Real estate had been slow in adopting digitization in business. According to the morgan stanley digitization index, real estate was the second least digitized industry in the world, but this was in 2016.
There were multiple reasons hampering this shift, however, in the past few years, the real estate industry has taken some long strides in the world of digitalization. Now in 2020, 58% of the real estate companies have a digital strategy in place.
PropTech is enabling the real estate segment in streamlining operations, generating leads, predicting property values, and improving the overall efficiency of the business. One of the important technologies that the real estate industry is readily embracing is Artificial Intelligence (AI). The potential of AI is huge and the industry has quickly recognized that. Apart from automating key operations, AI can truly change the way real estate investments are done.
Here are the top 5 ways how AI is reshaping the real estate industry
Give personalized home search experience to your customers
Online home search typically shortlists properties based on a person’s basic requirements like the number of bedrooms, location, etc. While this is effective to a certain degree, with AI there is a certain level of personalization that you can offer to your customers. There are AI-powered online marketplaces that use computer vision to extract preferences from an individual’s profile to suggest properties. The system is so powerful that it can identify flooring preferences and colors as well. AI along with VR can provide an immersive experience to home buyers that are customized to their taste. Such experiences are intangible but they add to faster conversions and higher leads as the customer is seeing exactly what he desires.
Enables smart real estate management
Machine learning can help you analyze the property management data and improve the efficiency of the property and save costs. AI can analyze weather data and the spikes in energy utilization and warn property managers beforehand. This can save millions of dollars in operational costs. AI also helps in optimizing property resources.
Predictive analysis for property investors
Real estate is an industry with high stakes and one of the important aspects of AI has been to predict future growth possibilities or returns. With predictive analysis, real estate investments take into consideration many factors other than the gut feeling of a seasoned broker.
Property evaluation goes beyond the number of bathrooms, property’s size, flooring, etc. and considers nuanced details like the quality of the renovation, unconventional designs, specialized commissioned art, to come up with accurate property evaluations.
AI-supported lead generation
Lead generation in times of online marketing is more than just cold calling. You might have all the data, but how do you sift through and identify qualified leads. How can you know what would convert them? AI is helping real estate owners and agents know that difference. AI can separate the serious buyers from those who are window shopping, identify their preference, and promote tailor-made property listings that will convert them faster.
A fantastic way in which AI is supporting real estate is by automating various tasks from lead nurturing to client acquisition. Onboard clients with automated software solutions that can provide digital buying or lease agreements. Manage all your leads from a central mobile-enabled platform. Customize the messages you send during the lead nurturing process by harnessing all your customer data from multiple sources. AI-powered screening, automated chatbots, automated lease process – the possibilities are endless.
In today’s time and age when your buyer is actively seeking information about you on various channels, it is important to reach him when he is planning to make the buying decision. Real estate can leverage the power of AI to transform the way business is done. Have you tried the power of AI yet?
RealForce is a cloud-based property management solution by Rialtes. It harnesses the power of AI and VR based modules with 100% mobility and best-in-class customer support. To experience RealForce email us at firstname.lastname@example.org