Big data enters the scene
“Data empowers real estate professionals in many ways,” Bitton began. “Using data analysis to develop data-driven, long-term strategies is now standard practice among real estate firms. Businesses in the real estate industry can leverage big data to foresee trends, possibilities, threats, and strategies. With big data, companies can make decisions based on evidence.”
But wait, there’s more: “Furthermore, presenting projections based on data makes proposals more transparent and convincing, increasing customer satisfaction and inviting more investment,” he added.
The dominance of AI and machine learning
“It’s one thing to collect data,” Bitton said. “It’s another to maximize it fully. Artificial intelligence (AI) and machine learning (ML) move collected data into action almost instantaneously. The combination of AI and ML makes for more accurate identification of patterns, leading to smarter decisions. The upshot: “Because of this, in 2023, we’ll see more real estate firms and agents start using AI-powered tools to streamline and enhance their operations,” Bitton predicts. “One of today’s AI and ML use cases is online real estate marketplaces,” Bitton noted. “These marketplaces utilize AI to personalize the home search process,” he explained. “They are designed to provide results based on users’ search behaviors. Aside from the increased use of these marketplaces, real estate professionals will also maximize AI-enhanced tools to analyze the sales funnel and generate targeted campaigns to improve conversion.”
Bitton added: “AI and ML also boost functionalities of property management software and IoT devices such as security and surveillance systems. There are also applications based on AI and ML models that can accurately predict home values and rent changes.”
5G will be the standard for smart property management
“With today’s 5G connectivity, compatible devices and sensors can communicate consistently, accurately, and securely with other systems and devices,” Bitton observed. “This paves the way for smarter and more inclusive property management. Smart homes will become even smarter. As such, 5G will be the standard for internet-powered home automation devices and systems in 2023.”