The traditional real estate sector known for its complexities, is adopting more AI solutions to enhance precision and efficiency. These AI-enabled solutions range from chatbots that can handle queries, to advanced tools which can predict property valuations, and generate videos that visualize properties based on the descriptions provided during listing.
“Real estate is getting affected by and influenced by AI and machine learning. Customers are increasingly seeking expert, authentic, and reliable information to aid their final decisions and negotiations”, said Sudhir Pai,CEO, Magicbricks. “We have constantly invested in various product capabilities across the value chain for a convenient and well-informed home buying and selling journey.”
These innovations include PropWorth and Readpro CRM. PropWorth is designed to predict property values, utilising 15 years of data and over 30 million listings. It provides instant property valuations for 50,000 projects across 5,500 localities in 30 cities. It offers comprehensive valuations for various property types, covering various property types such as apartments, independent houses, and villas.
Furthermore, Magicbricks employs Natural Language Processors (NLPs) to improve conversations by analyzing key metrics such as speech rate, call sentiment, and conversation balance. Meanwhile, Read Pro, a SaaS innovation, streamlines broker workflows, automates processes and improves data accuracy.
The company is looking to achieve a compounded annual growth rate (CAGR) of 30 per cent within the next 3- 5 years.