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Why does the real estate industry need to improve its AI capabilities?

Artificial Intelligence (AI) already has many uses in multiple industries but hasn’t become a wholesale substitute for human jobs. For instance, real estate brokers and agents haven’t been replaced by computers thus far, and this is not likely to occur in the forthcoming decade. Using AI technology in innovative ways to gain a competitive edge in a crowded market.

How Real Estate can Benefit from AI 

AI can empower real estate companies to improve their overall efficiency as well as make informed decisions. This is facilitated by AI’s ability to generate insights from pattern identification through algorithms. With AI tools, real estate professionals can make independent decisions as well as automate tasks to save time.

To start, AI can assist to automate routine work like delegating neighborhoods based on addresses or coordinates. Next, supporting intelligence can make manual processes more accurate and time-efficient. This factor can aid to improve the available knowledge so real estate agents can make quality decisions. These include pinpointing good investments, learning if a property is likely to be available on the market for a longer period, and assessing price fluctuations. Lastly, AI also offers autonomous intelligence in the form of automated customer service solutions and chatbots.

AI Uses in Real Estate

Pioneering firms are successfully adopting AI for various purposes, including recommendation tools in their websites to enabling venture capitalists to locate portfolio pieces. Further, AI-powered customer care tools like chatbots have become smarter and more popular. Read on to learn how the real estate industry is using AI in relevant ways:

Targeted Advertising: With AI, real estate professionals can carefully analyze client behavioral preferences and patterns. An innovative plotting development company can use this strategy to offer customized prospect targeting and dynamic pricing solutions on popular web platforms. By targeting their advertising at receptive leads and prospects rather than window shoppers, real estate firms can boost their deal closing rates.
Customer Support Chatbots: Many home buyers have hectic schedules, which means that real estate enterprises need to adjust their customer care models and working hours for their needs. Operating a 24/7 contact center is an expensive proposition. The cost-effective alternative is to use AI-powered chatbots.

The latest machine learning and natural language processing advancements enable bots to successfully ace the Turing test. This means humans perceive them as humans and not machines. A 2016 test in the US used both a bot and a human broker to provide a list of suitable properties in the Denver region to a prospect based on their input. Each day, the client got six proposals, three from the agent and three from the bot. Every time, the customer preferred the list from the bot.

Chatbots are also effective because you don’t need to pay them a salary and they are also capable of self-learning and become smarter with time. Therefore, real estate companies can utilize chatbots for their customer support processes and free up their agents’ time to generate more sales.

Recommendation Tools: Similar to the way Amazon uses recommendation tactics, AI can be utilized by a real estate company to provide relevant offers to their leads and prospects. They can create tailored items based one each client’s past interactions and preferences. For first-time buyers, the platform can leverage profiling methods and give them generic results that worked successfully for similar previous purchasers.

In addition, AI can be used to improve real estate databases so agents can provide suitable recommendations. This is an important application as it is a tedious and lengthy task to search real estate databases. AI solutions can help agents to swiftly find the right deals for each client’s interests and budget to save time and enhance efficiency.

Intelligent Contracts: AI can facilitate smart contracts with clients by appropriately tagging the deals so that their information can be effortlessly retrieved and re-utilized. This can help to minimize mortgage approval times and waiting times. In this case, AI tools can function as a personal helper and assist clients to fill out their applications correctly if there is insufficient data in the available database.

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