Artificial intelligence (AI) and automation work particularly well in situations involving large amounts of disparate data and multiple decision-making and communication steps. AI helps sort and organize the data to enhance the decision-making process, while automation helps simplify the whole process and offer a more personalized service.
The widespread adoption of automation and AI in real estate is, therefore, no surprise given the challenges of the real estate market and the range of data involved, such as land records, purchase price comparisons and mortgage rates. So how can AI and automation in real estate help agents improve their businesses, and what are some examples of successful AI applications in real estate?
AI in real estate helps agents and buyers make better decisions
By supporting more agile condition-based property valuations, AI in real estate enables agents to price homes quickly so they can respond faster to buyers and sellers. For example, a solution like HouseCanary uses sophisticated machine learning to generate valuations so agents and their clients can price homes quickly and competitively.
AI can also be used to help prospective buyers imagine how a property might look with their existing furniture or if they implement their dream renovations. Solutions like Foxy AI provide instant, reliable renovation estimates, powered by AI. Combining these services with video collaboration and conferencing solutions expands the number of potential buyers (and family and friends) who can join in on home walkthroughs.
Rather than a buyer scroll through hundreds of listings, AI in real estate software solutions like Redfin and Trulia can learn what shoppers are looking for beyond the number of bedrooms or locations. By analyzing shoppers' preferences, such as which photos they like or houses they favorited, the software then begins to find other listings that could be a good match.
Automation in real estate helps simplify communication
Automating manual work allows real estate agents to focus on revenue-generating activities. Lead generation management tools such as FollowUp Boss and Spacio allow agents to keep leads in one place and control follow-up work in a format best suited to each potential client. Activity-based workflows can automatically send replies to leads when they request a viewing, sign a contract or download a resource from your website.
Alternatively, APIs on video collaboration and conferencing solutions allow event attendee registration information to automatically integrate into Salesforce for seamless audience tracking and sales follow-up.
Automation in real estate is also increasingly used to simplify the contract management process, as evidenced by mortgage closing companies such as Snapdocs and contract management solutions like Dotloop.
Combining automation and AI in real estate for success
Automation in real estate can strengthen your client communications and ultimately your business. The OneTalk Side View app can help surface valuable customer insights in near-real time to agents to help increase productivity. By putting recent emails, past and upcoming meetings, and customer relationship management (CRM) account information at a real estate agent's fingertips during each call, the app helps make each conversation more informed and productive.
With the benefit of improving decision-making, client communication and business administration, the uptake of AI and automation in real estate will likely only expand as technology progresses. 5G technology can also further enhance these developments, as it can power communications and collaboration tools to help the remote real estate agent save time and close deals faster.
Learn more about the impact of 5G on real estate.
The author of this content is a paid contributor for Verizon.