Real estate is slowly but surely being transformed by the use of artificial intelligence. With the world evolving into a “data-focused” realm, people and companies in real estate are already begun educating themselves on looking at data analytics in the hopes of gaining a competitive edge. With AI’s algorithm analyzing unstructured data like customer preferences, market demand, etc., there’s no better time than now consider implementing in your real estate business.
Here are the six ways AI is transforming the real estate industry:
Improving Sales/Leasing Cycles
“When it comes to selling or renting property, it can be a time-consuming and grueling task,” says Sam Weigel, a business writer at Australian help and Paper fellows. “However, with an AI-integrated real estate management system, this task can be faster and simpler. With an AI-integrated system, you can monitor the sales process in real-time, make sure that you haven’t missed any compliance checks, and then close deals in an instant.”
Offering Better Recommendations
Looking to understand your customers’ needs? AI can help.
eCommerce is paving the way for real-time product recommendations. All you have to do is to turn the information generating from the engagement of your customers into data. In turn, AI can utilize that data to provide recommendations according to customer preferences. When using a self-learning algorithm (from your website, app, or a CRM system), you can put in that useful data (i.e. past purchases, search filters, views of specific properties, etc.), so that the AI can tailor the user’s experience to fit their needs. Thus, you’ll be creating a personalized experience for all of your users.
Better Property Management
Property management has never been easier with AI. With AI software, real estate businesses
can do the following:
- Track rental and property listings
- Make maintenance requests
- Keep track of tenant applications
- Collect other valuable information
As you implement AI, you’ll see great results from its work, making you more prepared for any
maintenance issues that might come your way. It can even help you track tenant characteristics
and preferences, along with local/regional price trends, and seasonal availability
Improved Marketing Campaigns
“Ever wanted to have someone keep track of marketing trends and buying patterns of potential customers, but don’t want to spend a lot of money hiring one or more people to do those things?” says Anthony Raff, a marketing writer at Boom essays and State of writing. “AI will do the research for you by identifying and interacting with your target audience with the right promotions and deals, thus enhancing the impact that your marketing campaigns should make.”
Virtual assistants and chatbots have made customer service even better. Rather than have users hope that they would be able to get a hold of a human assistant during a company’s business hours, or make it a point to schedule a call or appointment, they can take comfort in communicating with an AI-enabled assistant or chatbot, which are usually available 24/7.
In addition, virtual assistants and chatbots can make the user experience more personalized, as the system already has the data to help it better understand customers. This means that if a customer has a specific question or concern, and it’s already closing time, the system can provide quick and accurate answers to their inquiries
Real estate businesses can reap the rewards from using AI in a number of ways. And although AI has only scratched the surface of the real estate sector, more such companies are slowly considering the possibilities that machine-learning can bring.
This is especially true because real estate companies are always competing amongst each other. They want to do business with as many people as possible.
So, why not look into bettering your business today by implementing the use of AI? Your customers will thank you for it!
Molly Crockett writes for Essay help and Coursework help. She is also a writer and editor for Pay for essay. As a marketing writer, she shares her unique lifestyle and personal development advice with her audience