After decades seeing artificial intelligence in sci-fi films, it seems like the dawn of AI in everyday life is finally here.
While this might seem daunting at first, the possible applications of AI in real estate can actually make the job of an agent easier, more efficient and more productive.
Will AI replace real estate agents? Only in a very poor way. The art of selling a home is about connections and human skills, so the best salespeople have nothing to worry about ‒ only something to gain.
“AI is just a machine learning to do a task.”
In very simple terms, AI is just a machine learning to do a task. While in films this can be very advanced, in today’s world it’s limited to quite simple jobs.
Most people use some form of AI in their everyday lives without realising. Apple’s Siri is one form of AI. You ask ‘her’ a question, and she tries to find you an answer from her database or through the internet.
Other examples of common AI include your email’s spam filter, personalised Google search results and Spotify suggestions for new artists to listen to.
The idea that AI will take over real estate is far fetched. In reality, it’s the savviest agents who are implementing AI strategies to get ahead.
There are several key areas that AI can help you: in marketing, with data and with repetitive tasks.
Marketing is perhaps the most common form of AI and you’ll see it popping up in many ways.
If you run a Facebook page, you might want to think about a chatbot. This helps visitors to your page to get answers to common questions and can direct them to the most appropriate people in your team. Best of all, it works 24/7. (If you’re at all tech savvy, you can even build your own chatbot.)
Likewise, if you run digital marketing campaigns, AI can help comb the troves of data that Facebook and Google hold so that your ads can be shown to the most relevant people.
Artificial intelligence can also streamline processes that eat into your time, such as with requests for viewings.
When enquiries from the web ‒ whether that’s from real estate portals or your own site ‒ land in your inbox, it takes time to sit down and respond to them. With AI, you can have an automatic response sent out that can include relevant information on a property, including viewing times or, by looking at your calendar, setting up a personal tour and automatically sending a reminder email before the viewing.
It can also send details of relevant homes to interested parties who haven’t quite found what they’re looking for, based on the properties they’ve previously inspected.
You can then follow up in your own time, either by email or phone, to keep leads warm.
Many office admin roles are already being taken on by machines, and this is only going to continue into the future. These tasks are often mundane and time-consuming. Taking these jobs away from people gives staff more time to focus on the important tasks.
Whether it’s processing lots of data or doing the same thing over and over, in most cases these jobs are better done (or at least prepared) by a computer rather than a person.
Artificial intelligence is also making its way into the modern home, with Amazon’s Alexa and Google Home acting as personal assistants in the house.
With simple voice commands, these gadgets can turn on lights, lock doors, set reminders and search the web (as well as a host of quirky things, like tell jokes).
Knowing about this technology and a few commands to get it working can, with the owner’s permission, give a tour of a property that little bit extra.
AI and all the other advances in technology are going to change workplaces across the country, and real estate is no different. To keep up to date with what is happening in the real estate industry, follow the One Agency blog and like us on Facebook.
“It’s not what you make, it’s what you keep that counts.”
‒ Paul Davies, Founder and CEO
As founder and CEO of the fastest growing real estate network across Australasia, I offer real estate professionals an opportunity to reap the financial rewards of going it alone with the security and clout of an established brand. Talk to me and my team about your options.
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