As we enter the new year, it’s becoming more and more clear that artificial intelligence (AI) is not just a passing trend but is here to stay
In fact, according to a recent McKinsey report (The State of AI, 2022), AI will have an impact on just about every industry—and real estate is no exception.
We’ve put together a list of four trends you need to know for Real Estate that will help you get ahead of the curve and be ready for what’s coming in 2023:
AI in Lead Generation
AI can aid lead generation by automating the process of finding potential customers and qualifying them based on their interest on your services. This can include using AI analytics to automate the nurturing process for pre-qualified leads via email or social media channels. Moreover, Chatbots can help supercharge your ability to acquire new leads by delivering automated insights directly to the client through identifying data patterns and customer segmentation. These functionalities can even help visitors find the right property within your website and can operate 24/7 in a highly competitive industry.
AI in Lead Scoring
AI can facilitate lead scoring and help agents sort and prioritize leads. By collecting and analyzing data throughout the customer journey, such as leads’ website browsing behaviour and the content they engage with, AI can provide valuable insights about which prospects are most likely to convert. Agents can use this predetermined score to judge which lead is most qualified to engage with to save time and concentrate their efforts. AI lead scoring can provide a more accurate overview of every lead that comes through, taking into account a myriad of data points so agents don’t have to!
AI in Property Valuation
There is no doubt that real estate valuation is a difficult task. Valuators must consider each property’s various unique factors such as location, lot size, floor plan, and amenities. To access and provide accurate values, they need to develop deep understanding of the market and leverage greater and real-time analytics.
Along with sophisticated prediction models, AI and fuzzy logic can automate this process by providing an objective evaluation based on a copious amount of data (e.g., sales prices, past transactions) as well as comparing current market sentiment. This helps ensure that valuations are more accurate than those done manually, reducing the likelihood of mistakes or bias in a property’s value estimate.
Use AI to Match Clients with Listings They’d Love
Traditional matching with real estate software and CRMs is often confined to a set of parameters. For example, if a client is looking for a property to rent within a certain budget, any listing that that falls outside of that range will be excluded in the search results. However, what if that excluded property hits the spot in every other aspect? Agents would miss out on the opportunity to present that listing to the client and create a sale opportunity.
An AI engine can help real estate agents make better recommendations to clients based on parameters that can be more qualitative. For example, how important is a sea view to your client or how important is it for the property to be pet-friendly?
When you assess the needs of your client over a call or a coffee chat, being able to grasp the importance of these elements and curating a set of listings that your clients will love may make or break a sale. With Property Raptor’s AI matching, you can do exactly that.
Our AI engine uses fuzzy logic to offer more personalised recommendations and is not confined to a strict range of parameters. Agents can freely manipulate using sliders on the contact profile to adjust the settings – our AI will do the rest. Property Raptor helps agents save time and use a data-centric approach to close deals faster.
In a world of rapidly changing technology and innovation, AI is an undeniable force impacting the real estate industry. This technology is already helping real estate professionals work more efficiently, make better business decisions, and provide excellent service to clients.
If you’re ready to take your business to the next level and implement a next-in-class PropTech solution, learn more about how Property Raptor’s AI matching can advance your workflow and boost sales.
Manuela Burki is Head of EMEA at Property Raptor, an end-to-end CRM and lead generation platform designed for agents, by agents. It uses deep tech to facilitate and optimise the entire real estate transaction process.