Real Estate Investor Magazine South Africa Real Estate Investor Magazine March 2018 | Page 25

ENTER BY 30 APRIL 2018 EXAMPLES IN PROPERTY 2 nd ANNUAL Zenplace: A full-service US-based property management provider, they make use of AI and machine learning to proactively manage proper- ties. Tenants are also able to make payment online, extend their lease, and report problems. A chatbot service is used to facilitate these requests. Truss: Focusing on commercial real estate, Truss uses AI chat bots to facilitate the process of finding and leasing office space. ApartmentOcean: An AI powered real estate chat bot. It gathers the information received from the customer in the chat into an easy-to-use lead for real estate agents to follow up with. Traditionally, the user would insert certain search parame- ters: price, location, number of bedrooms and bathrooms, garages, a pool. The platform would then churn out all cor- responding results. The problem with this, Chinner explains, is repetition: “A property search will usually last a couple of months, during which time the searcher, using a portal, will have to click through the same list of perhaps hundreds of properties and perform the same curation over and over again.” The applica- tion of AI in listing platforms holds vast possibility. It could, for instance, take into account how recent - and therefore relevant - a listing is; and, over time, how likely the user is to be interested in that specific property. AI also enables the would-be buyer to find out about de- tails like ROI, the neighbourhood, and schools. Armed with this information, it’s much easier to make an informed de- cision. For estate agents, the technology also offers an opportu- nity. While many may consider the onslaught of technology in all industries a threat, the opposite may in fact be true. AI could be used as a customer service tool. When a potential buyer has questions about a property or area, a chat bot can provide useful answers. In the case of VR-show houses, AI can also be used as a virtual agent. Property management Along with home automation systems, AI holds the poten- tial of drastically reducing time spent on management. This would enable the property manager (or owner) to keep tabs of details like plumbing and appliances. It would even allow us to preempt possible problems, such as maintenance time- lines. Along with this, we’d be able to better screen and select tenants, based on past behaviours. AI chat bots would also be useful in providing answers and advice to tenants - for exam- ple offering advice on the nearest 24-hour plumber. With everyone hopping aboard the technology-bandwag- on, it’s important to consider cyber security. As buildings and property services become automated, it’s easier to hack. It’s no longer enough to have an alarm system fitted on the building - the real threat may soon lie online. In time, AI will transform how we think about and inter- act with properties. As with any new technology’s applica- tion, it’s tough to predict exactly how it will impact the prop- erty market. Many predict that it will overhaul the industry, while others are of the opinion that it will enhance current systems and practices. One thing is certain: we can’t ignore it for much longer. INVESTOR OF THE YEAR AWARD 2017/18 INVESTOR OF THE YEAR AWARD ENTER & WIN R50 000 Do you think you have what it takes to be the 2017/18 Real Estate Investor of the year? Do you have a property story to tell? Have you managed to creatively secure a property and maximise your investment? It could be an incredible experience, goal achievement, monetary return, reward, obstacles you overcame, something that you learnt or something that impacted you and people around you. Impress our expert panel of judges with the number, value and types of properties in your portfolio. Go to www.reimag.co.za to download your entry. Submit your application to [email protected] by 30 April 2018 and stand a chance to win* • R50, 000 in cash • An all expenses paid trip for two to Mauritius • Plus other prizes and gifts • PR exposure across REIM/SAPIN social media platforms • A feature article in Real Estate Investor Magazine *T&Cs Apply SA Real Estate Investor Magazine MARCH 2018 23