Growth in communication technology is changing the way we do business today. It is improving almost every industry. The real estate industry is one of the leaders in adopting new technology. Real estate agencies use platforms like Optimum Voice Service to communicate and discuss with other team members. But what is the next step forward in technology? More and more agencies are looking into AI technology, to enhance business.
The real estate business is much more than showing houses to potential buyers/renters. It involves handling and sorting a lot of data. Real estate brokers have tons of listings to categorize, all kinds of owner information, and their personal details. All this is just the back end stuff. On the front end, they have to process all sorts of buyer/renter data. Personal information, financials, preferences, and client profiles to go along with everything else. So, how can AI technology improve the real estate industry?
Let’s take a look at 6 ways Artificial Intelligence can make the real estate industry better.
6 Ways AI Can Improve the Real Estate Industry
Back in 2016, Inman, the real estate industry’s leading source of information, held a unique challenge. Broker VS Bot. Over the course of three days, they challenged top real estate agents to predict buyer preferences. The opponent was an artificial intelligence system developed to do the same. The result – the BOT predicted buyer preferences all three days in a row and won the top spot. This was three years ago. There have been leaps in AI technology advancement since then.
Here are 6 ways AI can help real estate businesses today:
- Analyzing Location Safety
- Providing Virtual Access to Listings
- Delegation of Time Consuming Tasks
- Evaluation of Listings and Locations
- No More Days Off
- Finding Suitable Listings for Clients
1. Analyzing Location Safety
Sometimes old buildings and constructions are not up to code. While this is generally not a problem, oversight of a crucial detail could prove disastrous. AI technology has the capability to help with analyzing the safety of any given location. It can use data like building schematics, materials, and deterioration to assess the rigidity of a structure. It can also take into account external factors to determine any possible threats. Using statistics, like weather and natural disasters, AI can predict the long-term security of a property or location.
2. Providing Virtual Access to Listings
Viewing a listing physically is very different from viewing it through pictures and videos. Today, it is a common practice in the industry to enhance property images. Because of this, most buyers and renters feel they can’t trust the pictures provided on realtor websites. And taking the time out from their busy schedules to view a listing, is not workable for many buyers. AI can help with this problem. Using AI technology to make virtual tours more detailed is an innovative solution to this problem.
3. Delegation of Time Consuming Tasks
Why to realtors often hire assistants? Realtors have a mountain of tasks to get through in a day. Some of them are basic tasks but consume a lot of time. AI technology can take care of basic tasks, freeing up time for realtors to pursue new clients and listings. Automating jobs like data collection and recording can also save money for an agency. Instead of paying for an assistant, the agency can use the resource as a trainee. This way the agency can work more efficiently and create additional revenue streams.
4. Evaluation of Listings and Locations
Given various guidelines, AI is able to provide detailed evaluations for locations and listings. It can analyze location, development plans, consumer trends, and more data. And use it to generate fact-based pricing. It can also predict the popularity of a listing by considering school districts, crime rates, and public transportation routes. Having easy access to reliable information can increase an agency’s bottom line.
5. No More Days Off
In the real estate business, days off can mean the difference between making a sale and not. People’s circumstances can change over a weekend; they could find a more suitable listing. These situations are a tremendous loss of time and effort for an agency. For a realtor, spending a week trying to close a sale is not unusual. Some clients can take up to 4 to 6 months to complete their buy. After investing so much time and effort, losing them over a weekend is a great loss for realtors. Using AI technology allows agencies to operate 24/7. Even basic support, like chatbots and customer support helplines, can reduce this risk many times over.
6. Finding Suitable Listings for Clients
AI has been succeeding in this since 2016. With virtual access to listings, an AI unit is able to optimize results. Finding options better suited to individual clients. With the right kind of data input, realtors can use AI to find listings that are more appealing to their clients.
There are many ways new technology can and has benefitted the real estate industry. Integrating the use of IoT platforms was just the beginning. More agencies see the need to invest in advanced technology to expand their business. Finding the balance between AI technologies to improve client interaction is the way forward.