Who will be disrupted by real estate automation depends largely on the specific country. This is because not only does each country have its own set of laws governing the industry but the socio-economic environment and technology available within which these laws nestle also differs.
For example, in developed countries across the world such as the United States or Australia, or Europe, there is a concept of homeowners taking out a mortgage in order to purchase a home. In addition, there are escrow agents. By contrast, India doesn’t have the mortgage or escrow concept. Technology will disrupt all the players involved in the real estate process — the extent of disruption will depend on the level of automation, which in turn will depend on the country.
Automating real estate will start with looking at the various elements that make up the process. India already has online marketplaces such as magicbricks.com that allows people to list their properties for sale as well as search for properties they would like to buy. The buyer and seller connect either directly or through a broker. Banks come into the process if the buyer is looking for a loan. Using tools like Hubspot and Zapier has become quite popular amongst real estate agents and builders as it eases out the otherwise cumbersome processes.
To quote Bill Gates: “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” Hence, all processes need to be automated. If the process itself needs to be streamlined, automation cannot help.
The impact of AI is all set to expand in the real estate industry, and it is about to face severe disruption as well. Several individuals have who took up the RPA certification training course will play a crucial role in this technological shift. RPA, also known as Robotic Process Automation is a field that focuses on using software robots and AI workers to manage and integrate business processes.
AI-powered Robot Agents
Themove.com created history by introducing an AI-powered robot called Amy. Amy acts as a non-human real estate agent. Amy is a smart and friendly agent who has all the qualities of a human agent. Amy has a memory that never fails, a top-notch AI algorithm, and superior callbacks. Unlike other agents, there’s a magnificent competitive advantage that AI robot agents have – they can directly enter the database and analyze the search algorithms of any website, in this case, themove.com. Since the robot doesn’t need downtime, it fails to miss even one lead and is very prompt with replies. It can connect with a customer as and when he/she has queries and helps them find local agents if needed. The emergence of Amy has had many other companies utilize this technology.