Artificial Intelligence and machine learning are no longer fantasies but instead a part of our daily reality. While many of us grew up picturing AI as friendly robots, from the Jetsons to Star Wars, it’s both more simple and complex than this. In this post we’ll explore how machine learning is everywhere and how it is making real estate more efficient.
Machine Learning & Artificial Intelligence Basics
While we might not get to hang out with Rosie and C-3PO, machine learning and AI are part of our everyday lives. Despite it being easy to use the terms interchangeably, they are not the same.
Machine Learning programs computers to learn from data they are fed without additional programming. So instead of loading in every possible pattern, it is programmed to learn how to spot patterns based on those it was exposed to earlier. This is a fundamental step in creating artificial intelligences.
The set of technologies that enable machines to execute human-like processes are referred to as Artificial Intelligence, or AI. This can include making judgements or evaluating data, learning to speak in languages, and problem-solving.
Some websites now use AI to verify identities. When sensitive information needs to be shared rather than relying on passcodes and security questions, which are simplistic and easy to figure out, programs scan the internet for personal information and offer multiple choice questions. For example, Asurion, who handles AT&T cell phone insurance claims, starts by asking users to check off places they’ve lived. Recently it offered the following question to a user: What color is your ‘12 Subaru Impreza? This use of aggregated data verification shows the ability to discern who the user is and gather and evaluate data and answers.
What Does Machine Learning Mean for Real Estate?
Real estate is growing in both complexity and size:
- Regulatory, compliance, and safety concerns.
- Significant number of transactions and size of the industry.
- Amount of documents.
The additional required data, work, risk and compliance issues makes real estate the perfect industry for machine learning. This is because machine learning processes can conduct the types of manual operations that would take humans far longer. Humans also bring a higher risk of error.
Because real estate continues to grow, real estate investment is also growing. Blockchain and machine learning technologies are fast, secure and relatively free from risk and error. The ability to automate helps keep up with the tremendous volume and pace of real estate.
CRA Can Help Revolutionize Real Estate
Real estate firms can benefit tremendously from advanced technologies. Contact Computer Resources of America today to learn how we can assist your firm in its technological development.