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AI Real Estate: How Will Artificial Intelligence Change the Industry?

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AI Real Estate: How Will Artificial Intelligence Change the Industry?

What are the AI real estate trends of the future? Find out more in this guide.



As AI keeps getting smarter, the real estate business keeps evolving. AI real estate technology has changed the industry immensely and continues to do so.

AI is changing how leads are generated, how homes are priced, and how realtors spend their time. It's making the whole business more efficient from top to bottom. Even those conducting online property searches are reaping the benefits of AI enhancement.

To learn all the amazing ways AI is impacting the real estate business, read this guide.

AI Real Estate Software Lines Them Up So You Can Knock Them Down

AI organizes and streamlines real estate dealings, making the business run more efficiently than it ever could before. It finds, meets, greets, and qualifies leads.

It collects invaluable data to make predictions and form strategies that lead your real estate business to its maximum potential. It's sort of like a virtual manager that runs most of the business for you.

It sets up each deal for success without you having to lift a finger. Essentially, all you have to do is swoop in and close!

AI As a Brand Ambassador

Almost all digital marketing campaigns are now managed by AI, and for good reason. AI's ability to record and interpret consumer interests and behavior, on both mass and individual scales, is unparalleled.

This makes AI the best choice for targeting and chasing down leads. By analyzing metrics, even personal user data, AI creates perfectly-placed, personally-relevant ads almost 100% of the time. It knows exactly who to target, where to find them, and when to reach out to them.

Furthermore, AI ads have the potential to be interactive. Chatbot enhanced digital ads can initialize your engagement with this customer by striking up a conversation.

AI Notifies You When Leads are Interested

Speaking of "when to reach out to them," AI can notify you of this as well. AI studies each lead's engagement with your company and their other online activity. 

It uses this data to predict when a lead is most interested in buying. That is, it recognizes consumer behavior patterns that signify when they are most likely to buy. For example, AI notices when a lead has been spending more and more time at online property search websites.

Using this data, the AI can then notify you of the best time to reach out to this buyer.

AI Followups

Even better, the AI can follow up on these leads all by itself. A marketing chatbot can contact leads via text, email, or personal message on social media. 

AI Lead Qualification

Besides the convenience of this automation, there's a better reason to let your chatbots do the talking. Specifically, they're better at it than you in a number of ways.

First, they're programmed to know exactly what information you need most from the lead. Based on this data, they can even predict how likely a lead is to purchase, pass a credit check, or ultimately default on a loan. 

The chatbot also knows what's most helpful for the buyer and will collect this information, too.

In short, the chatbot will assist the lead better than any human could. And all the while, it's collecting the information it needs to send the most qualified leads your way. Everyone wins!

AI Records and Interprets Valuable Sales Data

As stated, all data from lead engagement can be tracked by AI. From the initial viewing of your ad to the closing of sales, AI sees it all. Additionally, it can monitor/record consumer behavior, real estate trends, and other relevant data from all over the net.

From this data, AI provides a myriad of predictions that will guide many aspects of your business toward success.

AI Assists Your Human Interactions as Well

AI can be incorporated into all your interactions with clients, even face-to-face meetings. Just as AI chatbots lead virtual conversations with your clients, they can lead the human conversations by guiding real estate agents. 

Before a face-to-face meeting, the AI compiles all the data it has relevant to the buyer and the market. The AI then shares this with the agent and prompts the agent to retrieve any other information needed. The agent inputs new information as the meeting progresses and the AI continually updates its calculations.

With human agents and AI working together, buyers are matched to their ideal property with maximum speed and efficiency. This AI-enhanced interaction can apply to introductory meetings with agents, home showings, or any interaction with clients, really. It can even guide the closing process.

AI Works For Free and Doesn't Sleep

Not only does AI perform many tasks more efficiently than humans, it has none of the human needs the rest of your workforce requires. It needs no pay, no sleep, no lunch breaks, no incentive, no coaching, and no pats on the back.

It requires nothing from you, yet works diligently for you 24/7. Your AI will help customers when you're away from your office, fast asleep, or even on vacation! AI is like the most efficient employee you could hire, only better.

AI Replaces Tasks, Not People

If you're worried about laying off half your loyal employees, don't be. You don't have to lay off anyone.

Probably the best part about incorporating AI into your real estate business is that it replaces tasks, not employees. It doesn't reduce your workload. On the contrary, it helps you process the workload faster so you can take on more. 

Think about all the AI-driven tasks we've described so far: contacting leads, following up, planning meetings and conversations, customer support. More than anything, AI automates most of the planning and conversing so you don't have to.

In other words, it gets the most time-consuming aspects of your job out of your way. Then, all the agents and other employees at your business have more time for the lucrative part: closing.

AI Means More Closing and Less Dawdling

You read that right. With so much of the job automated by AI, agents can handle more clients per day. And that means closing more sales more often.

This phenomenon is exactly how a real estate company called REX is able to collect only 2% commission from each sale and still profit. By automating almost every aspect of their real estate dealings, they're able to sell more houses and lower their fees below the industry standard. 

AI Helps Your Online Customers

AI even helps clients from the comfort of their own homes. Here's how AI engages and assists clients online before they even think of doing business with you. 

IA Directly Assists Online Property Searches

More and more, real estate websites are using AI-enhanced features to assist users directly. The most popular example is the use of chatbots for customer support.

Users can chat with support bots for help with all types of issues. This is 24/7 online support that doesn't cost you a penny.

These bots can also initiate conversations when they sense a way to help site visitors. They act as a virtual assistant to site users, providing helpful advice and meeting their needs faster. AI can ask questions to gather information and quickly guide the user to exactly the property they're looking for.

This generates leads and boosts engagement and satisfaction of site visitors. Not only that, the AI uses the data it collects to nurture the lead until they're ready to buy. 

It Assists Online Searches Behind the Scenes, Too

Today's AI keeps track of so many details that property search websites never used to take into account. Photo-recognition AI can even derive valuable information from photographs.

Properties that appear similar to us may have one million differences only AI would notice. The vast amount of detailed data AI has at its disposal allows for immensely specified, and personalized, search parameters.

The AI sees each property and each individual buyer as extremely unique. It uses this data to match buyers to properties with a high rate of success. And it can do all this from your website before leads even meet with you.

AI Also Assists You With Clientless Job Tasks

Not every part of the real estate business has to do with clients. Here are some other ways AI assists realtors.

AI Monitors Your Properties

AI never forgets. It remembers all the details of any property you've dealt with for future reference.

For example, it knows what maintenance the property requires and when it's due. If the property goes on the market again, you'll already have some idea what condition it's in.

AI can also monitor the location continually to collect even more relevant information. It can track the development, crime rates, and other factors of the surrounding area that affect property value. And it could make accurate predictions of such things in the future.

Thus, the AI could very well know what a property's worth before you do—before it even hits the market! With access to this data, realtors can price houses very quickly and accurately. 

AI Watches and Predicts the Market

AI uses the data it collects to predict housing market trends quite successfully. This is especially valuable for budgeting construction projects. 

AI Real Estate: The Future of Buying and Selling Property

The continuing advancement of AI real estate technology has changed so much already, and with no end in sight! As you can see, there are many more benefits of AI-enhanced real estate to come in the very near future.

So, then, plan for your future: consider how incorporating AI can benefit your real estate business.

For related reading, see The Benefits of Augmented Reality For Real Estate.