Artificial intelligence (AI) is the simulation of human intelligence processes by machines – or in other words the science of making machines that can be programmed to “think logically” like humans. When you think of artificial intelligence you may not consider AI as being particularly applicable in the property industry. Because at its heart, being an estate agent is about matching people with their ideal home. To do this requires excellent people skills, emotional intelligence and loads of gut instinct. These are human attributes which AI cannot simulate.
However, there are a growing number of AI tools that can boost lead generation and conversion, enhance customer service and support estate agency marketing. They allow for personalisation so estate agents can tailor a personal connection with each one of their prospects and customers. AI is also able to sift through massive amounts of data at lightening speed and so streamline research tasks such as spotting market trends and generating target market insights.
Here are four areas in which estate agencies can use AI to stay ahead in 2024
1. Speed to lead
Leveraging AI tools can significantly enhance potential customers’ first experience with an estate agency.
Today, most people shop for houses through a combination of online research, then working with estate agents and visiting open houses – starting with online research. So, when a potential client finally takes the initiative to make contact through live chat or completing a lead generation form, it is very likely you will be talking to them after they have completed comprehensive online research. They will have already encountered your estate agency online, looked at your website and sifted through the properties you have on the market. They are at the point where they are ready to talk to someone immediately and move forward. AI-powered chatbots ensure round-the-clock customer interaction, providing immediate, personalised responses to customer inquiries. This increases crucial lead to response time or speed to lead.
2. Customer service
During the sales process, AI can support the ongoing real-time communication between real estate agents and clients. Chatbots are available 24/7 to answer common questions and provide information. Chatbots can help customers schedule appointments more efficiently. By integrating an AI platform with CRM software, estate agencies can automate completing forms and the provision of useful public records such as transportation options, area crime rate statistics and school district ratings, to offer a clearer picture of an area to the potential buyer. Chatbots can also provide personalised recommendations to clients based on their preferences and past interactions, pointing them to relevant properties that are newly on the estate agency’s books. AI technologies like virtual reality (VR) and augmented reality (AR) enable immersive virtual property tours. Real estate agents can provide clients with realistic virtual walkthroughs of properties, allowing them to explore and evaluate properties remotely.
3. Industry insights
Estate agencies are using predictive analytics to gather and analyse data about their clients and properties to identify patterns and make informed predictions about property prices, market trends, and customer behaviour. AI algorithms use historical data and market trends to predict future Real Estate market conditions so that estate agents can leverage these insights in servicing their clients, anticipating changes and developing effective marketing strategies. After the conclusion of the sales process, AI can also help estate agents to collect and analyse client feedback allowing them to measure their satisfaction, maintain the relationship, ask for referrals and identify areas for improvement.
4. Marketing
AI tools can simplify and streamline marketing management for estate agencies. Here are just 3 of the many ways AI supports effective marketing strategies:
- Scale and efficiency that maintains personalisation: Generative AI, like ChatGPT, can take your client data, property information and campaign goals to create a range of personalised emails while enabling the delivery of these segmented emails to a large number of recipients.
- Targeted content scheduling: Property professionals can use AI to create highly targeted marketing campaigns that reach potential buyers and tenants with a higher likelihood of interest. AI can determine the optimal times for posting when your audience is most active on social media. It can inform scheduling your posts accordingly to maximise visibility and so helps to fine-tune social media strategy.
- Sentiment analysis: With AI tools, you can keep an eye on your social media mentions and comments and monitor people’s reactions to your content. By monitoring sentiment analysis, estate agents can gauge the public perception of their brand as well as particular properties and neighbourhoods.
Artificial Intelligence is transforming the property industry, reshaping the way properties are bought, sold and marketed. Estate agents who embrace AI-powered tools have a competitive advantage by leveraging AI to increase efficiency, provide tailored experiences, make data-driven decisions and enhance customer engagement. And as AI continues to advance, its role in Real Estate marketing is likely to expand offering new opportunities and possibilities for agents and their clients.
