Over the past decade, words like AI and ML have become commonplace. What was once thought of as advanced technology is now widely in use. It has touched every industry and is radically transforming the way things are done. Artificial intelligence in Real Estate or AI applications in the manufacturing industry is becoming the norm. It is no longer the case that only a few hi-tech companies are using AI and ML.
The power of artificial intelligence or AI is transforming lives around the globe. But what exactly is AI? AI or artificial intelligence is focused on building machines or software that can think like humans and take appropriate decisions.
Real estate is a field that has traditionally been all about human intelligence and human connection. AI in real estate is a relatively new concept. However, it is one that is catching on fast.
The global real estate market is expected to be worth USD 8,662.2 billion by the year 2026 with a CAGR of 2.8%. Combined with many government policies aimed towards revitalising the real estate sector, there are plenty of avenues for real estate businesses to register significant growth.
To do so, the real estate businesses must stay ahead of the competition and AI in real estate industry can play a crucial role in this. Artificial intelligence in real estate can help businesses gain more customers, become more efficient and radically improve the sale process. Here are some of the ways in which AI can be used in the industry.
1. Show Appropriate Properties to Clients
Anyone who has opened Amazon or similar e-commerce websites is familiar with product recommendations using AI. The websites use the past search history of the customer along with similar purchases of those with the same buyer personas to recommend products that would be better suited to the customer.
Similarly, real estate listing websites can leverage the power of AI to recommend relevant properties to the customer. Although most of the real estate listing websites offer filters for price, square footage, the number of bedrooms and baths, location, etc. the customer is still left with hundreds of properties to look sort through.
Companies can employ an AI-based algorithm to help narrow the search criteria for the customers and show relevant properties that would better match the needs of the customer. An AI-based chatbot is also a great way to help customers narrow down the list of properties.
2. Identify Interested Clients
Lead generation and filtering genuinely interested customers from window shoppers is a major part of a real estate agents job. AI in real estate can help identify potential leads based on various criteria and past data. Agents can then concentrate on converting those leads to potential customers.
AI in real estate industry can also help in multi-channel marketing to help attract potential customers. It can help optimise marketing techniques and combine the information from various marketing channels to provide a complete overview of the efficacy of your marketing campaign.
3. Predict Future Market Value of a Property
Properties are investments and like any other investment, their future value can play a role in the purchase decision. Customers often want to know how much the property will be worth in five years or ten years or any number of years into the future. They want to know that there is a good chance that the price would increase and they would get a good return if they do decide to sell it in the future.
Now, it is possible to combine information from the real estate CRM software, market trends, and other amenities in the location to deliver a good prediction of the future value of the property. This will help customers make a decision and help real estate businesses in selecting the properties to invest in.
4. Smarter Real Estate Management
Large office spaces or garages have a lot of space that is often underutilised. Around 30 to 40% of the office space remains underutilised in most large offices. It is a huge wastage of investment in real estate and it calls for better real estate management.
One of the innovative uses of artificial intelligence in real estate is to help organisations identify the underutilised spaces and come up with reasons for the underutilisation. An AI-based real estate CRM can analyse the data from various IoT and WiFi sensors to map these areas.
The management can then decide to either let go of this additional space or use it for something else to increase its utilisation.
6. Improve Inventory Management
When a real estate business has multiple properties under its umbrella it is vital to track the status of each of the properties. Just as with other businesses, real estate companies need to track and manage their inventory as well.
A property that has been with the business for a long time and is not resulting in a sale is a loss for the company. It is pertinent to understand the reason for the loss and come up with solutions to address the failure to land a sale for the said property.
Real estate businesses can achieve this using artificial intelligence in Real Estate CRM.
7. Track and Improve Performance of Sales Executives
A real estate business is only as good as its sales team. Executives who can keep up with clients, track all the properties under them, know when to call customers and what to say to convince them are a blessing to the business.
With AI in real estate, sales reps are equipped with all the information they need right at their fingertips when they speak to a customer. A real estate CRM that keeps track of all the communication with the customer will tell reps what was covered in their last conversation, what the customer is expecting from the current call and if there were any enquiries that the rep needs to answer.
Real estate CRM software can also track the performance of various reps and identify the ones that are performing best. It helps businesses in identifying the top performers and determining the reward or bonus for these top performers.
8. Increase Sales Efficiency With Automation
A real estate sale is more than just showing the property and getting the customer to say yes. It is a process-heavy business. There are lots of paperwork to be filled out for each sale. The sales teams need to check regulations, documentation, and various other criteria. The process is repetitive and can often be boring.
With an AI-enabled Real Estate CRM, many of the manual repetitive tasks can be automated. Automating such time-consuming tasks frees up the teams to concentrate on tasks that truly require a human touch.
A Real Estate CRM Software can improve the efficiency within a real estate business by streamlining and automating various tasks.
9. Real Estate CRM – A Must-Have For Success
A Real Estate CRM Software is a valuable asset for any real estate business as it can improve efficiency, increase sales, bring in more customers and increase revenue.
Looking for an intelligent Real Estate CRM Software that can radically alter your business processes? Sell.Do is exactly what you need. Sell.Do offers a range of features that covers all aspects of the real estate business right from lead generation to post-sales services.
It can help in managing inventory, automating various aspects of marketing, generating useful reports, tracking performance, enabling online payments, tracking offline payments, making it easier to create demand letters and other documentation and keeping all confidential data secure.
Sell.Do is an innovative combination of artificial intelligence and real estate that will alter the way real estate companies do business.