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Converting Prospects to Buyers with Conversational AI for Real Estate

By Jamie Richardson | October 24, 2020

Turning browsers into buyers is the ultimate sales goal. A competent salesperson can strike up a conversation with a passer-by and, armed with nothing more than good cheer and convincing patter, conjure a deal out of thin air. This is true of the property industry too, with real estate agents often earning a 5-6% commission on the price of a sale.

In recent years, real estate companies have discovered that hiring expert salespeople isn’t the only way to drive business. Conversion rates can also be optimized by deploying artificial intelligence. Not to create some sort of “Sales Terminator”, but to drive meaningful interactions with would-be buyers. These clever AI interfaces are a cornerstone of many property business websites, helping to automate viewings, assuage customer concerns and proactively generate leads. Here are four ways that conversational AI is changing the face of real estate.

By using the power of data

A trader on a market stall might have to use guesswork to determine a shopper’s budget or favourite bouquet. But on the internet, guessing is a more precise art. All sorts of useful data can be harvested by websites, from the visitor’s location to their age, web browser, and device.

Conversational AI, meanwhile, helps companies gather even more information, which can in turn be used to create a buyer persona and map customer needs. AI-powered chatbots, such as Hyro, strike up conversations with website visitors and leverage predictive analytics to infer buyer intent, address common queries and even recommend suitable products and services. What’s more, all data collected feeds into future interactions, meaning conversations become more natural and productive. Chatbots even know the times of day that correlate with higher engagement, and they can access transactional data via APIs with e-commerce stores.

It’s easy to see how a conversational solution that is available 24/7 can therefore turn mere window-shoppers into committed customers, with data insights helping to match customers with their dream home.

By articulating the value proposition

Salespeople sell “the dream” by articulating a value proposition using emotive, expressive language. In recent years, conversational AI has improved to such an extent that chatbots can effortlessly communicate in an engaging and natural way that belies their programmable nature. And let’s face it, having a natural speech pattern helps when you are trying to sell a six- or seven-figure property.

By alleviating concerns

Identifying and addressing pain points is one of the key hurdles real estate agents must overcome in securing a sale. Conversational AI – whether implemented on a website, social media channel or via text message – can lighten the load, asking the questions that need to be asked and overcoming any concerns that might prevent a prospect from converting. Again, data is key: chatbots can essentially “learn” from previous conversations that did not conclude satisfactorily, and tailor their response accordingly.

By providing a rich customer experience

Home buyers aren’t just investing in a property. They’re purchasing an experience. From the first time they enquire about a building to the moment they lay their eyes on it in person, then sign the final paperwork, it’s a customer journey like no other. Conversational AI can play an important role along the way: by responding immediately to a site visitor’s query, they start things off on the right note. How many sales have been lost due to a tardy reply on the part of a realtor? Chatbots get the ball rolling, creating a positive impression by responsively addressing concerns, making valuable suggestions and guiding the buyer every step of the way.

Of course, some people would rather interact with someone they can look in the eye. That’ll probably always be the case. But in these instances, AI interfaces can simply schedule a face-to-face meeting with a real estate agent or organize a property viewing.

Converting prospects into buyers is a fine art, but by taking guesswork out of the equation, you’ll maximize your chances of producing a masterpiece. Modern AI-powered chatbots have proven their worth in numerous industries in recent years, and where high-ticket items like properties are concerned, eschewing them risks leaving serious money on the table.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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