AI In Real Estate: Build Meaningful Bond With Customers
AI has changed the way users interact with a real estate agency. We discuss 7 ways AI in real estate is helping agents and users to build a meaningful bond. Considered to be one of the most acceptable investment options, real estate is growing at an incredible pace. There's a rising demand of individuals wishing to own property. Because of this, the value of the global real estate market is expected to reach $2774.45 billion in 2021 from $2687.35 billion in 2020 at a CAGR of 3.2%.
Though the real estate industry is slow on technological adoption, adopting AI in real estate can offer multifold benefits. As per Chatbots Life, the top 5 industries that have benefited from incorporating chatbots are real estate at 28%, travel at 16%, education at 14%, healthcare at 10%, and finance at 5%. One of the common issues faced by real estate agents is `trust'. Due to lack of transparency in the system, customers don't trust agents. AI in real estate can help solve this to some extent. Let us briefly look at how AI can help real estate?
How AI Can Help Real Estate?
Artificial Intelligence (AI) plays quite a crucial role in the real estate sector. The application of AI offers techno-logical support to buyers and sellers with the help of essential analytical tools and AI-based chatbots. While the question that still pertains is, "how does AI change real estate?" We look at 7 ways AI can help real estate agents build meaningful bonds with their customers.
1. Being available 24×7 on preferred channels
According to Chatbot Magazine, the real estate chat-bot industry is the most profitable one, as more than 28% of the real estate businesses use chatbots. Using the AI-powered chatbot on multiple channels can offer the leverage to connect with prospects virtually anywhere. And clubbed with a 24×7 service, customers can interact with the agency at their convenience.
2. Improving the home search process
While the buyer looks for a house, there are multiple aspects that they focus on, like location, price, square footage and the number of bedrooms. As these are repetitive questions with common answers, AI can answer these quickly and accurately. Customers can depend on the AI algorithm to provide faster search results, leading to better conversions.
3. Streamlining the transactions
By integrating the AI platform with CRM software, agencies can ensure customers have smooth transactions. Companies can do this by automating form fillings and generating automatic reports. Software Advice in 2019 found that 50% of the CRM software buyers in the market are real estate, consulting, distribution, and insurance.