DATA, TECH & AI THE EFFECTS ON REAL ESTATE #HelloLifestyle by Renate Engelbrecht Images: Supplied
AS WITH EVERYTHING ELSE, ONE CAN’T HELP BUT WONDER WHAT THE EFFECTS OF AI, DATA AND TECHNOLOGY ARE ON THE REAL ESTATE ENVIRONMENT
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ael Geffen, the CEO of Lew Geffen Sotheby’s International Realty says: “…Proptech is essentially the implementation of technology to streamline processes and make transactions more efficient, whether it intersects the planning, building, management or even demolition stages. What started as a trickle with the introduction of online search portals a decade ago, has become a wave of disruptive solutions and cutting-edge technologies that have steadily been transforming the way in which we conduct business.” Online marketing and search engines like Property 24 have created an era of time-saving convenience in the filtering process, with certain properties being removed from the equation by choosing criteria like size, location and price. Ultimately, this has made house hunting much easier.
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There are selected technologies that have been accelerating in the industry rapidly. Wayne Berger, Managing Partner of iShack Ventures and a PropTech Venture Builder, says several of these technologies are already influencing the industry to varying degrees, with a number of key emergent trends that are likely to have a significant impact within the next few years. According to him, property professionals should gear themselves up for some exciting game changes soon to take shape. DATA IS KEY Geffen says in essence the real estate industry is data-driven, which is why it is important to focus more energy on collecting and analysing all the data relating to a real estate business. This can be converted into valuable business case studies, offering management insights to make better decisions and action informed strategic moves. “More in-depth, clearer insights on pricing, residential and commercial trends and buyer demographics, as well as the potential value of neighbourhoods, is invaluable,” he says. ARTIFICIAL INTELLIGENCE Computers that can learn without explicitly being programmed, can only be an incredible tool in real estate, especially when it comes to property investment and sales decisions. It can assist in organising available data in such a way that one can pick up past and future