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ANAROCK’s AI analysis (2020-2024) shows older buyers dominate, preferring premium properties. AI improves lead conversion and customer targeting.
Property marketplaces enhanced with AI can match buyers to properties with 95% accuracy based on their preferences.
The application of artificial intelligence (AI) to real estate customer profiling has fundamentally transformed how leading property brokerages leverage technology to understand and serve their customers. ANAROCK has analysed some of its customer intelligence data from 2020 to 2024 to reveal significant shifts in buyer demographics and preferences.
The use of such AI platforms represents a paradigm shift from traditional, intuition-based real estate practices to data-driven decision making. They deliver measurable improvements in lead conversion rates, customer targeting, and overall business efficiency.
The real estate industry has historically struggled with customer profiling due to the complex, multifaceted nature of property purchasing decisions. Traditional forecasting methods often fall short in capturing the intricate relationships between property attributes, market conditions, and customer preferences. Manual lead scoring processes, heavily reliant on human judgment and fixed criteria, are prone to inconsistencies and lack the flexibility needed to adapt to rapidly changing market dynamics.
Evolving Buyer Age Distribution
The data shows a consistent shift toward older homebuyers, with the proportion of buyers under 35 decreasing significantly. In 2024, buyers aged 36-40 represented the largest segment, while the under-25 demographic fell to just 4% from 8% in 2020.
Budget Preference Changes
“Our data shows that there has been a substantial increase in preference for homes above INR 1 crore, rising from 18% in 2023 to 32% in 2024,” says Aayush Puri. “This trend toward premium properties is particularly pronounced among buyers over 41 years of age, who are driving demand for homes in the INR 2+ crore category.”
Conversion (Days-to-booking) Timelines
ANAROCK’s AI-enabled tracking and prediction of customer conversion timelines shows that the average days to booking increased from 25 days in 2022 to 28 days in 2024. Interestingly, luxury properties above INR 3 crores showed a reduction in conversion time to 16 days in 2024, indicating that high-value customers make decisions more quickly once engaged.
Other Findings
Buying Channels – The data shows a gradual decline in digital source (developer and property aggregator website) bookings over the last three years. On the other hand, bookings via channel partners – brokers and brokerages retained by developers to market their projects – gained higher prominence. In 2024, channel partners became particularly significant in the INR 50L-1Cr and above INR 3Cr segments.
Configuration Preferences – The analysis shows a growing preference for 3BHK units, which increased to 45% in 2024 from 38% in 2022, while 1BHK preferences declined significantly. This shift reflects changing lifestyle needs and the impact of remote work trends.
Current AI Trends in Real Estate Brokering
The real estate industry is undergoing an unprecedented technological transformation, with AI and machine learning at the forefront. Even as AI-powered predictive analytics now drive market forecasting, property valuations, and investment risk assessment, AI chatbots interact with customers, provide them with personalized property recommendations, and take them on virtual tours.
Property marketplaces enhanced with AI can match buyers to properties with 95% accuracy based on their preferences. Traditional rule-based lead scoring is being replaced by AI-driven systems that can analyse complex behavioural patterns and demographic data. AI-based lead scoring systems can improve conversion rates by 30% through personalized property recommendations.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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