The hype about Artificial Intelligence already is going to fall in comparison to last several years. Is Artificial Intelligence useful or another overhyped technology with no proper use in real life?
Let's discover the possibilities of Artificial Intelligence for the Real Estate Market!
There are five main ways realtors use Artificial Intelligence for the Real Estate:
- Data Management
- Gaining Data-Driven Insights
- Lead Management
- Efficient Price Calculations
- Building Intelligence Chatbots
Let's briefly explore each of that ways!
Artificial Intelligence for Data Management
Today many realtors have to handle with massive amounts of data like legal papers, property reports, sales contacts and many others. The number of data is snowballing from year to year. If the person does this amount of work by hand - it takes much time to deal with it. Often, as a result, the broker requires the report about the property. We can automate data management and data collection through machine learning and artificial intelligence.
Artificial Intelligence performs the most innovative way the realtors manage the data: faster, more comprehensively, requiring less (or no) human attention. Artificial Intelligence can outperform a real estate professional in performing their significant responsibilities such as conducting market demographic studies, environmental research, and financial analysis. So we can say that realtors may use AI for the real estate to boost Data Management.
Artificial Intelligence for Gaining Data-Driven Insights
Artificial Intelligence may find similar patterns in the data, even if that data is not apparent. Even experiences brokers sometimes are unable to detect complex patterns. Another problem is not only to find the data but also to gain insights from it. Theoretically, artificial intelligence man finds specific neighborhood is likely to explode in popularity in future.
Artificial Intelligence for Lead Management
Lead Management always was the core of every business and companies in the Real Estate is not the exception.
Artificial Intelligence may process vast amounts of data in the search for useful information. Marketers and other salespeople use that data in marketing activities: pre-sales, sales, post-sales, advertising and so on. That data helps marketers to find the property customers most likely to buy.
Surely, artificial intelligence can't call your potential customers (leads) instead of your sales manager, at least now, but Google does everything to make it come true. Note that the data that is prepared and presented in the specific moment is the key to make sales. Finally, AI integration into the business processes of the real estate company makes human and company interaction efficient.
Artificial Intelligence for Property Price Calculation
There is a challenge in the real estate industry: it is quite difficult to determine the value of the property.
Usually, the realtors calculate the price according to the previous sales prices without taking into consideration different factors like transportation, infrastructure, improvements, environment changes, neighborhoods and so on. All these aspects have the impact to the end property value. With pattern recognition, Artificial Intelligence can resolve that issue by revealing the factors that really affect the property price.
What is more critical about that, artificial intelligence can predict the property price before the sale occurs. Such knowledge prevents estate agents form lost opportunities and leads to the revenue growth. In future, such knowledge will become the standard for the industry.
Artificial Intelligence for Building Intelligence Chatbots
Today people face the new, unseen before, chatbots, that use artificial intelligence and natural language processing. That chatbots are smart enough to process complex user queries. That chatbots are self-learned and are "learning in the process of human communication. Yeah, those chatbots are smart, and chatbots stay for a long time on the market.
Moreover, most importantly, now people find them engaging – according to the statistics about 45% of end users and potential customers would prefer chatbots as the primary source of communication. This situation happens because of the rise of the modern technologies; also millennials prefer live-chats, messengers to human interaction.
By the way, the main advantage of the chatbots is serving customers online 24/7. What concerns real estate - chatbots can make personalized offerings based on user preferences and the properties people already visited. That chatbots are engaging visitors, resulting in higher lead conversions.
Real Estate is a traditional industry, where business owners rarely implement modern technologies rarely in a fast way. From year to year AI for real estate market becomes cheaper and becomes more suitable for daily use.
We hope that real estate brokers understand the possibilities that artificial intelligence may bring them their business. There is nothing to fear, today artificial intelligence brings outstanding opportunities for growth hacking and it affordable for every real estate agency.