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The real estate sector is an industry that is relatively stable and slow to react to changes. Therefore, it is no surprise that the industry has been slow with exploiting the technological advancements of the past years. But some real estate company are starting to look at other more technologically mature industries. Some of the technologies that they have started to apply in the industry will be discussed below.

Virtual Reality

Although virtual reality has been here for some time, the technology has only recently been applied in the real estate sector. Both consumers and business are starting to use customized virtual reality for property “tours”. One of the providers of 3D home tours is Matterport, they are using VR and videos to allow users to navigate floor plans in a digital manner. (Matterport, 2018)

Data management applications

Transactions in the real estate can take weeks to even months and entail a large amount of paperwork. Due to data management applications this process is becoming more and more efficient. The various people and institutions that are involved in the process, such as lawyers and banks, can transfer the required paperwork through land registries. Due to these applications and the cloud, the process is becoming more streamlined and digital, as even the signatures can be done electronically. (Ramella, 2017)

Artificial Intelligence

Artificial Intelligence is used in a number of ways in the real estate sector. Examples are recommendation systems when people are searching for houses on sites. Chatbots that can answer question of potential clients, therefore freeing up time for real estate agents. Or applications that help resident in their rented apartments with complaints that can be solved easily. (Mhitarian, 2018)

To conclude, the real estate industry is still in the beginning stage of technological innovation. We will continue to see the industry change, as the use of certain technologies is becoming more common.

 

Reference:

https://matterport.com/

https://blog.g2crowd.com/blog/real-estate/top-5-tools-help-real-estate-agents/

https://chatbotsmagazine.com/5-ways-ai-is-changing-property-companies-5d7db55f9a27

https://www.forbes.com/sites/forbestechcouncil/2018/07/31/how-technology-is-changing-the-real-estate-market/

 

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In recent years we have seen incredible improvements in AI. The technology is changing the way we do business and even how we interact with each other. As with all changes, people have feared that the continuous technological improvements might replace human jobs. How far a long are we from an AI assistant replacing a human assistant? Google’s Duplex is now able to make calls and schedule appointments with Google Assistant. However, not many people think of AI technology replacing jobs in the art industry. Art is namely all about emotions and many people believe that the biggest challenge for AI is to understand human emotions. Even though this challenge remains, AI is making its way in the art industry by writing poetry.

Microsoft’s AI named Xiaoice, which literally translated to ‘Microsoft Little Ice’, has already written over ten thousand poems in only 2760 hours. Not only has it written this amount of poems, there has actually been a poetry book published with its best work. The publisher named Cheers Publishing claims that this is the first published book to ever be written by an AI. The poetry book consists of 139 poems the AI has written. The book is divided in to ten chapters with every chapter having a human emotion as a theme. Examples of these emotions are joy or loneliness.

The AI first studied poems of 519 poets dating back to the 1920’s. Xiaoice uses pictures in the process of writing poems. Huang, chief producer of the book, says: “Every time it sees a picture, it gets inspired and creates modern poems. The process is basically the same as for a real poet”

Before the book was published, the AI already published some of its poetry online under several aliases. A few people did notice however that it was not a human writing the poetry. Some of the poetry sounds a bit repetitive or as if an inexperienced poet writes it. Critics of the AI poetry have said that a robot will never replace a human poet, since it will always lack true emotion.

Whether or not, AI might be able to replace a human poet, the poetry book written by Microsoft’s AI is a good example of how rapidly our digital world is changing.

Read more about the poetry here:

http://en.people.cn/n3/2017/0531/c90000-9222463.html

https://www.technotification.com/2018/05/microsofts-ai-xiaoice.html.