Artificial intelligence (AI) is not just a trend that will fade away, it is here to stay, and as we begin a new year, it is becoming increasingly obvious.
The State of AI, 2022, a recent McKinsey report, predicts that AI will have an effect on almost every industry, including real estate.
Here is a list of four real estate trends you should be aware of in 2023 in order to stay on top of the market and be prepared:
AI in Lead Generation
By finding potential customers and qualifying them based on their interest in your services, AI can help in lead generation. To achieve this, it may be necessary to use AI analytics to automate the nurturing process for pre-qualified leads generated through email or social media channels. Additionally, chatbots can significantly increase your ability to generate new leads by providing automated insights to the client directly through the identification of data patterns and customer segmentation. These features, which are available 24/7 in a fiercely competitive market, can even assist website visitors in finding the ideal property.
AI in Lead Scoring
Agents can sort and prioritize leads with the aid of AI, which can facilitate lead scoring.
AI can offer useful insights about which prospects are most likely to convert by gathering and analyzing data throughout the customer journey, such as leads’ website browsing behavior and the content they engage with. To save time and focus their efforts, agents can use this predetermined score to determine which leads are most qualified to engage with. Instead of forcing agents to consider a plethora of data points, AI lead scoring can give a more accurate overview of every lead that comes in.
Property Valuation Using AI
Real estate valuation is undoubtedly a challenging task. Valuators must take into account the various distinctive characteristics of each property, such as location, lot size, floor plan, and amenities. They must gain a thorough understanding of the market and make greater and real-time analytics use in order to access and provide accurate values.
In addition to complex prediction models, AI and fuzzy logic can automate this process by offering an objective assessment based on the amount of data (such as sales prices, previous transactions, and current market sentiment) and comparing them. This lessens the possibility of errors or bias in a property’s value estimate and helps to ensure that valuations are more accurate than those carried out manually.
Utilize AI to Connect Clients with Their Ideal Listings
Traditionally, matching using CRMs and real estate software is restricted to a set of criteria. For instance, if a customer wants to find a rental property within a certain price range, any listings that are outside of that range will not appear in the search results. What if, on the other hand, that excluded property is ideal in every other way? Agents would miss the chance to introduce that listing to the client and open the door to a sale.
Real estate agents can provide clients with better recommendations by using an AI engine and more qualitative criteria. How significant is it to your client, for instance, if the property is pet-friendly or has a sea view?How important is it to your client, for instance, if the property allows pets or has a view of the ocean?
Understanding the significance of these factors and selecting a collection of listings that your clients will love can make or break a sale when you evaluate the needs of your client over the phone or over coffee. This can be done with the aid of Property Raptor’s AI matching.
This AI engine is not restricted to a specific set of parameters and instead uses fuzzy logic to provide recommendations that are more individualized. Agents can freely modify settings by using sliders on the contact profile, and AI will take care of the rest. With the aid of Property Raptor, agents can close deals more quickly and with less wasted time.
AI is an undeniable force affecting the real estate sector in a world of rapidly evolving technology and innovation. Real estate professionals are already using this technology to work more productively, make wiser business decisions, and give their clients top-notch service.
Learn more about how Property Raptor’s AI matching can advance your workflow and increase sales if you’re prepared to advance your company and implement a best-in-class PropTech solution.
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