It can’t be denied anymore that artificial intelligence or AI has in many ways changed the world and made many parts of our lives better. Many industries today owe their success in large part to the use of AI. One of them is real estate. Find out how AI is making real estate industry better.
1. AI helps consumers find properties they might be interested in
One of the ways AI helps brings real estate industry to the next level is by making sure consumers can more easily find properties they might be interested in. Right now, services like Zillow are instrumental in responding to user’s desires, but soon we may see them even predict what customers want.
2. Matching real estate properties and potential consumers
AI is also capable of matching real estate properties with potential consumers based on the characteristics of those properties. A perfect example of this is software called CityBldr created by EveryHome, a startup from Seattle, which allows commercial developers to find what they’re searching for based on over 180 factors.
3. Improves communication between agent and customer
Also, AI can improve communication between the real estate agent and the potential customer by ensuring that the right message is sent at the right time, to the right customer. This can prevent potential miscommunication and greatly improve the whole real estate buying/selling process.
4. Confirming data sent by a lead
Real estate agents have to deal with a lot of information about their clients. AI can also be used to evaluate data sent to the real estate agent by a lead. This would allow agents to better know how to approach the lead and give them a better chance to close the deal on a property.
5. Streamlining the real estate sales process
Selling a property, every real estate agent can tell you, is a long and difficult process. Even worse, an agent never knows until the final moment if the customer might back out at the last moment. AI can streamline the whole real estate sales process and make it quicker, which serves both sides and improves the experience for the customer.
6. Chatbots and customer service
Chatbots are used in many industries, but they can be especially valuable in the real estate industry. Customers always have questions for agents and many of these questions can be answered by an automated bot service, without the former even realizing. This gives the opportunity to the agents to focus on more complex questions.
7. It reduces the costs of real estate services
Many real estate agents still work out of a high street location, which makes their services cost more. By switching to online offices and with the help of AI, real estate agents can greatly reduce office expenses and in return offer their services to consumers at a lower price. Everybody wins.
8. Predicting customer behavior
AI can also be used to predict customer behavior and whether they will soon sell or buy a property based on the email correspondence with the agent, location and even their social media profiles and then shortlist potential buyers or sellers.
9. AI helps agents focus on the “human” side of their job
A lot of the time, real estate agents are unable to fully focus on the most important part of their job and that is without a doubt talking with clients face to face. With artificial intelligence taking over most of the mundane tasks, this leaves agents to focus on the more human aspect of their work, such as face-to-face talks with their customers.
10. AI can improve public safety
Not directly related to the real estate industry, but indirectly, by improving public safety and security through surveillance cameras, neighborhood crime can be greatly diminished. And, as most people want to live in a safe and quiet neighborhood, this could potentially improve property sales in it and help the real estate industry.
11. Safer and faster financial transactions
Once banks get involved in the property buying or selling, AI can be used to make money transactions safer and faster. In other words, AI can prevent frauds by verifying bank accounts and informing there are any problems.
12. Predicting future trends in the real estate market
With AI’s help, it is much easier to predict future market trends and this includes real estate as well. For example, this can prevent sudden peaks of housing prices, like the one in the United States when properties there reached their highest price in 2006 and then started dropping uncontrollably. This led to a real estate “bubble” and affected the entire US real estate industry negatively.