Artificial intelligence (AI) has become an even bigger talking point recently with giants, Microsoft, and Google, releasing chatbots and improved search engines to varying levels of amusement and success. While opinions on AI vary, it’s clear that the technology is here to stay and has significant implications for the Canberra property market.
Maloney’s Property, and our team of professional property managers, have over 30 years of experience in the Canberra property market and would like to share their observations on what AI means for first home buyers and property investors in Canberra.
But first, what do we mean by AI?
Basically, AI is about creating machines that simulate human intelligence processes—sounds simple, right?
AI systems take lots of information, analyse that information and use it to make decisions.
With AI, you hear a lot of talk about ‘algorithms’. Basically, algorithms are the rules and instructions that turn data into usable information.
AI applications in real estate:
Analysis of the Canberra property market
Maloney’s Property access programs and applications that crunch vast amounts of data in terms of the Canberra and Australian economy and make predictions about things such as property and rent prices, vacancy rates and housing demand.
This information can be very valuable in the hands of Maloney’s Property’s professional real estate agents and property managers, who are on the ground in the Canberra property market – but has the potential to be misinterpreted if taken at face value and not applied with local knowledge.
There are many costs involved in property investment and maintenance is one of the big ones. You want to make sure that your property is well maintained and that issues that could lead to further damage are fixed immediately.
Maloney’s Property uses automated reminders to ensure that their clients' investment properties are well maintained.
As one of the most respected property managers in the Canberra region, Maloney’s Property also has an extensive list of trusted tradespeople they can call on, night and day, to undertake emergency and planned maintenance.
As an investor or first home buyer, home automation can be very attractive. Home automation can include security systems, light sensors, temperature control as well as window coverings, and being able to place all appliances and entertainment into standby mode when they are not in use.
With AI, all this information can be analysed and potentially lead to more efficient maintenance and better outcomes for the environment and quality of life for tenants or property owners.
Maloney’s Property’s experience is that it is important to take advantage of technology in managing a property, but nothing beats having a local property agent that can make regular property inspections or can physically attend the property at short notice in an emergency.
Improving customer care
Chatbots and automated responses are also forms of AI that are being adopted in the real estate industry. They are getting pretty good these days, and most of the time, you will not be aware that you are texting with an ‘algorithm’.
The team at Maloney’s Property use some automated systems to send forms, reminders, answer enquiries and incorporate chatbot technology on social media before following up with a human response. When it comes to interacting with their clients, they believe that being available at the end of the phone or in person is highly important.
In conclusion, Maloney’s Property is supportive of AI and uses it alongside 30 years of actual human experience in property management to deliver better outcomes for first home buyers and property investors in the Canberra property market.