Dukaan CEO and founder Suumit Shah explains why he laid of 90% of his customer support staff after saying AI outperformed them. The real estate market might feel the shifts and impacts of artificial intelligence (AI). But when it comes to making perhaps the most significant purchase of one's life, homebuyers will want that human touch, experts told Fox News Digital. "I don't think it's going to replace how we necessarily do business and automate it, but I think it's going to enhance the amount of data that we have available," Pierre Debbas, co-managing partner of Rommer Debbas LLP, said. He argued it will allow Realtors to "provide the consumer with more accurate information and maybe a broader scope of data in making their decisions when buying a home." AI has already reshaped a number of industries, including the very industry that created it, leading to rapidly decreasing work opportunities and doomsday prophecies of no more tech jobs in five years.

Post-COVID, almost every industry has become data-driven and has adopted AI to beat the heat of the increasing competition. But, the real estate industry has been one of the slowest to go into digitization. One of the vital reasons for this could be the varying disparities in the data of this industry. It's one thing to enlist house types by rooms and another thing when users search with specific instructions. Furthermore, the urge of property dealers to cross-verify everything in person is another crucial factor that refrains real estate agents (and brokers) to invest in digital marketing and stick to non-digitized, traditional marketing mediums like print media and television ads. But even this industry could not escape the aftermath of the pandemic, which forced its stakeholders to turn towards digital solutions and adopt the bleeding-edge technologies of Artificial Intelligence and Machine Learning.

If mortgage lenders could figure out when their existing customers were thinking about moving, they could offer to help them find their next home -- and prequalify them for a loan. That's the thinking behind two complementary services offered to mortgage lenders by Senso, a Toronto-based fintech analytics startup. Senso Insights employs artificial intelligence to evaluate a lender's existing pool of borrowers to identify those who are actively looking to buy their next home. After calculating each homebuyer's purchasing power, Senso Engage provides them with personalized listings prioritized by neighborhood and affordability, along with access to loan pre-approval. This automated lead-nurturing campaign can help keep borrowers from defecting to another lender.

Brick-and-mortar real estate may seem like the only tangible thing left in an increasingly virtual world, but it too is being taken over by artificial intelligence. Some of the biggest names in the business, such as Compass, Zillow and LoanSnap, are now employing AI to help find buyers the perfect mortgage and the perfect home. And for real estate agents, it may already be a game-changer. Most real estate data is public, from land records to title documents, purchase price and even mortgage liens. The trouble was it was an onerous process to go to local offices and obtain all the information.

Whether you view AI as a technological "holy grail," like Bill Gates, or "summoning the demon," like Elon Musk, there's consensus that, one way or another, AI will transform life as we know it. Multiple industries will feel the impact of this growth, including real estate, where AI continues to transform how agents approach their work. Between 2010 and 2014, global investments in AI technology grew from $1.7 billion to $14.9 billion, according to eMarketer, and global AI revenue is expected to reach $36.8 billion by 2025. By 2018, IDC predicts that 75 percent of developer teams will use AI technology in one or more business applications or services. At its core, AI is an enabling layer of technology that leverages computers to instantly sort through massive amounts of big data to identify trends or opportunities.