Real estate businesses, as you can see today, can reap the benefit by harnessing the power of artificial intelligence (AI) in several important ways. In fact, a large number of decision-makers better understand the disrupting strength of AI-driven algorithms.
Hence, they’re considering the use cases when you are reading this piece of content.
Undeniably, at present, artificial intelligence is merely touching upon the real estate sector, but it can reasonably be assumed that highly effective algorithms are already under development.
All things considered, it is crucial to scan through the ways wherein AI is affecting the real estate industry. In fact, over the past few years, artificial intelligence solutions are scratching the surface of every part of the real estate sector. To help you with an actual picture of the ways wherein artificial intelligence is affecting your real estate business, here are a few examples.
Artificial intelligence (AI) Impacting the real estate industry
1. It helps improve lead generation and marketing
AI-driven consumer apps, such as; MorphL AI, Kit, Recart, SEO King, AC Email Marketing Automation, Signifyd, machine learning interfaces, and chatbots are already giving an edge to a large number of eCommerce businesses by gathering customer data, thus abetting them with improved lead generation and content marketing.
Let me tell you that a chatbot functions as an outstanding virtual assistant (VA) for your clients, and is an amazing way to provide personalized content directly to leads.
An AI-driven chatbot is designed to answer standard questions but for any sales customer support messages, page opt-ins, and frantic efforts to get a lead’s contact data.
Here are a few questions that a chatbot may ask a lead:
- What kind of property would you like to buy/rent/sell?
- What’s your price range?
- What’s your location?
Overall, a real estate chatbot helps in qualifying leads by asking them certain predefined questions and letting them fill in the forms. Best of all, firms can use this customer data later to know more about the predefined audience and how to follow up.
2. Predict property market value
As you know artificial intelligence can perform impeccable analysis of patterns in vast amounts of data, it also helps you in making appropriate predictions of the future value of a property.
For instance, an artificial intelligence algorithm has the capacity of combining existing market data from the CRM and marketplace. Besides, it can also touch upon public information such as crime rates, transportation network characteristics, schools, and buying trends.
The marketing data points with many property traits help in exceeding tens of thousands.
This is a unique type of analysis that can hardly be done by any market research or human analyst.
3. Advanced property analysis
AI-based software works great when it comes to sprucing up the ability of a real estate business to help with comprehensive yet accurate information about a property to clients.
Localize is one of the best examples of such great software solutions. This AI-driven software solution is specifically designed for generating the following information:
- It keeps you updated with the area’s dining scene, entertainment, recreation with notifications about upcoming and new openings.
- The number of sunlight hours that a property gets in a year/month.
- The statistics about the local transportation system.
- The reviews and ratings of local schools.
- Parking space prices and availability.
- Sound disturbance.
Leveraging this collected information, a real estate agent can get an outstanding opportunity when it comes to providing as much useful information to clients as possible,
This way, this AI-enabled software helps you get more and more deals and positive reviews.
4. Property recommendation based on customer’s choices
In the eCommerce sector, real-time product recommendation engines are turning into reality.
For example, Amazon Personalize by Amazon, an AI-driven service that helps in suggesting products, customizing funnels, and giving customized search results as per the real-time analysis.
If real estate businesses take advantage of a self-learning AI algorithm on a listing website, this could either be a CRM system or an app.
They can use and teach it to create recommendations, as per customer choices including previous purchases, views of specific properties, and search filters.
This way, it assists your business in personalizing the customer interactions as well as experience with your digital products.
5. Property Management
An artificial intelligence software allows real estate businesses to keep track of rental and property listings, make a request for maintenance, tenant applications, and other details.
These tracking results help in detecting the most common maintenance problems, tenant preferences and characteristics, price trends in some areas, and seasonal availability.
After reading the article about how artificial intelligence is revolutionizing the real estate sector, we hope that you would like to know how to use AI-driven software for your real estate business and how it is going to help you with your business success.
If you have any questions about how your business can benefit from AI-based software, we would be more than happy to answer them in the comment section below.