Artificial intelligence is regarded as one of the most revolutionary technologies of the current times. It has already infiltrated almost every industry imaginable-it is powering everything from self-driven vehicles and virtual assistants to manufacturing robots and smart home systems. The real estate industry is also slowly but surely adapting to the AI-driven revolution. Tech-savvy real estate players are educating themselves on the possible applications of the technology to improve decision-making and gain a competitive advantage. A large number of use cases have already emerged in multiple areas, and some of these appear highly promising.
In this article, we will elaborate on these use cases. So let’s dive right in.
Lead Generation
Lead generation is one of the key pain areas of the real estate sector. Agents often have a hard time generating leads for different properties; they may spend hours engaging with prospects, only to find out later that they are unlikely to convert. AI can help agents identify the best leads by analyzing the data collected from the company website, social media channels, and online advertising.
For instance, Zillow, an online real estate portal, uses AI models that evaluate hundreds of data points to identify serious buyers or sellers from those who are simply window shopping. AI can also identify the kind of property a prospect is looking for.
AI also allows Flex, a program from Zillow Premier Agent, to identify prospects who immediate need an agent, and route them to agents best positioned to convert them. Agents don’t pay for these leads unless they close a deal.
Property Valuation
Evaluating a property to determine its market value is a challenging job. When done manually, it actually takes up a lot of time, as the real estate agent has to determine the market value of similar properties and compare it with the property at hand. AI helps agents avoid this hassle, all while enabling them to save countless precious hours.
AI models use current property data along with hundreds of other factors that could potentially affect its pricing such as the area’s transportation system, crime rates, pollution levels, proximity to schools and recreational facilities, and future development prospects to calculate the future value of a property.
For instance, an eminent real estate company, Veros has devised an AI-powered solution VeroPRECISION for accurate property valuation.
Home Search and Recommendation
With advances in technology, real estate listings have become available online, making it convenient for consumers to search for properties using attributes such as location, square footage, price, number of rooms, etc. as filters. Even after narrowing their search using these criteria, users may still be left with hundreds of properties to consider.
AI simplifies this process by analyzing a consumer’s search patterns and comparing them with those of similar buyers to recommend them a list of properties that match closely with their needs. This is similar to AI-powered recommendation engines used by sites such as Amazon or Netflix.
Many real estate portals have AI-driven applications that help answer simple as well as complex user queries, such as ‘does the house have a backyard?’ or ‘how many swimming pools does the property have?’ AI may even add a few extra details to the answer to provide the user with additional information. This improves the odds of the real estate player securing a sale.
Property Management
Management of rental property can be a cumbersome task. From handling rental applications and transactions to generating lease agreements, a lot of time and effort can go into the process. AI-enabled solutions can streamline property management in a large number of ways.
Automated creation of documents, for instance, can help realtors focus on other activities that demand human intervention. AI-based systems can also scan property-related documents for errors, such as empty fields or inconsistent signatures.
Plus, AI-powered virtual assistants and chatbots can facilitate communication between property managers, landlords, and tenants. These bots can provide tenants with answers to commonly asked queries and share utility bills with them.
AI-based software can also automate accounting work and maintain an accurate record of rental transactions, receivables, and payables.
The Final Word
So you see, real estate players and consumers alike can benefit from AI integration in real estate. AI can help agents find qualified leads, evaluate a property accurately, conduct virtual tours, and manage rental properties; AI can also assist consumers in finding properties that perfectly fit their search criteria.
If you operate in real estate and need an AI-powered solution to ace your game, connect with our AI experts at contact@cellstrat.com.
