Source: Entrepreneur —
As a multimillionaire property investor and trainer, I look ahead at future trends in the real estate industry. Artificial intelligence (AI) and machine learning (ML) are starting to gain prominence in many parts of the economy and have the potential to transform property investment.
While no one can know what the future holds, we can look at current trends and where they might be heading. Understanding these possibilities will set landlords, estate agents and investors up for success in this ever-changing landscape. Let’s look at three ways AI could impact property investment for the better and the potential risks of AI in real estate.
1. Predictive maintenance
Costs can add up when something goes wrong at a property you own. If the situation has to be fixed immediately, there can be high call-out fees. This can be mediated by having a power team of trusted contractors, handymen and a reliable property manager nearby. That said, there will always be some problems, especially if you have an extensive portfolio of properties.
With AI, predicting when maintenance will be needed in advance may be possible. By analyzing sensor data from properties, AI could estimate exactly when care might be required and even go ahead and schedule the work itself. This will be particularly useful for landlords with several properties to manage. AI could also identify if things in the property are being misused and advise tenants to help prevent the need for maintenance.
