How is AI Revolutionizing the Real Estate Sector?

How is AI Revolutionizing the Real Estate Sector?

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Rashmi
Rashmi Karan
Manager - Content
Updated on Jan 28, 2022 10:14 IST

Riding the growth bandwagon, the real estate segment is also adopting AI. This move has helped businesses to improve efficiency, generate leads, and process improvement. This article talks about how AI Revolutionizing the Real Estate Sector.

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Artificial intelligence (AI) sounds very futuristic. It refers to a technology that is able to make logical decisions and learn on its own. AI to many people is still a buzzword that is difficult to comprehend. PwC suggests that AI alone can help the global economy generate over $15 trillion by 2030. Artificial intelligence in real estate is not the future, it’s already here! Bots are already helping homebuyers find the best colors for their living rooms.

AI algorithms and predictive analytics allow data processing and making accurate, near-term predictions. The tangible benefits of AI in real estate are many. Artificial intelligence helps to manage huge data, streamline processes, and make informed decisions.

Artificial Intelligence in Real Estate

By now you must be interested to know how AI has revolutionized the real estate sector.

Smart Recommendations

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Finding the right customers and properties is crucial for the real estate business. AI algorithms sort the available information from customer data and convert them to get the best options. AI throws the recommendations with the right set of properties. These recommendations are based on user behavior and individual buyer personalities.

Lead Generation

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A real estate cycle needs to be completed to draw conclusions. This cycle involves the identification, management, and closure of a qualified lead. 

Artificial intelligence in real estate has automated this process. AI algorithms allow lead generation teams to optimize time allocation and improve conversions. Automated lead generation involves –

  • Analyzing customer behavior and patterns
  • Collecting various data points
  • Dividing the data points in a ranking of conversion chances
  • Maximizing efficiency and minimizing risks

The usage of AI chatbots and virtual assistants can also help you generate leads. AI automates initial lead outreach and scales the lead generation processes. You can also use some AI-powered tools to boost your lead generation –

  • Growbots
  • Drift
  • Conversica
  • LeadCrunch
  • kvCore
  • Structurely’s Chatbots

Also Read – Top Real-World Artificial Intelligence Applications

Chatbots in Real Estate

Chatbots have been a crucial element of the real estate business. A chatbot is an AI product designed to perform a series of tasks without the help of an agent. Globally, businesses have already invested over $1.3 trillion to help 256 billion customer requests annually. Market experts suggest that chatbot integration in businesses can save around $390 billion.

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Personally, I would prefer sharing information with chatbots to get property recommendations. This would eliminate the need to divulge in long conversations with agents. I am sure there are many clients who would prefer getting information from machines.

Coming to the point – businesses are leveraging bots to convert interested parties into potential clients. Chatbots help in-

  • Automating welcome messages
  • Answering basic questions of the customers
  • Filtering potential clients by asking and answering questions
  • Making appointments with real estate agents, capturing emails
  • Following online leads
  • Evaluating and qualifying the leads
  • Fetching information from databases
  • Creating a link to subscribe to your lists
  • Arranging virtual tours of the properties

Identify Undervalued Properties

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Alternative data sources allow the identification of real estate trends and undervalued properties. These data sources are hard to measure but their effect on real estate trends is remarkable. Some of these alternative data sources are – 

  • Location data
  • Demographic data and geographic features
  • Usage and status of public spaces
  • Traffic patterns in a neighborhood
  • Proximity to commercial spots

AI-powered predictive tools allow processing data events in real-time. You can get better performing and reliable models to generate useful information.

You may like – Future of Artificial Intelligence: Top Industries It Will Affect

Smart Home Devices

Smart assistants like Alexa, Siri, Google Assistant, etc. are miracles of artificial intelligence. These devices have superior processing and learning abilities. Such systems anticipate human behavior and change parameters as per the circumstances.

Streamlining Processes

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A number of real estate consultants are using AI-driven systems for – 

  • Preparing transactions with less manual effort
  • Streamlining processes like filling the data, generating reports, etc.
  • Performing market analysis
  • Completing the entire process from marketing to finding buyers and the sale faster
  • Sorting vast data and weighing the opportunities as well as risks of a transaction.
  • Implementing AI chatbots to help customers analyze facts
  • Assess the value of a property to make a choice

Conclusion

The real estate market has been known to slowly respond to technologies. But considering the diverse uses of AI in real estate, the industry is incorporating AI into its business processes. AI-based systems streamline transactional processes and ensure a better customer service experience. This will give consultants the freedom to run their business efficiently and sustainably.

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About the Author
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Rashmi Karan
Manager - Content

Rashmi is a postgraduate in Biotechnology with a flair for research-oriented work and has an experience of over 13 years in content creation and social media handling. She has a diversified writing portfolio and aim... Read Full Bio