AI technology is evolving by leaps and bounds! It has advanced to a point where mass-market utilisation of AI has become highly affordable and feasible for all kinds of businesses and industries.
This is true for the Real Estate sector as well. In order to remain ahead of the competition, Real Estate businesses must explore new technologies to improve operational efficiency and get maximum return on their investment. Moreover, Digital Transformation helps improve customer experience and engagement.
Digital transformation is fundamentally changing the way industries function and do business with their customers. Right from the ground-up, it has completely revamped the way internal business processes work and workflows are designed, thereby increasing productivity.
The Role of AI in The Real Estate Industry
A key area of application of AI in Real Estate is an in-depth analysis using multiple data-points. This typically analyses a property for its financial and operational performance and helps investors make the right decision. This analysis is performed with the massive amounts of data that the Real Estate industry generates.
The sensitivity analysis results can be combined with Real Estate CRM software and can be used to maintain solid customer relationships, via automated communication and engagement tactics. AI can also be combined with other software such as inventory management software and lead management software to boost your Real Estate business’s sales.
This pandemic has proved that tech-enabled businesses have a better chance to sail through the ups and downs. CRM in the Real Estate industry is an absolute must. Opt for a Real Estate CRM software like Sell.Do which is one of the best CRM in the Real Estate industry that can help you in building great customer relationships. All these modules and integrations, along with AI, can help RE developers transform their sales and marketing processes.
Benefits of Using AI Can Help the Real Estate Industry
Digital transformation using Artificial intelligence in Real Estate is not futuristic anymore; it is the present. AI has revolutionised several industries, and there is no reason to exclude the Real Estate industry.
Here are some of the ways in which digital transformation has benefitted the Real Estate industry -
Better lead management
Automation when combined with lead management software, can help in lead-capture through websites. Ultimately, this enables businesses to generate more leads and turn them into customers in the future.
Using Predictive property analytics to offer better recommendations
AI helps in data collation from various sources and analyses market trends and provides analysis at a region, city, area, budget and property level. Along with this, details like the customer’s past-preferences and past-interactions when fed into an AI-enabled system can offer better property recommendations to the customers. All these can help sales and marketing improve customer experience.
AI in Real Estate businesses can significantly enhance user interaction and experience. It can also greatly elevate the sales cycle providing better recommendations and round the clock service.
Better inventory management
Having enough stock in the inventory is crucial for any Real Estate developer. Effective inventory management can be achieved today, thanks to inventory management software. But when this is combined with AI, it will offer significant cost savings. For example, AI can help in identifying which inventories are highest selling and which ones require more market exposure.
Details like location, size, amenities etc., when combined with a self-learning AI system, can help predict the change in value of the property. This happens as the AI algorithms can make sense of the thousands of data points, and offer tangible insights to the realtor, from an investment standpoint.
Improve customer experience
Customer experience management can make or break a business. When done correctly, it can help your business significantly. Thankfully with AI, your customer experience cannot go wrong anymore. AI-powered chatbots provide 24/7 assistance to the customers. The best part is this assistance is personalised and has a human-like touch, that adds to its effectiveness.
Sell.Do is a complete ecosystem that empowers realtors to set up an end-to-end lead funnel, along with a complete post sales support cycle. It offers a plethora of features that are AI-driven, helping in automated lead-capturing from multiple sources, lead scoring and qualification and pipeline management.