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Assessing the Impact of Artificial Intelligence in Real Estate

By Ben Shepardson | October 4, 2019

Artificial intelligence (AI) is one of the biggest innovations of the 21st century. It is now impacting every aspect of modern life. The rise of intelligent machines is one of the most outstanding modern innovations.

Artificial Intelligence

According to IDC, global spending on AI systems will hit $35.8 billion in 2019. At the same time, a Gartner Report says 37% of global organizations use some form of AI.

If you are in the real estate industry, it is important to stay abreast of such trends.  Artificial intelligence in real estate is no longer a futuristic idea but a reality on the ground.

Whether you are a realtor, real estate investor, or broker, you have to learn how artificial intelligence will impact your work.

This article explores different ways that AI will impact the real estate industry.

AI in Real Estate 

How does real estate AI work? Take a look:

Improved Lead Generation

Lead generation is one of the toughest tasks for a real estate broker. Luckily, AI-based software now makes it possible to identify strong clients from your contact list.

In real estate, the marketing and advertising vote takes a large portion of the operations budget. To optimize your marketing budget, consider using AI to identify potential customers for targeted marketing.

These tools use hundreds of data points to distinguish between serious buyers/sellers and window shoppers.

You can increase your targeting efforts to capture the high potential customers which in turn leads to improved business growth.

Improved User Experience

One of the best ways to improve your realtor business is by providing memorable user experience.  AI allows you to make the home search easier for your customers.

By analyzing a customer’s previous search patterns, you can now provide customized search results. These results contain properties the customer will most likely love.

Enhancing Efficiency

Artificial intelligence comes in handy in streamlining the tedious real estate processes. Real estate brokers have to invest a lot of resources to get the job done, which affects the bottom-line.

AI applications can now aid the human-led processes to make them accurate and more efficient. Artificial indigence tools predict what clients want. This helps you serve them better.

AI-based Customer Support

As a real estate agent, you have to appreciate the role of reliable customer support in boosting the user’s experience. Unfortunately, it is not possible to respond to all client queries in real-time. This is where real estate AI comes in handy.

Chatbots are now a common feature in most industries. A Business Insider survey estimates80% of enterprises will utilize chatbots by 2020.

As these tools become smarter, they will come in handy for the real estate industry. They will complement your company’s customer support team.  

AI for Market Analysis

Where is the market headed? It is a question every player in the real estate sector asks. AI will help with market analysis by anticipating market fluctuations, pinpointing opportunities, market trends, future sell, and rent prices.

Final Thoughts

The use of AI in real estate has barely scratched the surface as regards its potential. By becoming an early adopter of real estate AI, you will gain a competitive edge in your niche market. Your business will also stand out in this crowded market. With AI, you can now deliver a delightful experience for your customers.

Ben Shepardson is a Realty Biz News Contributing Writer and has a long track record of success in online marketing and web development. While pursuing a bachelor’s degree in Computer Information Systems, he worked doing enterprise-level SEO and started an online business offering web development services to small business customers.
  • One comment on “Assessing the Impact of Artificial Intelligence in Real Estate”

    1. Artificial intelligence has transformed all industries and in the coming years it would bring even more disruption in industries. Machine learning has enabled automation to reach its new perfections through better analyzing data. Real estate is all about data and if this data gets readily available then people would be able to make more informed decisions in real time.

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