How AI is affecting commercial real estate now and what to expect in near future
| April 16, 2021
Artificial intelligence (AI) is a technology that is currently transforming almost all industries, from the IT sector and marketing to agriculture and everything in between. Commercial real estate is not an exception.
As agents and business owners want to optimize their operations, the use of additional CRMs or software for transactions has become more popular. There’s nothing strange here, as these tools can optimize effectiveness by allowing you to arrange a one-stop place where you would seamlessly manage your leads and clients. With AI entering the real estate market and integrating these tools, they can open completely new horizons.
So, let’s see what AI trends are becoming popular in the commercial real estate niche:
Smart chat assistants, more commonly known as chatbots, are a great help for all support departments because they ensure the visitor gets faster and more accurate responses to their queries. In real estate, speed is critical. If you cannot help a customer, they will leave for the competitor. And since the market of real estate is oversaturated, not being able to serve your customers in time can play a bad trick on your reputation.
How it works: Chatbots analyze the client’s query based on the keywords and provide the relevant answer depending on the context or search for the most suitable guides from your knowledge base to share them with clients.
Advantage: Your website visitors receive top-notch customer service and quick help without long waiting times. Chatbots can work 24/7 and never get tired. Besides, you save on support personnel, saving human efforts for less typical requests.
With AI applied to analytics, you can rest assured that your promo efforts, competitor analysis, and the behavior of your potential and existing customers will be processed in the best possible way, delivering powerful insights to act on.
How it works: Algorithms used to analyze data run on big data, gathering tons of information. Thus, their results will be more accurate due to the higher number of samples. They can be also used in making forecasts and predictions, because based on the previous results, the system will be able to provide you with the probability of an action.
Advantage: With smart analytics, you will be able to do user segmentation to better target your ads and offerings, analyze marketing campaigns, and assess the performance analysis of your campaigns to maximize ROI.
Dealing with a big amount of data is a usual thing for real estate agents. Often, this information is not properly sorted and is coming from different places, which means that your agents will have to unify it to be able to match the information with the available data to fulfill clients’ requests.
How it works: Smart algorithms use the aggregated information about the client or property from the listing and structure it in a way that it’s easily accessible for real estate agents and act on these data by contacting this client, matching the property.
Advantage: When manually done, this process requires a lot of time that can be used much more efficiently. Thus, with smart data processing, your agents will be able to put the efforts into some other important activities. With intelligent processing, you will be able to automate certain workflows and simplify operational management.
As AI is in its development stage at the moment, it’s still far from perfect and has a lot of flaws and inaccuracies.
But taking into account the pace of its evolution, we can expect that machine learning algorithms will become more complex to resolve more sophisticated tasks and make the life of real estate agents easier.
Delegating all the routine tasks to smart assistants to focus on building a long-term relationship with the client is a dream at the moment, but may be a reality that is coming sooner than we expect.
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