How is artificial intelligence changing the real estate business?

Friday Aug 07th, 2020

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The world has seen improvementin the skills since the beginning of the industrial revolution- and that that has resulted in the advancement of employment and newer facilities.This advancement in employment is required to keep pace withever-evolving technologies.The artificial intelligence is another innovation in the technology that has not only brought various benefits in the form of higher efficiency, better corporate performance and new prosperity, but it is also improving the facilities that every business need including the real estate.

Historically, with the introduction of emerging technology, the real estate industry was considered to be a final frontier. A new report by AppFolio and John Burns Real Estate Consulting shows the trend is changing now. In reality, 78% of property managers see their business as open to the adoption of new technologies like AI.

While there is the ever-present fear of robots replacing the human workforce, the fact is that AI actually creates more room for humans to do what they do best. Artificial intelligence is based on the fact that if machines can be conditioned to think like humans, they can evolve to work and complete tasks to make us more successful, while continually learning to become even more effective in the future with time. Here are three ways in which artificial intelligence transforms the real estate market.

AI makes customer experience easier:

AI is a powerful tool which can be used to unlock the potential of your company, improve the skills of each team member and free up their time to provide a higher level of personal customer support. Renters appreciate fast and easy communication, and it can be given by conversational AI technology — while allowing the staff the opportunity to concentrate on delivering excellent service. By reducing repetitive manual tasks, AI technology provides the team with more flexibility to concentrate on more strategic research and deeper relationships with the clients.

Also, AI technology can acquire information from interactions, directly input data into your property maintenance program, and perform tasks based on the data that has obtained. This not only saves time, but it also puts in effect a streamlined method and reduces the possibility of errors, providing better customer service and unified, reliable data each time.

AI simplifies renting and leasing:

Simple, thorough replies offer an advantage when it comes to turning leads to rentals. According to Zillow's 2018 Customer Housing Dynamics Survey, 71% of tenants asking for information regarding a listing plan to hear back within 24 hours from the owner or realtor. Only 51% of tenants claim they provide the timely feedback they expect.

You will potentially have reliable and prompt answers to any prospective tenant by incorporating advanced communicative AI technology that streamlines leasing communication. The platform is developed to allow organizational flexibility and increase lead production in the entire leasing phase, along with reducing the strain on leasing teams.

Conversational AI technology will inspire tenants by keeping it simple to book a preview from their smartphone in less time, and by delivering fast, detailed answers to their queries. The property managers will then work trying to impress them with warm, private and supportive service when they come in person to them.

Likewise, new meetings are immediately placed on the agent's calendar after the series, often without the hassle of keeping track with new requests and reacting to them. And at the right moment, the renter immediately gets an electronic application for screening directions.

AI makes data ideal and supportable perspectives:

Your actions are only as strong as the results, and that relates to significant and minor actions. You need to have faith in the knowledge upon which you build important financial decisions. Through eliminating the human factor from data input operations, AI reduces the possibility of errors that comes with vast quantities of data, and that operates too quickly. Advances in AI real estate technologies make it possible to gather details from any future renter, and you can view data and insights on your property in real-time. Track the rental success reliably (i.e., amount of leads, amount of displays, and transaction rates) to learn which properties do well and recognize places of opportunity.

Through lead identification and insights, you will even make more strategic choices, and better grasp the ROI of your advertising budget.

The moment for the real estate business to turn digitally is here. With broad awareness and recognition of AI as a useful device in real estate, we are looking at exciting opportunities.

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