At the World Artificial Intelligence Conference in Shanghai last week, executives from Beijing real estate platform Beike explained the potential of artificial intelligence in real estate.
While artificial intelligence has brought smart home features such as voice assistants or smart devices to more homes, buying and renting real estate can also benefit from advances in big data analytics and machine learning. By creating standardized databases, real estate providers can leverage virtual reality and augmented reality to allow potential clients to conveniently explore places from the comfort of their homes, according to Beiki Chief Scientist Ye Jieping.
Space is an important component of the real estate industry, and AI can help spatial analysis software create a digital environment “Which are precisely scaled to the appropriate dimensions,” said Hui Xinchen, vice president of Beike.
Beike is optimistic about the digitization potential of the Chinese real estate market. China’s residential real estate market is the largest in the world, competing with the US, Japan and the UK, according to the company’s report, with a supply of 300 million urban residential units totaling 34 billion square meters. But the industry’s digital adoption rate is still low, as only 20% of housing providers have created spatial databases for real estate properties on their platforms. Collecting the data required to create immersive virtual spaces is complex and time-consuming.
While VR and AR applications hold promise for the future of the industry, the obstacles are long feedback loops and a lack of robust data infrastructure, which means AI shouldn’t be applied blindly, Ye said. In the future, Beike is confident that the market will evolve as he focuses on its customers, properties and technologies, he said.
KrASIA Connection offers translated and adapted content published by 36Kr. This article was originally written by Yang Yafei for 36Kr.