For some people, the concept of artificial intelligence can be overwhelming and scary. However, AI is already used in many domains and industries, including real estate. Nowadays, every step of the property buying process has been digitalized with the help of computers and AI algorithms.
In principle, the idea of AI is to help industries boost efficiency and collect massive amounts of data. The program can automate tasks and quickly predict trends, behaviors, and interests with that information. In real estate, AI is mainly used for websites, advertisements, and sales. Click here to learn about Caledon real estate and see how it works.
Real Estate Sites and Consumer Preference
Digital advertising for housing has been an amazing technology since its conception since easy and free access to platforms where people can independently buy or sell the property has been a lucrative business model. As the internet and technology advance, intelligent algorithms have been designed to understand consumer preferences better and retransform the industry.
Currently, agents use artificial intelligence to advertise houses for each customer more specifically. The algorithm extracts information about each client’s preferences, such as access to public transportation, school and business reviews, criminal rates, and other public records, to select the ideal home for each one.
Depending on other customers’ preferences and buying tendencies, AI can quickly determine the preferred property type at the moment and focus its marketing on that specific. This drastically changed the role of real estate agents, who now have more time to focus on customers’ needs and financial advice.
How Can AI Help Real Estate Agents and Brokerages?
The home-buying process can be highly tedious, stressful, and bureaucratic. Using AI can simplify and perfect the system by predicting trends based on data, identifying mistakes quickly, simplifying and adapting information, and optimizing everything for sales. Besides the classical understanding of AI-based search algorithms, this technology comes with an alternative tool that can be used for more efficient and profitable services:
During the COVID-19 pandemic, every industry was affected, including the housing industry. Due to a lack of mobility and social distancing requirements, many agents had to adapt to stay in business. Many firms started doing video or virtual tours, which became very popular and lucrative, saving money and time for both parties.
Besides the fact that it was efficient for everyone, 3D tours of the house allowed people to see it multiple times, engage with the space, and pay attention to all the details. The only thing that you needed was a functional laptop and a few minutes of your time. For more complex projects, AI is used to reconstruct architectural or interior design projects to present them to potential customers.
Reliable Information and Estimations
Before making any significant financial decision, people feel confident that their investment is worth every penny. This is why brokerages have used AI to comply with accurate and complex information on the region’s market value, safety, anomalies, and possible predictions for the future. There’s no guarantee that everything will turn out as predicted, but AI can use information as old as 50 years to determine, for example, the future property value of a detached home.
The clients feel more secure in buying a home if the information they receive is unbiased and based on thousands of data. In the long term, it helps agents and brokerages to sell more homes, which brings them more commissions and bonuses.
Assistance with Clients and Marketing
Real estate agents have hundreds of people daily who require assistance and help. With AI, they can implement assistance services, like chatbots and digital scheduling. Chatbots are ideal for simple assistance by answering standard questions when the agent is unavailable. You can even opt out of bots that automatically redirect your client to you if specific questions are raised.
Digital scheduling can be a lifesaver for businesses, brokers, and agents who handle tens of people weekly. With a digital assistant, clients can automatically schedule appointments without calling or sending emails from the webpage. You only have to set up your availability and regularly check for changes in the program or technical issues.
Another part of AI that only a few know about is that it can enhance and optimize your content. Search algorithms use several keywords, phrases, and word combinations when showing relevancy on the webpage. If you want to pop on top of your competitors, you can use machine learning advice when writing on your blog or website.