Artificial Intelligence is the most emerging technology field in today’s industrial era. All the domains for instance finance, medical and agriculture make use of AI some or the other way. Let’s look into some of the examples of AI applications in real estate industries.
In due course of time, people have gained a lot of data regarding houses and Data scientists started training machines to predict the current and future price of a flat using ML. Let’s talk about an example of predicting the current price of a house. House price prediction will involve features like living area, location, flat type, furnished status, floor number, type of foundation, the height of basement, parking, type of roof, roof material, the shape of the property etc. For more details of a similar problem check here. Using the above features as input people have trained models for regression. The output of those models is the house current price. Using LSTM models people are trying to figure the future values of a property. Housing.com is an Indian industry which has this feature to show your house price based on the features you enter.
If you have used apps like Housing, Nobroker, Realtors you would have seen people upload images of their property which they want to rent or sell. Machine Learning and Deep Learning are also used for clearing blur images and deciding the display order of images. It also classifies images into categories like Kitchen images and filter outs irrelevant images. There could be cases when the image uploaded by a user doesn’t belong to a house and in that case, the classifier will filter out some ads or report them.
You would have seen user ratings for products on Amazon and services on the Urban company. Have you ever thought that we can give ratings using AI? Campizo is solving this problem by assigning ratings using AI to rented flats. They have taken considered features like rent, location, transport availability, supermarkets, type of area, floor number, parking, front road type etc to come up with a rating.
VR technology is emerging at a very fast pace in real estate markets. People would visit the flat to check for interiors and the condition of the flat but VR made this easier. Using VR technology you will be able to find the 3-d tour inside your phone only or in VR headset. Realtor a US-based company has the feature to view the 3-d and virtual tour for properties.
You would have encountered the recommendations on a product-based platform like Amazon, Flipkart. Similarly renting and buying platforms also have the feature of similar property recommendation. Some recommendation systems are purely property features based whereas others are user-based. The feature-based recommendation system works on calculating the similarity between the features of 2 houses.
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