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“The measure of intelligence
is ability to change”… Albert Einstein
There may be thousands of quotes about
intelligence but who better than the most intelligent brain can define it than
the great Einstein! And see what he has said about intelligence, it’s not about
marks you have obtained in exams, not the degrees, nor the education in any
specific branch, not even some innovation but just ability to change! And when
my friend asked me to write about AI i.e. Artificial Intelligence in real
estate, I asked my son to write about it, his thoughts as to use AI one has to
have first some i.e. intelligence, is my view & this is the best way to
test it! Below is something my son wrote, I am using that also as a starting
point of the sharing as AI is related to technology & this (read as
present) genre is more versed to it than me or say dependant on it, thanks to
Google, Alexa, Chat GPT & many such, please Google to check the meanings if
you are more ignorant about Ai than me!
Use of AI Technology in Real Estate (Rohit’s
take)
AI or what it stands for, “Artificial Intelligence” is the
new most heard term by any generation who lives in the current world. It
doesn’t matter if you’re just a teenager who has just started using the social
networking apps or you’re a 50-year-old guy running his own business in any
sector, this term has been introduced to you in some way or the other.
I personally am not a huge fan of what AI is or how it has
affected society – firstly because it has the word Artificial, which literally
translates to “Not-Real” or “Fake.” It means less or no human interaction,
which I feel is a negative thing for any business. I have seen many articles of
developers and experts in Real Estate on how they are introducing “AI” to their
business for a better experience for the client. I do not agree with the
statement as buying a home is a big decision for any person in any part of the
world, and especially in our country, home comes along with a lot of traditions,
rituals, emotions which I feel cannot be completed without human interaction.
Now-a-days the age bracket of the client to buy homes has been changed from
40-50 years to 30-40 years, the clients are now more aware than ever when it
comes to buying homes, they now study your product better than you along with
the products of your competitors. So, I think using ‘AI’ to market your product
may not be a wise decision as ‘AI’ cannot understand how to reach a through to
your client’s emotions which plays a big part while buying a home.
But still any new change comes
with both pros & cons, similarly with ‘AI’ it can be used for the
maintenance of data of clients/ enquiries/ leads which will help the developer
to connect further with them. Small jobs like enquiry generations and better
functionality of the website and back-office work can be increased with the
help of ‘AI.’ But other than that, prediction of change in the market, using
virtual reality for a show flat or valuation of properties are some things that
cannot and should not happen without proper old school human interference and
interactions…
… I congratulated Rohit for penning down (read
as typing down) his thoughts on the subject which in a way are like catalyst
for my own thought process as frankly for me AI is just another tool the way we
have accepted JCB to replace manual excavation or Concrete pumps to replace
human chain to pour concrete at higher levels or recently my friend asked me
where the donkeys have gone because in 90’s, gangs of donkeys carrying material
on their back was most common sight on bigger construction sites! My Puneri
(read as sarcastic) reply was the donkeys are very much there, just now they
are two legged (sorry my team, it’s a joke) but fact is, the donkeys have been
replaced by tower cranes which now shifts material from one place to other in
much lesser time & cost, however big site it may be. And there are many
such examples of technology replacing conventional methods in real estate! But the difference between AI & all the conventional
technology is, here we are talking about replacing the very base of any organization
i.e. human intelligence & I think here is where we are making the mistake
of mixing replacing something with helping hand! Means, to replace something is
a different aspect but to take assistance is what we must look at AI, which is
the trick.
The problem with real estate is, already we
have lesser intelligence on every front & many will find my such statement
as arrogance or typical leftist approach (to oppose or criticize everything
around) but I am making this statement in full senses & I don’t consider
myself different from real estate, rather I am very much part of it & with
thirty-five years in this industry, I have some experience which made me dared
to make such statement!
For e.g. backbone of real estate is civil engg (I am yet a fool to believe
this) & you ask any so called best engg college pass out student from civil
engg & ask him or her for their career choice & if even 10% answers job
with real estate firm, then I will delete my this blog post! And the same is
applicable to every other faculty right from law to accounts to marketing &
even admin or receptionist types jobs also! And I don’t blame these students,
this is how the entire real estate business is looked up on (read as looked
down) by the so-called intelligence brains in our country because the myth is
in this industry you don’t need brain to succeed (read as earning money) but
absence of brain works here better & muscle power mixed with money is
enough! This is the reason why use of AI is a challenge for real estate because
where basic intelligence itself is missing, how & who will handle the AI,
is my point! And then most tasks here are being done manually as labour is
still available at cheaper cost than technology, though, of late it’s not true
yet many jobs right from tiling to plaster to plumbing, human hands are cheaper
is a fact! Another aspect is, believing in AI
technology, because most businessmen in real estate are themselves not tech
savvy, to sale technology to such men is a hard job, this is the reason if you
study most builders’ offices barring Tally or AutoCAD not many software’s have
been developed to suit for real estate industry! There are few CRM or Sales related apps &
softwares’ but I am speaking about 90% of builders & not just some elite
10% corporate types builders!
This doesn’t mean real
estate doesn’t need AI, as after all it's a helping hand but what we need more
is a brain with intelligence to make right use of AI in real estate. The biggest need for AI or such technology is
on the data front because on one click I can get information about the latest,
I Phone & prices all over the world but I can’t get the price of a
particular brand’s cement bag available near to my site, is the scene in real
estate! My purchase manager needs to call ten vendors & take rates & negotiate
which is a time consuming process & same is the scene with most of the
materials & services required for real estate, here is where AI can help a
lot! Another front where AI can help to real estate is, data analysis of
clientele & market i.e. what is needed to build & where! This is the
weakest link of real estate as today we see thousands of buildings (projects)
being build everywhere in & around Pune & the scene is common in all
the cities but, is there demand for all these homes & work spaces, nobody
has the answer to this question! Today all one has to do is buy a land
& build whatever the builder feels 2 bhk, 3 bhk, 4 bhk & of size which
he feels is saleable but no data or study is there for making the product in
the first place! In no other industry a product is being made or designed or
manufactured with such carelessness & I am making this statement with due
respect to Big Bosses of real estate! Because in any other industry they do
market research & study very thoroughly before launching any product, ask
any automobile company even as big & as successful as Toyota or Hero, do
they launch even a small car or a 100-cc bike without any demand study &
you will realize the difference in real estate & other industries!
Reason is till today demand for home &
work spaces was & is always more than supply but this won't last forever or
say the scene may change from place to place as every city has its own
saturation stage & here is where AI can help a lot!
Basic question is, who will design, develop AI
for an industry which was never tech friendly, who will invest in this! I
myself am a bit wary about AI as in the hands without intelligence AI can be
more weakening for real estate as people will be over dependant on it &
that’s why I personally prefer wisdom than intelligence, which will be another
topic of sharing, so be it! Finally, keeping track of employees as well
sharing information is one more aspect which real estate has never seriously looked
up at which will be important here after as right employees working for longer
tenure is core strength if a company want to improve as well expand & for
that we ne to keep track of such people which is possible with AI! In real
estate, we have forgotten the basic principle of nature, with great powers
comes great responsibility (Spiderman) & in any industry money, wealth
demand for your product is in a way power itself. Till
today the client (read as every other segment other than builder) of real
estate was always submissive & real estate could get along even without
intelligence but no more this attitude will help is writing on the wall which
even AI can’t read for you, mind it real estate guys, adios with this note!
-
Sanjay Deshpande
Sanjeevani Dev.
Please view my sharing about finding a Right Home/ Office in Pune, at
YouTube link below & share if liked...
https://youtu.be/27j3I3rwGPQ?si=-ODYBxVI2Dl_C345
Please do visit my blog links below to read
about real estate & home buying!
https://visonoflife.blogspot.com/2024/01/choosing-your-home-along-with-future-of.html
http://jivnachadrushtikon.blogspot.com/2023/02/blog-post.html
Creating Togetherness; team Sanjeevani Way (Click link below)
https://www.flickr.com/photos/65629150@N06/albums/72157627904681345
For any of your complaints about city, log in at link below
www.punecorporation.org
Take your issues to Hon PM at link below...
Think Green, Think Life
www.sanjeevanideve.com
/ https://junglebelles.in/
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