Artificial intelligence, also known as AI, is currently at the forefront of the technological revolution. Businesses everywhere are starting to harness the potential of AI and big data, and the technology will soon impact real estate professionals. Below, we are going to explore a few ways in which artificial intelligence is changing the field of real estate
Streamlined Data Management
Robots can take much of the work out of rote tasks like data management, allowing humans to dedicate their time to more meaningful tasks. AI-based tools can analyze data faster and better (thus more efficiently) than human eyes. There are massive amounts of data in real estate coming from legal paperwork, appraisal reports, and more. Machine learning can help recognize patterns in the data to generate meaningful insights that can help incite action. For example, AI can analyze a sizable data set and predict when a type of property will increase in value.
Create Better Ad Campaigns
AI’s capability to expedite data processing has been used in a huge way in the creation of targeted ad campaigns. Computers can sift through large volumes of user-generated data to create ads that target individuals instead of demographic groups. Furthermore, that means that the process of generating ads no longer needs to be done manually. This is incredibly handy in helping to increase lead generation. It can be easy as letting AI-based software create ads and listings and receiving a notification on your phone for each new lead.
Chatbots have long been used by marketing and sales departments but can now create a significant impact in real estate. While an agent is unlikely to be available around the clock, chatbots are and can interact with leads that come through your website 24/7. Chatbots are great for quick communications regarding details like square footage, lot size and the number of bedrooms. Furthermore, over time machine learning can allow them to answer more complex questions and make personalized offerings based on user preferences.
The real estate industry has yet to tap into the full potential of artificial intelligence, but the technology is gaining traction. Agents and other professionals who embrace AI-based tools are likely to take their businesses to the next level in this dynamic and competitive field.