An article by Anna Skigin, co-founder of Frank Porter

The impact of artificial intelligence (AI) extends across all industries as it has revolutionised traditional business practices. AI has seamlessly integrated into our daily lives, often without conscious acknowledgement and has allowed for enhanced efficiency across workplaces in various sectors. Beyond its subtle presence, AI has remarkable capabilities when it comes to generating immersive virtual experiences, accurately predicting future trends, and simplifying business processes. From optimising workflows to anticipating market shifts, AI is an essential tool for businesses in the real estate market.

The real estate market in the Middle East and North Africa (MENA) region has adopted AI to benefit from enhanced efficiency. AI technology is now used to not only optimise business processes, but also to elevate customer experiences. With the ability to offer heightened precision when it comes to property valuations, predicting future trends and creating virtual tours and augmented reality experiences, AI allows potential buyers to tour and purchase properties without visiting them in person. When it comes to valuing property, traditional methods relied on numerous manual processes which can take time and allow for greater human error. AI powered valuation algorithms take into account all aspects of the property in real time, including the location analytics, market trends and the features of the property itself. AI is not only able to expedite the valuation process, but also provide a more accurate valuation which in turn leads to a faster property turnover for real estate agents, owners and buyers.

In any industry, having detailed information about your customers enhances your relationship with them and increases the value derived from both sides. With the technological enhancements we have recently seen, personalised experiences have become expected by consumers, and AI has become more important to businesses as it is able to offer such experiences with minimal human input and costs. Machine learning algorithms as an example can be used to gain deeper insights into customer preferences and needs, therefore anticipating when they would like to buy or sell and which properties would be most suitable for them.

For real estate business, sourcing data is essential and was previously very time consuming. AI allows agents, investors and agents the ability to access real-time market insights and essentially make decisions faster. AI provides key technology that assists with property searching, marketing, management, and all transactions. It is important that companies continue to innovate their offerings and adapt in order for them to maintain their relevance in such a dynamic market.

When it comes to the short term property market, AI automation has streamlined the guest experience from communication pre and during their stay, to the intricate features of the property during their stay. Previously, guests staying in short term property rentals could endure long waits to solve queries or difficulties in contacting property hosts outside of traditional working hours. Chatbots and virtual assistants have proven to be powerful tools for agents and landlords to solve this issue as they are able to answer common queries when required, do not take breaks and can be online 24 hours a day to assist guests. A benefit of the automated system also means information is streamlined and their multilingual capabilities greatly enhance the overall customer experience.

During short term rental stays, AI also plays a vital role in the personalisation of guest experiences. AI technology can offer recommendations for restaurants in the area based on guest preferences as well as adjust the finer details in the property such as the air conditioning temperature throughout their stay. These AI enhancements echo the true core of hospitality which ensures guests have the best stay possible.

When marketing and promoting a property for rent, AI is able to easily highlight its unique features as well as target relevant potential guests with the listing.  AI’s ability to collect and store data makes it a valuable tool when it comes to offering a bespoke experience. The technology available currently has the ability to simply match the prospective guests likes and dislikes based on previous searches, bookings and past purchases. By matching the guest behaviours with the unique details of a property, it ensures a smoother process throughout the rental process as well as more efficient communication. It also results in a greater post-purchase satisfaction rate as properties suggested are relevant to the needs of the guest.

Airbnb as a platform leverages AI technology to assess user behaviour and is a prime example of how AI has revolutionised the short-term rental industry.  The app uses AI to enhance the relationship between the guest and the host through predictive search which analyses user behaviour. It has the ability to scan the social media activity of its customers which can help match them to a suitable property whilst also analysing which guests have broken the rules in one of their properties or are likely to break the rules when staying at an Airbnb property. For the property host, Airbnb allows them to maximise revenue by giving them real time information on competitors, past booking trends and current booking trends and events occurring in the local area.

When it comes to business success, those at the forefront of AI adoption are leveraging this technology to create profound transformations within their industries. The real estate industry has gained and will continue to gain immensely from the integration of AI. By leveraging AI's ability to enhance property valuations and personalise customer interactions, the industry can achieve far greater levels of both efficiency and accuracy.

Embracing AI is not just an option but a necessity for real estate businesses aiming to thrive in an increasingly competitive and technologically advanced landscape.