Transforming various industries, AI is also reshaping the real estate market. Real estate agents face numerous challenges in selling a property: finding the right buyer who matches the expectations of a specific property, effectively communicating the offer, handling documentation, and more. In this article, we will explore five key use cases of AI in real estate that are highly beneficial for real estate agents.
The Key AI Use Cases for Real Estate Agents
We live in the era of data, where we constantly encounter and have access to vast amounts of information. In the real estate sector, more than ever before, we can collect data on the market itself, tenants, specific locations and their communities, property characteristics, and more. AI, in turn, provides tools and efficient analysis to work with this data, helping real estate agents.
Statistics show that 85% of agents using AI can reduce the time spent on their tasks, performing them more efficiently, while real estate sales with AI can increase by up to 22%. As we can see, AI in real estate is proving to be a highly effective tool. So, what are the five AI-driven solutions that allow agents to optimize their workflow?
Content Generation
AI-powered text generation tools can not only save agents time but also assist them in the creative process. AI can help craft compelling emails with attractive offers for clients, as well as engaging and non-generic property descriptions. One such tool is Street AI, specifically designed for real estate agencies in the UK. According to its developers, this tool has helped agents save up to 1,450 working hours.
Virtual Properties
This is another unique AI-driven opportunity that can expand the client base despite geographical constraints. Various AI in real estate tools properties to be showcased in an online version. Additionally, such tools enable agents to enhance and customize the property presentation. For example, when selling a house, AI can generate different interior design scenarios, each tailored to an individual buyer’s preferences.
One example is Virtual Staging AI, which allows real estate properties to be digitally staged. The entire scene can be adjusted in real-time according to the client’s requests, making the experience more interactive. This feature can be particularly engaging, as it visually proves to potential buyers that their expectations can be met.
Workflow Management for Agents
AI can also assist in managing internal workflows for real estate agents. Various platforms help organize client interactions, structure daily schedules, and analyse client behaviour. These systems track existing clients’ preferences, identify potential leads, and even initiate contact through social media or schedule meetings.
Additionally, AI in real estate tools help manage and track property viewing schedules, coordinate team operations, and enable chatbots to communicate with clients 24/7. There are multiple solutions in this space, but one of the most popular client management platforms is Lofty Virtual Assistant.
Document Management
When preparing sales or rental agreements, agents often face the tedious task of reviewing the latest legal regulations, ensuring all necessary commitments are clearly defined, and maintaining accuracy. AI tools can help by structuring information, summarizing key points, and ensuring nothing is overlooked.
Predictive Market Analysis
The real estate market is dynamic and ever-changing, making it essential to stay updated. Advanced AI technologies provide predictive analytics as a fast and precise service. AI can forecast price fluctuations, evaluate property values, identify market trends, and anticipate upcoming shifts. One such tool is CoreLogic, which aids in making data-driven decisions and adjusting strategies accordingly.
Final Word
AI in real estate is making its way into the industry with extensive applications, allowing every agent to find a way to integrate AI into their work. It not only enhances and streamlines agents’ workflows, providing them with innovative and creative tools, but also transforms the overall client experience.
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Sources: AllAboutAI, Housing Wire, Luxury Presence, McKinsey, TechTarget, The Negotiator
