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The Impact of AI on Real Estate

The rise of AI (Artificial Technology) is beginning to change many different industries, and real estate is one where it is already having a massive impact. In this article, we will go through the ways in which AI is making processes more efficient and effective. The end result is better customer service and fewer complications. In this article, you can learn more about how AI is changing many facets of real estate.

Smarter Searches

One of the most noticeable ways that AI is changing real estate is with regards to how houses are being found. Local listings are still important, however real estate websites and search engines can now cater to the specific requirements of buyers. AI has made searches far more efficient, which has made it easier for both buyers and agents to find the right properties. As AI progresses even further, we expect these searches to become even smarter.

Better Image Recognition

Image is everything when it comes to real estate. Words don’t sell a house, the pictures do. However, it can be difficult to find the right house using the words from a description. Luckily, AI has developed better image recognitions, which removes the need for specific descriptions. This will make it much easier for both buyers and real estate agents to navigate through the market. Multiple images can be accurately processed without the need for long manual work.

Better Customer Service

The real estate market is one where customer service is key. AI has given rise to intelligent “chatbots” which are available 24/7 to help answer basic queries from customers. Even when an agent is not available, customers can utilize these bots to get basic responses. This means that less overhead is required for the real estate team since these bots are very easy to manage.

The lead generation and outreach processes can be automated, and then the leads can be managed manually. Chatbots can act as the first point of contact. The development of AI has made these bots highly intuitive at replicating the answers of a human, with the overall result being better customer service for the end customer. Chatbots can allow real estate professionals to act more efficiently and use their resources better. Smaller real estate teams simply don’t have the resources to always be on call for customer queries. Chatbots offer an effective solution that works well for agents and customers.

Better Targeting

AI is already being used to fine-tune customer preferences and provide tailored recommendations. One example is online shopping, where AI has become a huge part of targeting. In the real estate market, the development of AI has allowed for the recommendation of the relevant properties that are directly based on the customer’s viewing history and their preferences. This means they will only be shown properties that they would be likely to buy. AI also allows for advanced targeting techniques that build up a profile of the customer. It can use data from previous successful sales to recommend the types of properties which have worked well in the past. This leads to better customer experience, and it means that the buying process is made easier.

Smart Contracts

Real estate contracts can be incredibly complex due to the liabilities and obligations. The process can be time-consuming, however, AI is allowing smarter contracts which require less effort. These transactions utilize data to protect from any human error. Contracts can be programmed with specific parameters to ensure that all requirements are met, and this is a much faster way of getting sales through. In the future, smart contracts may become the norm, which will lead to more efficient transactions that are fully protected. Blockchain technology may also become more commonplace since it provides an encrypted way to settle contracts.

AI is quickly changing the landscape of real estate. Those who utilize it to provide a better customer experience will be able to overtake companies that are slow to advance. The next decade promises to be one where AI will continue to have a large effect on real estate.

If you are looking for homes for sale by owner in Idaho then, you should take advantage of real estate agents that are using AI to deliver the best possible service. The First Service Group Real Estate and Property Management utilize AI solutions to provide the best possible experience for buyers. You can reach out to Chris Todd at 208.343.9393 and Chris(at)FirstServiceGroup(dotted)com.