The real estate industry has seen a massive transformation recently thanks to the fast adoption of Artificial Intelligence (AI) technologies. AI is transforming the industry by providing valuable support to agents. In this editorial piece, we will delve into AI’s potential to revolutionise the real estate industry, streamlining the property process for both agents and their clients.
How AI IS Reshaping the Property Landscape
Let’s go through how AI is reshaping the real estate industry.
AI-Powered Property Valuation
Advanced AI algorithms are proving to be a powerful tool when it comes to streamlining the property valuation process. These algorithms can swiftly and accurately go through and analyse massive troves of historical data points on property locations, sales, comparable property prices, and current market trends. They can then generate detailed and highly specific valuations. AI’s accuracy in assessing value fluctuations in property prices guides real estate agents in strategic pricing. That, in turn, decreases the negotiation time by 20% while also augmenting customer satisfaction.
Optimised Property Listing
By helping optimise property listings, AI-enabled tools enable tailored and strategic property marketing. AI algorithms can use data to pinpoint the most attractive aspects of a property. These can be used to optimise listings to give a client’s property maximum visibility and traction on the listing website.
AI-enabled chatbots and automated systems empower realtors to interact with their potential customers more efficiently. AI chatbots are capable of accurately answering customer queries and schedule appointments. This feature helps realtors acquire hot leads that are most likely to convert. So, they can always be on their customers’ radar! In fact, AI-based lead generation tools can capture leads up to 60% faster than traditional methods.
AI’s capability of efficiently automating daily routine tasks has been underscored as an enabler of fast adoption in property management. For example, AI-enabled property management tools can make managing and scheduling maintenance requests more efficient. This significantly reduces the risk of impending emergencies, leading to a substantial decrease in costly repairs.
AI helps realtors strengthen their marketing efforts. AI-driven algorithms, by comprehending semantics, thereby, pinpointing customer issues more efficiently than rule-based chatbots, can improve customer experience. In addition, AI can be used to send personalised messages and offerings based on customer behaviour which, in turn, increases customer engagement and retention.
Boosting Customer Service
The customer experience takes centre stage in the real estate industry, and AI is fast stepping up to the plate. AI assistants and chatbots can cater to customer queries around the clock and ensure they get high-end support and guidance throughout their property service.
According to a study by Accenture, “Large language models could be useful in tackling the roughly 70% of customer service communication that is not straightforward and can benefit from a conversational, powerful and intelligent bot, understanding a customer’s intent, formulate answers on its own and improve the accuracy and quality of answers.” Furthermore, AI can employ predictive analytics to dig deeper into local demographics, market trends, and renter preferences to optimise property marketing strategies. It helps property managers draw more high calibre tenants to their services and set competitive rental prices.
That said, while AI holds the potential to bring tangible benefits to the real estate sector, human interaction remains paramount. That’s especially true when addressing intricate issues and emergencies. Real estate services, such as Quintessentially Estates, strike the right balance between automation and human support to ensure maximum customer satisfaction.
In today’s fast-evolving AI-powered business landscape, real estate agents who adopt innovation will undoubtedly thrive in the highly competitive market.
Sohela is an electrical engineer and a self-professed writer with a keen interest in all things tech. When she’s not writing killer content pieces, you’ll find her enjoying tempting foods in her favourite restaurants.