- AI expected to become $89.8B industry by 2025
- AI already impacting the real estate industry
- Consumers expect responses to text/email inquiries in moments
Adrian Fisher, CEO of the real estate tech software company Property Simple, has been looking into his crystal ball for a glimpse of how AI is and will affect real estate transactions, professionals and consumers now and in the near future. Here is some of what Fisher sees:
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- Automated Valuation Models (AVMs) within AI software analyze market values of to-be-sold properties by looking at comparative sale prices for recently sold “like” properties. Included in these automated analyses are changes in neighborhoods both positive and negative, school success rates, public transit access and efficiency, and cultural/environ amenities such as arts offerings, walkability and proximity to outdoor activities.
- AVMs can streamline the negotiation process by predicting “where” and which items will kindle price compromises that may arise.
- AVMs will likely generate offers within the strike zone, rather than offers either too high/low.
- Bottom Line: AVMs will save real estate professionals and buyers/sellers time and money.
More Effective Ad Campaigns to Generate Leads and Conversions
- AI software improves how ads target consumers with more specific and in-depth demographic and economic data gathering
- Ad creation and targeting include customized video listings specific to potential leads.
- AI software automatically generates suggested ad campaigns by detecting new listings and open house in the MLS.
- The software immediately notifies the agent upon receiving a new lead from a text/email to your website.
- AI software includes reporting that shows ad performance (which ones work and which don’t) as well as insights into when, how and who saw the ad.
Greater Engagement and Increased Conversions
- AI software is available 24/7. You are not.
- The latest State of Chatbots Report indicates that 69% of consumers actually “speaking with” chatbots for quick answers about questions concerning such things as lot size, number of bedrooms, square footage, etc.
- Chatbots help agents learn more about potential clients than emails/texts to your website will ever tell you so that when you actually speak with the person, you will know much more about them.
- Chatbots help you qualify online leads.
AI Software Streamlines Data Management
- With all the documents and data involved in real estate transactions, AI can spot concerns/inaccuracies in legal papers, appraisal reports, zoning regulations, empty MLS fields, missing signatures, etc. much more quickly and thoroughly than human beings.
- As written above, AI software generates and coordinates demographic market research, ad creation and targeting and financial analysis quickly and effectively.
Nate Joens, CEO and co-founder of Structurely, underlines the importance of connecting with potential clients within minutes. “You will instantly be weeded out from other agents if you don’t…”
AI, chabots, personal assistants, what and whomever, initial contacts with potential real estate clients help set the stage for ongoing connections with buying and selling clients.
Thanks to Adrian Fisher writing for InmanNews.