock Group says as these technologies develop further, their efficiency and accuracy will increase tremendously. “There are exciting times ahead”.
Analyst comment
Positive news: AI-enabled virtual reality is revolutionizing the home buying experience, transforming the real estate industry, boosting sales with predictive analysis and targeted marketing, simplifying the home purchase process, and enhancing the purchasing experience. It is expected that the market will see increased efficiency, accuracy, and customer-centered approaches due to advancements in AI and automation.
