Artificial intelligence (AI) has transformed the way every industry does business. Whether that is through automation, virtual experiences or predicting future trends, every single one of us has encountered AI at some point in the last few years, whether we are aware of it or not.

At a basic level, chatbots are helping field enquiries on websites and because, unlike humans, they do not need a lunch break, they are always on and ready to react. However, the more advanced adopters of AI are using technology to fundamentally change their business and disrupt their entire industry.

The real estate market is no different. Emerging technologies are being used to streamline operations and enhance the customer experience. They are also able to provide more accurate valuations and predict future trends, while virtual tours and augmented reality experiences are allowing potential buyers or tenants to explore a property without having to visit in person.

In every business, the more information you have about your customer, the better your relationship is with them and the more value you can generate from it. We have all come to expect a personalised experience nowadays – whether that’s when you switch on Netflix, log in to Amazon or open a real estate search engine. We want technology to respond intuitively and learn from our past behaviours and transactions to give us tailored recommendations. In real estate, we can use machine learning algorithms to find out more about who are customers are and what they want.

Data-driven decision making also gives agents, investors and brokers the ability to access real-time market insights and make faster decisions. The way properties are searched for, marketed and managed, as well as bought or sold, is changing and it is up to individual companies to try and get ahead of the curve if they want to stay relevant.

In the short-term market, we are seeing a huge impact from AI.