While developing a foundational strategy for transformation that is based on enabling the core business is key, advanced technologies like AI and machine learning are powerful tools that can unlock efficiencies across the entire real estate lifecycle, Davé says. AI/ML are incredibly powerful tools to become data-driven from analytics tools that can predict asset failures and market movements to infusing efficiencies across operations. "There are new and different ways in which real estate is viewed, transacted, managed, and all of that gets enabled through data and technology," says Davé. Beyond operational improvements, advanced and smart technologies can also help reduce emissions. According to a 2019 International Energy Agency global status report, the real estate industry contributed 39% of global carbon emissions attributed to both construction and the life cycle of the asset.

Artificial Intelligence (AI) is revolutionising every industry, and real estate is certainly not an exception! With increasingly evolving and adapting algorithms for complex areas, including decision making and voice recognition, AI is enabling a reduction in errors and incorrect decisions related to properties with the help of actual data and insights. Real-estate companies can leverage AI for improved data management, enhanced financial and loan modelling, and improved sales and marketing to reap its benefits to the fullest. This blog explains how AI can offer diverse sets of benefits to prospective clients, agents, and real-estate businesses alike. Powerful AI algorithms analyse a customer's search patterns and provide a list of prospective properties that are more accurate and aligned to customer preferences, resulting in enhanced client experience.

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.