December 04, 2018

Artificial Intelligence and Real Estate

Technology is a major catalyst in transforming the landscape of real estate in the current scenario. One of the biggest new technologies of the 21st century is Artificial Intelligence aka AI, the process by which computers are imbued with the ability to "think" like an intelligent being. AI helps in increasing the relevance of recommendations, helps sellers to sell better and eventually helps in establishing long-term relationships.

Artificial Intelligence Is Revolutionising The Real Estate Business

AI increases the relevance of recommendations

When it comes to the real estate industry, the best way to get the optimum chance of securing a sale is to provide clients with the property that's perfect for their needs. AI takes over by personalizing every customer interaction and experience, bringing all marketing activities together in such a way that it can aggregate the data and figure out what will work best for every touch-point. AI based algorithms can help to surface perfect properties for each different user, thereby implementing smart ways to recommend exactly what is suitable.

AI helps to understand people better

Another advantage of AI is that it never sleeps. That means one can use AI-based bots to provide 24/7 coverage to customers who visit the website or the social networking profiles. They can "chat" with customers on one’s behalf and help create value even when the actual advisers are asleep. This continuous ‘touch’ with the stakeholders is indeed a first-hand leverage to know people better and also sell them better.

AI checks credibility & establishes long term relationship

People don't just use a real estate company at one specific time in their life. Circumstances change and people need to sell their properties and move on or even decide to purchase second and third properties as investments or to rent them out. Despite the same being a fact, realtors have historically focused on the here and now without thinking about the future. It seems like an inefficient use of time when there are sales to chase. Now though, thanks to AI, they can continue to develop these long-term relationships through AI-based customer relationship management (CRM) systems. In fact, the technology is now so good that AI can predict whether people are likely to default on their loan or to fail a credit check. This, of course, helps to cut down on delays and even allows real estate firms to function more profitably.

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