How AI Is Changing the Real Estate Industry
Now, the technology of Artificial Intelligence isn’t limited only to tech titans and huge corporations. Businesses from industries like healthcare, medicine, finance, security, and e-commerce too are taking AI as a valuable asset. Also, small and medium-level businesses are able to afford AI based implementations.
Among several businesses showing interest in AI, the technology appears less worthwhile to do any good to the real estate industry. Artificial Intelligence and real estate might not seem like a good fit at first. But though, it does. Here it is how AI can or will help real estate businesses in their buying, selling, investing, and property management operations.
AI provide better recommendations
It’s not easy to secure a chance of property sale. If the agents communicating do not understand clients thoroughly, they won’t be able to suggest the best of the property options to them. To get to know clients, real estate companies would need talented salespersons, who can quickly guess what’s going on in the minds of clients. Still, it’s not easy.
With AI at a place, agents can convert the learning from clients’ communication into data, which can, then, be used for AI. Once there is enough data available, AI will be able to take over. The software will then suggest how the interactions for individual clients can be customized. The AI solution will help agents bring all the marketing activity together in such a manner that lets them figure out what will work the best.
AI can help in making better sales
AI based solutions like bots can help make your company never sleep. You can put yourself active 24/7 and let customers visit your website anytime. Bots are now smart enough to chat with customers on your behalf and resolve all their general queries. So, AI can generate sales even when you are sleeping and, your office is closed.
Chatbots have now become quite popular across industries. Modern chabots are now at the point at which they can help customers smartly, even without letting them know who they are actually talking to.
AI will help real estate agents to market offers in a changed way
So far, real estate agents have been running drip marketing campaigns through emails. They send a variety of newsletters and property alerts. But does this approach really work? No, thousands of mails are sent and, none of them really deliver any clients. People just ignore them.
But AI can completely change the game of marketing and make a campaign more centered to the interest of receivers. This avoids frustration and deletion that happen with typical mail-based campaigns.
AI for property sellers
AI will also help property sellers and may remove or minimize the dependency of property owners on Real Estate agents. Typically, when property owners want to sell a property, they have to rely on real estate agents who earn commissions from both buyers and sellers. But in this way, the actual cost of a property is needlessly increased. With AI technology, real estate companies and sellers can just remove their dependency on estate agents to sell and buy properties. A couple recently set an example when they had the help of AI. Instead of paying 5 to 6 percent to real estate agents, they hired AI services and paid 2% commission to AI driven services run by Real Estate Exchange. They listed their four-bedroom home in Thousand Oaks for $880,000 and sold it for $890,500. Available rental properties can also be listed online, for example, the apartments for rent in Washington, DC.
Smart Real Estate Portals are about to Storm In
Online property portals are now offering excellent solutions to property buyers, but AI is set to change the nature of these portals. With AI, these portals will be able to encourage users to make better decisions for the locations of properties. There can be AI based multidimensional comparison options that let people compare different property options with one another.
The growing demand of smart buildings and apartments
AI can help real estate companies make smart buildings. A report from Zion Market research suggested that the demand of smart buildings will increase at whooping CAGR of more than 34 percent. It means more and more buyers are now looking for homes have AI technology integrations. Also, ML-bases solutions will help builders design homes and apartments with features of controlling various aspects like lighting, air conditioning, energy management, elevator maintenance, security, etc.
Author Bio. :-
Sofia Coppol is a digital marketing expert in Rapidsoft Technologies which is a leading IT consulting company providing full range it services including, IoT application development, ERP software development, Ai App Development, and big data app development solutions. Sharing is caring!