With nearly 1,000 different AI tools available as of early 2023, according to Influencer Marketing Hub, it can take a lot of work to hone in on the solutions that will help grow your business. This guide provides a comprehensive overview of AI for real estate agents as a road map to help you get started with this powerful tech.
Understanding the Advantages of AI for Real Estate Agents
Adding AI for real estate leads and other essential functions can benefit your business by:
- Decreasing overhead
- Increasing revenue
- Optimizing conversion
- Saving time by automating functions like customer service
In one survey published by Statista, 33% of real estate agents said they save time with these tools. Another 33% said AI allows them to provide an elevated client experience, while slightly less than a third of respondents said it gives them valuable audience insights.
Over a quarter of survey participants said they could devote time to more important priorities by delegating tasks to AI. In addition, 26% said AI for real estate agents optimizes content creation, 25% said it saves them money, and 25% reported improved data accuracy.
Use Cases for AI in Real Estate Businesses
Many real estate agents use AI to generate accurate property appraisals and mortgage approval estimates. The algorithms become more precise over time by analyzing a wealth of data that includes neighborhood information, price trends, historic property values, and characteristics of the home, property, and location.
Programs that create three-dimensional property models with generative AI can show buyers exactly what a specific home looks like on the inside. You can even virtually stage homes for photo and video marketing assets, generate property descriptions, and create professional ads and social media posts. Gartner reports that generative AI software will produce 10% of data by 2025, an increase from about 1% in 2022.
Your business could benefit from a general AI assistant designed to take repetitive tasks off your plate so you can focus on core objectives like client services. This type of program can set smart reminders, schedule meetings, complete items on your to-do list, give you data-based information about your clients, automatically add value to client interactions, and create marketing messages with personalized content.
Trends in AI for Real Estate Agents
As an early adopter of AI for real estate agents, you must know what works and what is coming next. These are some of the fastest-growing categories for AI in real estate.
Predictive Analytics
You can make smart strategic choices for your real estate business with predictive analytics. These programs aggregate billions of real estate data points from local behavioral trends, demographics, property characteristics, historical sales numbers, and user activity on websites, apps, and social sites.
The program’s algorithm processes these extensive pools of information to forecast what will likely happen. Through predictive analytics, you can:
- Target granular market sectors, like homeowners in your area who will most likely sell in the next 12 months or people who have recently inherited a home.
- Quickly pinpoint properties that align with client needs.
- Find clients who may buy a home in the next 12 months based on their online interactions with your brand.
- Price sale properties appropriately to optimize profit and minimize time on the market.
- Determine the ideal time to reach out to prospective leads.
Automated Marketing Software
According to data from Fit Small Business, real estate agents who automate their marketing efforts see more than a 450% increase in qualified leads. In addition to identifying potential clients, automation platforms use AI for real estate agents to engage with and nurture these leads on your behalf to drive increased conversion.
Virtual Chat Assistance
You can handle queries, provide information, and make appointments with AI when you add a virtual chatbot to your online presence. Some programs even offer property recommendations that get smarter as buyers enter their preferences and rule out homes that don’t fit. Chatbots incorporating predictive analytics can anticipate and respond to customer needs based on their messages and interactions.
Natural Language Generation
Software with natural language generation capabilities can revolutionize how you market your real estate business. This form of AI for real estate can create press releases, white papers, data reports, social media posts, and other unique content that delivers valuable information to your audience. NLG tools can suggest keywords based on browsing behavior and give you marketing insights based on available data.
Harness the Power of AI for Real Estate Agents
Partner with HANA to unlock new opportunities for your business with emerging tech. Our consultants provide expert advice about AI for real estate agents so you can incorporate the strategies that make the most sense for your goals, whether you want to spend less time producing content, need to automate the customer service process, or want to experiment with the possibilities of AI. Get in touch with the HANA team today to schedule your consultation.
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https://fitsmallbusiness.com/real-estate-marketing-statistics/
https://www.realtrends.com/articles/8-ai-tools-to-help-real-estate-agents-work-efficiently/
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https://www.gartner.com/en/newsroom/press-releases/2021-10-18-gartner-identifies-the-top-strategic-technology-trends-for-2022
