Although technology has been transforming other industries in recent years, real estate players still relied heavily on their phones and basic Internet tools to conduct business. However, they cannot deny that their customers are pretty much into the Internet of Things, virtual reality and artificial intelligence (AI) now. Real estate agencies are increasingly aware of this technological trend and are responding to their customers’ need for change.
AI has the potential to help the real estate industry to improve efficiency, reduce operational costs, improve customer service, and reduce resource wastage. As a handy next-generation tool, AI can take care of ongoing prospecting, lead generating and customer service. If real estate dreams do come true, AI can enable agents to have a personal assistant around the clock and clients can get updates instantly.
Big Data for Big Results
Real estate companies have amassed large amounts of customer and industry data over the years, and now this data can come in very handy. Using AI algorithms, realtors can process this data to improve their business, such as in the areas of finance and accounting, targeted marketing, and appraisals. This is important because of the many factors that constantly affect the price of properties. For example, a popular listing platform named Zillow uses AI-powered data analytics to help customers make buying or renting decisions.
AI-Powered Search Platforms
These days, we can find almost all information online – we can search for places to eat, buy groceries online, and of course we can find properties online. Everybody will think of doing it. Knowing this trend, major search engines such as Google are using AI to provide more information than a traditional property search which uses basic criteria such as price and location. AI can yield more sophisticated search results with multiple layers of information, including ROI, decent neighbourhoods, and other small details about properties which buyers care about.
Bots are becoming increasingly common in a variety of industries, and they are set to debut in real estate soon. Bots may well become the first mainstream AI technology to be adopted by real estate agents and customers, because of all the types of AI, they are the easiest to integrate. Bots can be used to answer questions regarding terms of leasing, footage, and other common questions during virtual tours. For example, AI-powered real estate tech platform Truss uses an AI bot called Vera to help customers find office space.