AI technology is one of the biggest innovations for business, whatever industry you work in, be it healthcare, education or real estate. Its explosion is driven by a myriad of factors. From increased computer power to advances in machine learning, AI is making waves, and the real estate industry is looking at the opportunity to maximize its benefits.
Leads and listings are the livelihood of real estate pros. Learning how to maximize listings and buyer leads utilizing AI tools can be a game-changer. Manually generating leads is a labor-intensive task that doesn’t always pay off. While word-of-mouth and referrals are still how most business gets done in the real estate industry, AI tools allow real estate pros to effectively and efficiently create a pipeline of prospects.
Let’s examine some of the ways AI is transforming how business is getting done and what strategies real estate pros are utilizing to retain existing clients and to attract new ones:
1. AI-Powered Lead Generation
AI-powered lead generation tools in real estate use algorithms to analyze data, identify potential leads, and predict which prospects are most likely to become active buyers or sellers, automating tasks and improving efficiency. AI-based CRMs can also track and score leads by their behaviors, the history of their interactions, etc. This helps real estate pros in their follow-up efforts by categorizing the leads into those that are hot and not. AI can automate follow-up emails that nurture those leads until they are able to buy or sell.
- Chatbots: These tools never sleep, which means real estate pros can. AI-driven chatbots on websites or social media can engage visitors 24/7, answer basic questions, and collect contact information for follow-up.
- Behavior Tracking: AI can examine how prospects are interacting with content (whether they are visiting the MLS or popular listing websites, opening emails, or engaging with ads). This provides insights into their level of interest and also gives the real estate pro a better idea of where efforts need to be focused or monetized.
2. Automated Property Valuation (AVM)
Automated Valuation Models leverage advanced data analysis via computer algorithms to estimate the fair market value of a property. The automated property valuation approach combines statistical modeling with comprehensive real estate databases to provide realistic property valuations. Tools like Zestimate from Zillow deliver instant property value estimates, often encouraging more inquiries from buyers and sellers. AVMs look at a variety of factors, including location, market trends, square footage, comparable properties and amenities.
3. Enhanced Property Listings
With AI-driven enhancements, real estate pros can elevate their approach to buying and selling, making all the difference between an agent who’s ahead of the game versus one who’s waiting on the next word-of-mouth referral.
- AI Content Creation: Automatically generate compelling listing descriptions, highlighting the best features of a property, based on its locale, square footage and school district. This saves time and effort while creating professional listings that attract buyers.
- Image and Video Enhancement: AI can improve the quality of property photos and marketing, while creating virtual tours or 3D walkthroughs, giving buyers a more interactive experience. This is a particularly powerful tool for out-of-town buyers (think snowbirds). Interior designers can also partner with developers and real estate pros to use staging software to present the property at its best.
4. Personalized Recommendations for Buyers
AI-powered property matching can link buyers with properties that fit their specific wants and needs, i.e., price range, location, size etc. based on prior searches and set preferences. There’s also the option to set custom alerts notifying buyers and prospects when new listings become available that match their criteria. This keeps all parties engaged and more likely to act fast and make decisions.
5. Market Insights and Forecasting
With AI tools analyzing large data sets and offering real-time insights into market conditions, such as supply and demand trends, property appreciation rates and potential investment opportunities, real estate agents can spend more time fostering relationships to get the job done.
6. Automating Administrative Tasks
AI can help with document management by automating paperwork and contract generation, ensuring a smoother process in tracking all documentation that applies to the buying and selling of a property. There are even AI scheduling tools that can automatically coordinate showings, meetings, and calls, saving time and reducing the back-and-forth communication between the agent and buyer or seller.
7. AI for Virtual Assistants
Voice-Activated Tools: AI assistants like Alexa or Google Assistant can be integrated into real estate platforms, allowing clients to get quick property details or even schedule appointments without needing to speak to someone.
24/7 Availability: By using virtual assistants in the same fashion as chatbots gives real estate pros the ability to respond to inquiries and lead generation opportunities more immediately and enables action after office hours without adding hours to the workday.
With AI integration, real estate pros can improve efficiency, reduce manual labor and ultimately close more deals. The future of real estate marketing is shifting toward automating tasks with an emphasis on personalization. Utilizing AI, the sophisticated tools help get the job done.
Landmark Title regularly holds virtual and in-person workshops and seminars to help real estate pros learn how to best utilize new tools like AI. Visit our events page to see what’s coming up. You can also get in touch to learn more about Landmark Title and our services in residential escrow and title. With locations in Arizona and Nevada, Landmark Title keeps a pulse on the Southwest’s market and has excellent relationships with many of the real estate pros in the Southwest.