There are so many businesses that are using AI in order to improve their work. Have you thought about how AI will improve the real estate business? Yes, there are several ways AI can be implemented right now, making your work easier and smarter overall. Here’s how you can start using AI in real estate right now.
1. Making Recommendations More Relevant
Yes, as a real estate agent, you’ll be looking to get to know your customers on a personal level. You need to know who they are and what they need from you. That’s something that can only be done in person, as you understand what your clients want and how to get it for them.
With AI though, you can help streamline the process for your clients. You’ll need to be able to convert the data about them into something an algorithm can use, but once you have done this you can improve the recommendations you make for them. For example, on your website, the AI can help find the properties that the visitor is really searching for. That makes them more likely to pick you to help them close on the perfect home.
2. Predicting Property Values
No one can know exactly what the property market will be like in the future, but with AI you can have a very close guess. With a wealth of data on property prices going back decades, you can use AI to predict what prices can look like in the future. This is already being done by several companies, such Skyline AI.
With this AI, you can see whether prices are due to rise or fall, and what rents are going to look like. With that, you can start making plans for the future, so you can be one step ahead of the competition.
3. Help Clients When You’re Out Of Office
No matter how hard you work, there’s always going to be times when you can’t be in the office ready to help clients. However, they may have questions when you’re not there. With the right AI though, you don’t have to worry as they’ll be able to talk to chatbots when you’re not available.
Chatbots have been in use for a while now, and they’ve proved to be very useful to businesses across a wide array of industries. Modern chatbots are so intelligent that they can even pass for real people, so customers will be happy they can talk to someone, and you’ll be happy as you can follow up with them and make the sale.
4. Improve Lead Generation
You’ll always be looking for new leads, new clients needing your help finding the right property. That’s a lot of work for you, and time consuming too. That’s why a lot of real estate agents are using AI to get ahead here.
As an agent, you want to be able to sort your customers into different niches, to help them find what they want. With AI, you can use powerful algorithms to see who’s looking for what.
For example, Zillow know that a lot of people browse their site looking at ‘dream homes’ they’re not thinking of buying. Their algorithm will help them sort these out from those who are actually looking into these homes to buy.
5. More Efficient Mortgage Lending
Mortgages are a big part of the home buying process, and AI is helping improve it for home buyers. In the process of applying for a mortgage, lots of documentation has to be supplied and analysed. It takes a lot of manpower to do this, slowing down the process.
With machine learning AI, it can scan these documents much more quickly. That means there’s no more waiting around, and applications go through quicker.
These are just a few ways how AI is making a difference to the real estate industry. You’ll want to look into how it’s working, and see how you can use it in your own work. To stay ahead, AI is the way to go.
Technical Writer and Project Coordinator Sara Sparrow, Best essay services and Study demic, spends most of her time attending tech and marketing conferences as well as providing consultations to businesses on these topics. When she has a minute, she also contributes to magazines and blogs, including Rated writing.