The trend of technology has finally caught up with the real estate industry. The industry which was reluctant to adopt technology changed overnight when the global pandemic hit the entire world. As a result, operations became digitized, site visits became virtual tours, and transactions were done digitally. This spark from the global pandemic has now turned into a full-fledge fire burning on the fuel of digital data.
The use of digital technology in real estate has led to the proliferation of real estate CRM software, technology, and other measures in place to surf on the waves of digitalization and pave for premier technology to take the lead. Artificial Intelligence and Machine learning are two such technologies that possess enormous potential in the market and are ready to elevate the real estate industry.
This blog will look at the most significant five insights into how Artificial Intelligence in Real Estate contributes to the industry and the likes of businesses of developers, agents, & brokers.
1. Improved Learning Through Powerful Analytics:
The primary advantage of machine learning is that the technology is excellent at parsing vast amounts of data and finding meaningful connections. Artificial intelligence in real estate can find consumer patterns, relationships, and correlations with respect to defined parameters and variables.
Machine learning for real estate can be used to position a property using predictive analysis. This analysis will be conducted across the user's income & sentiment, customer sentiment in the vicinity, demographics, micro-markets, and projects.
From the development point of view, advancing technologies such as BIM can bring a host of advantages to the construction of a project. Drone tech, predictive analysis, and construction supervision coupled with AI in the real estate industry result in forecasting costs, predicting sales figures, keeping the project on schedule, and maintaining the utmost quality.
Ultimately, AI & ML can help you:
- Predict market trends.
- Forecast expenses.
- Understand customer sentiment.
- Determine the value of an area/property.
- Comparison with the competition.
- Future of the project/area.
2. Effective Real Estate Business Process Management:
Selling even a single real estate property demands a lot of arduous work. While your sales representatives are out there making every second count, the use of automation can make sure their efforts don't go in vain.
Machine learning in real estate comes as a part of improving the processes, learning from them, and removing manual intervention. The automation of traditional processes, including paperwork, lead capturing, data management, and sending out marketing collateral, amongst other things, can all be automated to improve productivity and drive efficiency.
For example, powered by machine learning, your real estate CRM can learn from the form preference and fill in the fields next time you open the same form with slight variability.
This type of automated learning and process management can be applied across:
- Your listings.
- Your offerings.
- Sales processes.
- Your advertising.
- Marketing collateral distribution.
- Team Collaboration.
3. Simplified Property Recommendation & Home Searching:
Just like advertisements are run considering factors like demographics, age, or income, artificial intelligence in real estate can facilitate real-time product recommendations as per the sales funnel and provide a personalized, tailor-made product showcase.
The same self-learning AI algorithm embedded on a listing website, mobile app, or even a CRM system can fetch personalized content based on previous searches, purchases, and search filters.
On the other side of the spectrum, for customers, it can mean easy home searching with the real estate CRM software showing recommendations based on what the customers want to see.
For example, a high C-level executive whose preferences spread across 5 BHK luxury residences will not be shown any property depicting less value.
Ultimately, this flow of information brings the matching prospects and buyers together to indulge in meaningful interactions.
4. Increased Lead Generation:
Lead generation is probably the most critical aspect of selling real estate. Erstwhile, sales reps used to do a lot of calling to get potential clients looking to invest in a property. However, the same process has been simplified with the digital inventory listing accompanied by a lead magnet for collecting information.
This whole digital process can further be optimized to another level. With the introduction of AI in the real estate industry, the system in place (such as a real estate CRM) can analyze prospects' data based on several factors and give them a score on the probability of their conversion. It can go a step further and suggest properties to customers as per their purchasing behavior. An example of such includes displaying the right kind of ad users interacts with.
The following factors can be optimized through artificial intelligence in real estate to increase lead generation:
- Understand customer sentiment and patterns.
- Record crucial data across a variety of points.
- Giving prospects a score based on interest.
- Maximizing efficiency and minimizing risks.
This prioritization will properly utilize the energy and resources needed to convert prospects into paying customers. The algorithms can bring critical information in front of marketers, salespersons, agents, and brokers to act on prospects with the highest conversion percentage.
5. Giving a Boost to Digital Transactions:
Machine Learning for real estate makes it easy for you to facilitate easier digital transactions. AI-based algorithms, as such, can find anomalies in the ongoing transactions and reports as per the observations.
Machine learning for real estate can scan through paper-based documents and record information digitally for banking, financial, and lending institutions. Such information can be used in a search function where finding the customers' data becomes accessible. They can even convert a paper into a digital document with ease.
Here's what AI in real estate in the process of the digital transaction can help:
- Initiate transactions with fewer efforts.
- Make data filling and report generations process easy.
- Scan and organize vast amounts of data, including risks.
- Manage and supervise transaction data.
- Accelerate the transaction process.
- Use chatbots to clear queries.
- Access the value of a property over time.
All in all, monitoring, supervising, and organizing digital data related to transactions with AI & ML will result in minimized errors and efforts brought on by human intervention.
In Conclusion :
Buying or selling real estate is a heavy undertaking, often accompanied by lots of manual work and long hours. However, the penetration of digital technologies has made this process easier to a larger extent. Technology has helped make processes more streamlined, accurate, automated, and easy.
While this change has come late, it has brought fruitful results in sales & marketing activities, team collaboration, digital payments, construction processes, projecting sales, forecasting schedules, and much more. And leading technologies such as artificial intelligence in real estate are here to simplify things even more.
As the industry grows, these upcoming technologies will continue to prevail in the face of disruption, making things simpler for all the involved stakeholders.
Sell.Do as the nation's only complete, end-to-end real estate CRM software solution will stay on top of such developments while navigating the delicate intricacies of the real estate industry. Real estate developers, agents, brokers, and businesses alike can take advantage of Sell.Do's intuitive smart features to accelerate their process and gain maximum returns on their investment.