Currently, the real estate sector has undergone a substantial evolution to adapt to consumers’ new needs. Among the leading technologies adopted in this progress, the one that has attracted the most attention is Artificial Intelligence ( AI ).
AI has the potential to revolutionize real estate marketing. Its tools can optimize complex processes, improving the work of brokers, consultants, investors and sellers. Consequently, it increases sales, demand for properties and offers an excellent customer experience.
Next, we will identify how artificial intelligence is changing the real estate sector. We will also show examples of companies that have already adopted the technology and were successful, just as your real estate company can assume it.
The Impact of Artificial Intelligence in The Real Estate Sector
One of the greatest innovations of the 21st century was undoubtedly artificial intelligence. Now, it is impacting all aspects of modern life.
Experts estimate that artificial intelligence in the real estate sector will increase technical solutions’ importance and affect the human factor’s relevance. Soon, AI will automate real estate management and will also be able to help organize and analyze Big Data in the industry.
If you are in the market, it is vital to be aware of these trends. Artificial intelligence in the real estate sector is no longer a futuristic idea but a reality in the area.
Whether you are a broker, investor or consultant, you need to understand how this technology will affect your work. Follow below how this change is happening.
Generation of Qualified Leads
As much as you have hundreds of leads available, not everyone will be interested in buying or renting a property at any time. That is why it is crucial to identify the most qualified leads. That is ideas consumers who are most interested in getting a property.
This is not such a simple task for a real estate professional. It can take a long time for all leads to be analyzed. However, it is possible to use AI-based software to speed up the process.
The technology can identify potential customers based on the use of data available to the company. In addition to increasing productivity, AI improves lead segmentation and makes fewer mistakes in the process.
Better User Experience
There is no denying that the best way to improve business and become a memorable company is to offer the best possible user experience – and this is precisely one of the main functions of AI.
Artificial intelligence enhances your customers’ research. The technology provides personalized results from the analysis of previous purchases and preferences, showing only properties suitable for the customer’s profile.
It can filter all the alternatives available on the market through an easy-to-use platform that does not require costs to the user from AI and chatbot. In addition to displaying a calendar for the client to schedule a visit and present content according to each specific demand.
By facilitating the user’s search, the real estate company offers an excellent experience to the client and improves his contract closing.
As you may have already noticed, artificial intelligence is beneficial when carrying out processes.
While she deals with the most complex processes, trying to make them more efficient and accurate, the real estate specialist can stay focused on other tasks that need to be solved in person.
As the AI
Customer support is a crucial factor for the user experience, and real estate agents must obtain good results. However, it is not always possible to serve everyone in real-time.
The solution to this is chatbots. The “robots” are guided by artificial intelligence and programmed to answer all users’ queries at any time of the day.
And this is a trend that is increasing more and more, and that brands are already joining. According to a Business Insider survey, by 2020, at least 80% of companies will use chatbots in customer service.
Another role of artificial intelligence in the real estate sector is through market analysis. They identify where the market is going, and the following trends that will define the next steps are not accessible.
For this reason, AI is already used in the sector for issues such as:
- make an accurate analysis and identify opportunities based on patterns;
- check rental prices;
- anticipate possible market fluctuations, among others.
What Were The Results of The Companies That Adopted AI?
In addition to the advantages already demonstrated, such as increased efficiency, productivity, and customer experience, interest in AI has increased, mainly thanks to other companies that have successfully applied technology.
Bradesco was one of those companies that bet on artificial intelligence and had terrific results. In 2014, the bank introduced BIA (Bradesco Inteligência Artificial) in its internal processes to answer questions with customers.
Currently, more than 5,000 branches are serving approximately 70 million consumers. BIA can answer around 300 thousand questions monthly, with an accuracy rate of 95%. Thanks to these results, the service time has been reduced, and service quality has increased.
EBay’s website has also adopted artificial intelligence in its call centers. He currently has a chatbot to help search for consumers and optimize sales.
As the robot interacts with the user efficiently and personally, the customer experience has dramatically improved, and the page sales rate has increased significantly.
How Can Real Estate Companies Adopt Artificial Intelligence?
Now that you’ve seen the benefits and some successful cases, it’s time to put them into practice. Below are some tips on how to incorporate and adopt this technology in your real estate.
Process automation is the best strategy to make the business more efficient and practical. For this reason, one of the main ways to adopt AI in real estate is by using CRM, Customer Relationship Management or Management of Customer Relationship in Portuguese.
CRM is a set of practices focused on analysis and management, whose main objective is to centralize customer information to satisfy them. Through it, it is possible to qualify leads precisely.
It is essential to increase the conversion rate and, consequently, sales and attract new customers automatically according to its database.
For example, AI assists in language processing and image recognition that can quickly scan and sell documents and import that data into a CRM. Therefore, the “Robots” facilitate this process for professionals.
This frees up their time to focus on the more “human” aspects of the procedures and still have a greater understanding of customers’ needs.
Systems integration, such as software and websites, is also one AI application in the real estate sector. Consumers are increasingly looking for properties through digital tools, so adopting intelligent systems is essential for any real estate company.