Embracing the future: How AI is tranforming the property industry l Vesta blog

Embracing the future: How AI is tranforming the property industry

July 19, 2023

At Vesta, we are exploring our approach to artificial intelligence and our strategy around how we build this into our marketplace. As part of this work, we are delving further into the transformative potential of Artificial Intelligence (AI), not only in property management but also in buying and selling properties. In this blog article, we explore and share some ideas and potential trends that might revolutionise the real estate sector.

As you may already know, AI is impacting various industries, including real estate, by automating processes, enhancing decision-making, and improving efficiency. Here are some thoughts on specific areas to explore:

Intelligent property valuation

AI can provide accurate property valuations by analysing vast amounts of data, including market trends, location, property size, amenities, and historical sales data. This potentially leads to more informed buying and selling decisions, helping landlords build investment strategies and ensuring they get the best possible value on their investments.

Personalised property recommendations

AI-powered platforms can learn from your preferences and behaviours to suggest properties that match your exact needs when buying. For sellers, these systems can recommend potential buyers who are looking for properties like yours, increasing the chances of a quick and profitable sale. This could be interesting for landlords as they explore buying and selling strategies.

Automated legal and administrative work

AI has the potential to automate various legal and administrative tasks involved in buying and selling properties, such as drafting contracts or managing documentation. This can significantly expedite the process and reduce human errors. As existing systems, databases and information sources become accessible AI will speed up every part of the property buying and selling process. From a Vesta perspective, like every agent, and probably most buyers and sellers, this is one of the most exciting opportunities AI provides as the buying and legal process is antiquated, manual, and slow. AI lawyers will revolutionise the buying and selling process.

Virtual property showings

AI-powered virtual reality (VR) can provide immersive property showings to potential buyers, saving time and resources spent on physical visits. This is particularly advantageous in today's global market, where a buyer may be in a different country or city. This is possibly less exciting given that we already provide virtual viewings at Vesta, which is very normalised. AI will help fast-track this process and we think it will in time enhance the viewing experience as technology like Apple's new Vision Pro becomes more mainstream.

Proactive property maintenance

AI can help in identifying potential maintenance issues before they become significant problems. By analysing historical data and learning from patterns, AI can predict when specific parts of a property may require maintenance or replacement. This proactive approach can save you time and money while also improving tenant satisfaction.

Efficient tenant screening

AI can expedite and improve the tenant screening process. By using AI algorithms, you can sort through tenant applications faster and more accurately, identifying potential red flags and helping you find the best possible tenants. This efficiency not only saves time but also minimises potential future conflicts and late payments. At Vesta, we already use some advanced tools including AI to help with our own AML regulatory checks on buyers and sellers.

Intelligent pricing

AI can help optimise rental pricing by analysing data points such as market trends, location amenities, property size, and more. With AI's assistance, you can ensure that your rental rates are competitive, maximising your income without risking prolonged vacancy periods.

Personalised tenant experience

AI can assist in creating a personalised experience for your tenants. Smart home features, driven by AI, such as automated lighting, security systems, and energy-efficient heating/cooling, can significantly enhance your tenant's living experience, making your property a more attractive rental choice. This will be incredibly valuable with the current cost of utilities and can enhance the marketability of your properties.

Enhanced communication

AI-powered chatbots can streamline communication between you and your tenants. They can handle routine enquiries about rent payments, maintenance requests, and lease details, freeing up your time for more complex tasks. This 24/7 communication option can enhance tenant satisfaction and reduce your workload.

Optimised collect process

AI can help streamline your rent collection process by sending automated reminders to tenants and providing secure, easy-to-use digital payment options. Additionally, AI can forecast potential late payments, allowing you to proactively manage such situations. 

In summary, AI is a tool with immense potential for landlords and property managers. It can streamline processes, enhance decision-making, and elevate the rental experience for your tenants. It's clear that AI brings remarkable opportunities to the real estate industry.

However, while adopting AI, it's essential to consider aspects such as data privacy and compliance with regulations to ensure a seamless and ethical implementation.

As a landlord, embracing these technological advancements can streamline your operations, boost your profits, and improve the satisfaction of your tenants and potential buyers alike.

At Vesta, we are committed to improving our services and AI is now a very real focus, in fact, this blog article was part-produced using AI tools just to highlight what is already possible.

Important Note

All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.

Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.

In no event will we be liable for any loss or damage, including without limitation any loss or damage arising directly or indirectly out of or in connection with the use of this website and the information contained therein.

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