There's no denying the fact that the real estate industry is nothing without meaningful relationships. Long cycle, emotional decisions, years of loans, and a lifestyle - all lie before homebuyers before they can purchase a home from you. In the midst of all this, you have tremendous competition trying to grab the same buyer. Even if you have better offerings than your competitors, chances are they might sway away your customers, and you will be left with a lost opportunity.
This is precisely the reason why industry leaders came up with CRM systems to manage these relationships digitally. CRMs have had a good run in the last decade; however, they are now ushering into a new era defined by Artificial Intelligence and Machine Learning. AI has brought novel use cases to real estate developers and streamlined workflows for all stakeholders.
This blog from Sell.Do will venture into the territory and explore the unique ways through which AI can enhance customer relationships by automating your real estate CRM.
Effective Customer Engagement and Retention:
CRM systems already have the ability to reach out and engage customers through automation. Herein, AI has the power to gauge which channels are responding and are working. For example, if a customer is responding well to the nurturing emails, then the CRM will highlight that feature. Accordingly, that particular customer can be targeted more via emails. The same goes for SMS, WhatsApp Marketing, calls, etc.
AI CRM automation also extends to retention, whether it is through contacting them again or showing them relevant ads. All in all, the facets where the customer is responding well can be optimised for greater conversion chances.
AI-powered virtual assistants, like chatbots, can provide immediate responses to customer inquiries, freeing up human agents for more complex tasks. Beyond basic queries, virtual assistants can engage in more complex conversations, such as asking clients about their preferences and budgets, allowing real estate agents to enter the conversation at a later stage with a deeper understanding of the client's needs. This sentiment understanding can further lead to the optimisation of the marketing efforts.
These virtual assistants also possess the power to handle routine queries, schedule appointments, and provide property information, ensuring that potential buyers or renters receive prompt and accurate assistance around the clock.
Data Integrity and Analytics:
Every developer and broker know that maintaining clean and accurate data is crucial to selling real estate units. While CRMs are efficient enough, AI herein can help ensure data integrity by automating data entry and validation processes.
Additionally, AI-driven analytics can uncover patterns and trends in the data, enabling real estate professionals to make data-driven decisions regarding pricing, property listings, and market strategies. For instance, it can identify trends, such as which property features are most appealing to buyers in a specific area, helping real estate professionals tailor their listings accordingly.
AI can help real estate agents make informed decisions by analysing market data, property histories, and customer behaviour. It can provide insights into which properties are likely to sell or rent quickly, helping agents prioritise their efforts. AI can also offer insights into neighbourhood dynamics, assisting agents to understand the changing landscape of a particular area. For instance, it can highlight upcoming developments or shifts in property demand. Moreover, AI can offer predictive analytics, forecasting market trends and suggesting optimal listing prices.
Personalised Recommendations and Customer Segmentation:
AI in real estate can segment clients based on their preferences, behaviour, and demographics, allowing real estate professionals to deliver tailored property recommendations. This level of personalisation can dramatically improve the customer experience, as clients are more likely to receive property listings that align with their needs and desires.
These personalised recommendations extend to suggesting properties that match a client's unique criteria, such as specific architectural styles, proximity to amenities, or preferred school districts, enhancing the overall customer experience. Real estate developers can also extend the functionality towards virtual tours and site visits where engagement and personalisation matter the most.
The last couple of years have shown us that AI has the power to transform the real estate industry, with its roots spreading across PropTech, including CRMs. From improving customer engagement and retention to enhancing data integrity and analytics, AI-driven CRM systems can drive efficiency and profitability.
Real estate businesses looking to elevate their operations and stay competitive in a rapidly evolving market should consider adopting AI-based CRM solutions. And with Sell.Do real estate CRM, you can unlock new opportunities, improve customer satisfaction, and achieve tremendous success in the real estate sector.