Real estate agents are often presented with a large volume of data, which can be both a great potential and a complex obstacle simultaneously. AI has the power to take that data and turn it into opportunities that are easier for agents to convert. It gives agents the ability to cultivate personalized and dynamic sales campaigns for clients, giving each prospect unique and relevant content to make the buying and selling process easier.
One way in which AI is being used in the real estate industry is by collecting and using data. Most agents will have a database that is at least a little outdated with some key details missing. AI is especially effective at analyzing and comparing large datasets, identifying data that is out of date or incomplete, and then filling in the blanks. This gives agents a comprehensive database that can be put to work immediately.
Another way in which AI is being used is by connecting with clients. After cleaning up a database, AI is then able to take that information and integrate it with a CRM, using the data to create a profile that enables the generation of customised marketing such as EDM, DM, or push notifications for each individual client. By feeding clients properties based on their identified information, like price range, suburbs of interest, number of bedrooms, etc., agents are able to provide improved customer service with reliable and relevant marketing that is more likely to help close a sale. The bonus for agents is that this will increase the ROI on marketing expenditure.
AI also automates processes, saving precious time and resources. AI is capable of collating data, integrating with a CRM, requesting specific pieces of data that are missing from records, responding to incoming inquiries via means such as a chatbot, and analyzing the inquiries to create a ranked list of leads based on your desired variables and the likelihood of prospects taking action. AI can even communicate with agents, sending text notifications when a lead is received and the urgency with which a response is required. The net impact of this is that time-consuming, labor-intensive tasks are taken care of, freeing up the agent to work on their relationships with current and prospective clients.
As AI continues to evolve, its potential applications in the real estate industry are mind-boggling. Predicting market values, enabling home search portals to recommend properties that align with the client’s preferences and profile, facilitating property tours without an agent by working in unison with VR and AR technology, and streamlining the buying and selling processes with faster and easier settlement and contractual approval are just a few possibilities.
While agents are not likely to be replaced by robots anytime soon, AI can help alleviate the pressure of repetitive tasks requiring razor-sharp attention to detail without ever calling in sick or taking leave. Overall, AI makes life easier and supports agents in doing more of what they really want to be doing – selling properties. Based on this alone, exploring what AI can do for your business is well worth your time.
