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What is Artificial Intelligence (AI)?

What is Artificial Intelligence (AI)?

The Artificial Intelligence (Al) techniques have become broader application. Many ideas invented by AI researchers have been assimilated into computer science generally for applications in expert systems, natural language processing, human-machine interaction, information retrieval, graphics and image processing, data mining, and robotics . The agents theme serves to unify what might otherwise seem to be a collection of disparate topics.

Everything you need to know about Artificial Intelligence

At a very high level artificial intelligence can be split into two broad types: narrow AI and general AI.

Narrow AI is what we see all around us in computers today: intelligent systems that have been taught or learned how to carry out specific tasks without being explicitly programmed how to do so. This type of machine intelligence is evident in the speech and language recognition of the Siri virtual assistant on the Apple iPhone, in the vision-recognition systems on self-driving cars, in the recommendation engines that suggest products you might like based on what you bought in the past. Unlike humans, these systems can only learn or be taught how to do specific tasks, which is why they are called narrow AI.

Artificial general intelligence is very different, and is the type of adaptable intellect found in humans, a flexible form of intelligence capable of leaning how to carry out vastly different tasks, anything from haircutting to building spreadsheets, or to reason about a wide variety of topics based on its accumulated experience.

https://www.zdnet.com/article/what-is-ai-everything-you-need-to-know-about-artificial-intelligence/

Artificial Intelligence(AI) will transform these Industries:

  • Education industry

Now, AI-powered appointment scheduling software exists so that teachers and parents can make time to meet with best for both parties, so that never result rushed five-minute conversation with little information shared. Classroom can implement small tartile robots for student to interact when study. These AI-fueled bots help students with reading, language learning, and social interactions.

  • Healthcare

AI in healthcare is vast and the technology has been transforming the industry by providing better healthcare solutions. The combination of AI and the Internet of Medical Things (IoMT) are making healthcare professionals more efficient. The technology is useful in early detection, diagnosis, research, and training. Applications powered by AI technologies are helping people with proactive management of a healthy lifestyle.

  • Small business

Even though small businesses have fewer contacts than large companies, a small business might only have few data analysts who have to contend with over 500 or more than that customers’ information: account history, demographics, restrictions, and more. To streamline this process, machine learning software can be used to take pressure off of data analysts. 

  • Construction

Artificial Intelligence(AI) is the new helping hand for the construction industry. Advanced forms of technologies are being used in the industry and making our much simpler. AI is useful in gathering data and processing and predicting based on the information. The technology is useful in planning stages, construction underway and post completion of the project.

  • Real estate industry  

In particular, AI Chatbots as powerful tool for lead generation by automating the initial contact between buyers and sellers. The connection saves time and resources while enable answer to inquiry efficiently. It provides solutions and most importantly, it is a synonym for great customer experience in an instant and trendy manner.

Searching for PropTech solutions? ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo

Top 5 Tech Trends not to be missed for Real Estate Industry in 2020.

1) Blockchain

Blockchain technology is an entirely new way of documenting data on the internet. It is like a public ledger, not owned by any single entity and is decentralized for all transactions conducted on the cryptocurrency (digital currency) network. 

In 2017, this technology paved its way into real estate when an apartment in Kyiv, Ukraine became the first property to be sold using cryptocurrency. It is about the “system of trust”. In Malaysia,   a Sabah businessman secured a land deal successfully using Bitcoin on Jan 9, 2018 — to be more precise, half a Bitcoin is equivalent to RM38,832.50 at the time of transaction.  

PropertyClub is a another good example of real estate platform that uses blockchain to refine the way people market, search, buy, sell and invest in properties. It uses smart contracts and conducts real estate transaction digitally using cryptocurrencies like Bitcoin.

2) Big Data

Big data refers to a huge quantity of data that is used to provide predictive analysis about customer behavior based on their purchase history, financial status, trends and patterns. With such analysis, it helps to understand the customer better, thus, gain more profit and achieve new heights. It could also involve using CRM systems that digitalize the record of leads visiting property listings or websites and collects data based on what people are doing on that particular page. With that, follow up action can be done to receive a site / sales gallery visit and then, matching and tempting offer can be made accordingly to convert the sales.

3) Virtual Reality (VR) and Augmented Reality (AR)

AR alters your reality while VR replaces your reality entirely with a simulated environment.  With these technologies, property prospects can enjoy 3D virtual property tour from anywhere in the world, and at any time, without the need to be caught in a traffic jam, physically. They will eventually become a critical part of real estate marketing, expect to see more of these in the years to come.

4) Artificial Intelligence

Real estate companies are using AI – in particular, AI chatbots as powerful tool for lead generation by automating the initial contact between buyers and sellers. The connection saves time and resources while enable answer to inquiry efficiently. It provides solutions and most importantly, it is a synonym for great customer experience in an instant and trendy manner.

5) Smart Homes

The millennials (Aged 26-40) and Gen Z (below 25) will remain the most dominant buyers in the housing market. They are tech-savvy and keen to invest in smart homes.  Property developers will be drawn to this trend of providing “smart” homes instead of “dump” home to meet the emerging market demand.

Are these techs already on your radar?  

There is a saying where most companies choose to go for an 80/20 rule, where they spend 80% of their time on established activity that account for results and 20% of their time being the first to adopt new technologies. If those new technologies don’t pan out eventually, then, only 20% of the time is lost. But, if they do, then those companies will be the first to take advantage of such tech and thus the first to gain the profit/rewards. What is your view on this?

https://www.ibm.com/blogs/blockchain/2019/09/blockchain-in-real-estate-how-technology-is-changing-the-industry/

Excelling in Lead Generation and Lead Nurturing

Lead generation – it is vital to take every lead seriously and do not loose any even if it isn’t immediately relevant.  Leads should not be easily undervalued as no one knows if such lead may help down the road whether it’s just a contact number or an email address before they are being “explored” and pursued to the fullest in order to turn a lead into a prospect, then a client and finally a closed client. Sales agents are good at dealing with hot /ready to buy leads, usually, but not so much with early stage ones-that may be made up of insane high percentage of low-quality leads. So, it is essential that the agents are monitored by the property developers so that problem of losing real quality leads can be minimized.

Lead nurturing – is an organized way to begin and continue conversations with prospects. Its objective is to cultivate a relationship to ensure that the leads keep the name of the sales agents at the top of their minds. A good CRM system will play a major role in nurturing leads as it helps in organizing contacts, automate the ability to stay in touch with both new and old prospects and thus, maintain a working rapport in one central location whereby compelling, knowledgeable information is well- distributed with an aim for clients re-engagement including asking for their feedback and add an valuable incentive to create a sense of urgency so as to achieve a successful sales closure.

3 simple steps to ensure the leads / prospects / would be buyers are well-handled and be provided with excellent services all along the sales funnel:

1. Track the communication

Use the right CRM system to ensure the communication is done properly for every single lead, trace and track the follow ups and work with the agents closely to avoid faulty communication.

2. Measure the quality of service

Believe it or not, don’t leave everything in agent’s hands. Get internal sales team to call prospects about the services provided or email them with a set of basic feedback questions.

3. Train your agents constantly

After the above, identify the individual agent flaws, if any, then take the necessary action to train, re-train the agents as the better they are, the better their service will be and most of all, help them to close the deal accordingly.

Nurturing leads to a sale closure involve both time and effort. Prospects/would-be buyers have easy access to other options and this is the reason they take time to be converted. It is reckoned that implementing an effective lead nurturing strategy that firstly communicate effectively and thereafter engaging interactively with leads shall improve the chances of sales conversion accordingly.

https://www.business.com/articles/lead-nurturing-tactics-that-work/

ProSales, our high performing mobile app digitize from the point of sales prospecting including CRM, to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving.  Contact us today for a Free Demo.

The Sharing Economy & the impact on the Real Estate Sector.

The sharing economy (SE) is an umbrella term for a variety of goods and services exchanged between private individuals, usually facilitated through a company over a network. Driven by big data and the internet, the SE connects those who wish to utilize a service or a product, but not necessarily want to buy it.

https://www.landsterling.com/the-sharing-economy-the-real-estate-sector-whats-the-impact/

AirBnb

Example of company based on  SE – AirBnB, with the advantage of a low operating cost compared to traditional hotel chain offers its members more competitive accommodation rates, additional benefit like hosted tours of the local culture which are attractive to most modern tourist who are looking forward for real and learning experience and exposure.  To address this change in tastes of customers in the market, hospitality providers must counter it by providing more value instead of just banking on conventional star ranking marketing strategy.

The Shared Workplace

The shared workplace/Co-working provides many of the amenities of traditional serviced offices and places with greater emphasis on cost-effectiveness that is found to satisfy both management and employee needs. This model has proven to bring unique connectivity to the shared workplace that previously had not existed.  However, from the property valuation standpoint, “shorter-term leases and higher tenant improvement allowances could increase cash-flow concerns and create greater tenant turnover among traditional landlords impacted by this co-working trend. Nevertheless, others view the impact as longer term and often positive, because of the attraction of Millennials to shared work environments.

https://www.bankingexchange.com/commercial/item/7528-will-co-work-trend-impact-valuations https://www.reuters.com/brandfeatures/cbre/workplace

In an increasingly globalized and networked world, this real estate trend of SE holds a huge potential, but affects professions dealing with the construction or management of properties. Imagine that a decrease in demand for buildings may result in reduced demand for construction companies, architects or property owners. But, instead, the SE may bring many new technological opportunities that could encourage quicker communication between supply and demand in the real estate sector positively, ultimately.  And for sure, the future of the real estate sector remains an exciting one with -Sharing Economy.

Searching for PropTech solutions? ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo

Industrial Revolutions 4.0 & it’s impact on Real Estate.

Understanding of The Industrial Revolution (IR) from 1.0 to 4.0.

IR 1.0 (1800s) was the mechanization of the manufacturing and processing industry, utilizing water and steam power to aid workers.

IR 2.0 (beginning 20th century) saw the coming of the assembly line and electricity, making machines more portable, enabling mass production and Just-In-Time that improve quality and output.

IR 3.0 (last few decades of 20th century) then followed through the rise of automation, providing more efficient processes and manufacturing. The development of integrated systems has enabled humans to plan, schedule and track product flows throughout the factory.

IR 4.0 (21st century). Malaysia is now slowly moving past the 3rd industrial revolution and are advancing into Industry 4.0. It simply takes the automation and machinery from IR 3.0 and makes it better through smart system using data, machine learning, the Internet of Things (IoT) and Artificial Intelligence (AI).  The technology has allowed even more advanced automation, to the point where factories can run well without human – a smart factory, essentially.  Industry 4.0 is a “smart” industry that can operate efficiently with less human-error by being connected with superior efficiency and low wastage through Big Data, robots and cyber-physical systems.

https://www.comparehero.my/technology/articles/what-is-industry-4

http://www.apics.org/apics-for-individuals/apics-magazine-home/magazine-detail-page/2017/09/20/industry-1.0-to-4.0-the-evolution-of-smart-factories

“Malaysia is currently between the second and third industrial revolution, with the exception of its electrical and electronics, aerospace and automotive sectors that are more advanced in terms of the adoption of Industry 4.0. However, there has been a shift whereby some manufacturers are beginning to comply with Industry 4.0, which will bring in high technology, innovative and high value-added industries and a highly skilled talent pool, which will eventually lead to the economic prosperity of the country,” says Saleha Yusoff, executive director and regional head for research and consulting at Nawawi Tie Leung Property Consultants Sdn. Bhd.

(19 July, 2019, Rachel Lee, The Edge)

https://www.theedgemarkets.com/article/property-and-industry-40

Impact of Industry 4.0 on real estate

The new age technology, Industry 4.0  mainly engages in inter-connectivity of systems automation, machine learning and real time data. With technology set in our daily lives, the impact is all over the place including the real estate sector:

Online Property Listing and Digital Trading

Simply, digital marketplaces started off as a platform for listing whether it is for residential, commercial or retail properties. Some opined that those platforms which facilitate online trading and transactions for property listing have significantly reduced the role of brokers and physical real estate agents as such services were offered at a nominal fee instead of relatively high charges by traditional brokers/agents.  However, others thought that an agent’s work should not be underestimated as good and professional agents will discuss options and offers with buyers and sellers and for such an intimate decision for sales /purchases to be made, human touch is still required.

Smart Homes and Automation

With the IoT, homes now have gadgets which can be remotely controlled via the internet or through Wi-Fi connectivity. Research reckoned that, millennial are willing to spend more on technology-ready real estate / smart home tech like smart thermostats, leak detection sensors, and home security. These techs are making houses more convenient and much more attractive to both new and future/sub-sales potential buyers – basically, future ready.

https://www.futurereadyedu.com/powerful-technological-disruptions-in-the-real-estate-sector/

It is clear that the Fourth Industrial Revolution will have more positive impact on real estate sector and leads to good life as home-buyers can complete property purchases virtually, saving on fees and eliminates the risks involved with paper records. For the realtors, it accelerates sales closings. Important of all, all parties have access to the same information and it instills and promotes transparency.

ProSales, our all rounded and ready Mobile App digitizes from the point of sales prospecting, whole sales process to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo