Artificial Intelligence in Real Estate
Artificial intelligence, the process by which a machine is taught how to ‘think’ and learn like a human being is one of the most interesting technological developments in recent times. With applications in fields as varied as science and healthcare, communication and education, artificial intelligence is poised to revolutionize how we view and interact with our world.
From relatively humble beginnings, learning how to play games such as chess to being able to beat human grandmasters with little effort, Artificial Intelligence has always been a field with immense potential. In 2017, Google’s AI, AlphaGo, defeated Ke Jie at Go, a game regarded as far more complex than chess at the Future of Go summit in a three game match. With machine learning getting better all the time, the potential applications that AI can have in business seem limitless.
Artificial Intelligence is both a threat and an opportunity for business leaders around the world. A threat as it aims to upheave the established way of doing things and an opportunity because it can provide a better way of achieving business’ goals. The businesses that will survive and thrive in the future will be the ones that understand what Artificial Intelligence can do and how to incorporate it into their business.
On the surface, it doesn’t seem that the real estate sector would have much use for artificial intelligence, but consider this; real estate is all about matching properties to the right buyers, gauging their needs and fulfilling them. Though a large part of the field involves the personal touch, building relationships and networks, a lot of it is essentially data analysis and matching, two fields in which Artificial Intelligence excels. Here are some ways that Artificial Intelligence can enhance client experience in the Real Estate sector.
1. Improved Client Communication
Use of Artificial Intelligence in analysing data can help your team better serve clients. Having your people talk to their clients, translating their needs into solid data points and running analysis can help match them with their ideal properties. Artificial intelligence can even customize your messages to each individual client, learning their preferences and ensuring that your message is always relevant to their needs.
2. More effective selling
Unlike people, AI doesn’t need to sleep. Use of AI powered chat-bots can provide clients and prospective customers with 24/7 information and support even when your team is offline. As chat bots have become more sophisticated, to the point that they can seem indistinguishable from people online, chat bots can field inquiries, make recommendations and gather data to help your team sell more effectively. With AI automating the day to day work of handling leads, this frees up time for your staff to spend on more profitable work.
3. Deeper relationship building
Building a relationship with a client is a painstaking process, especially when they’re looking to purchase property or invest. Artificial intelligence can help streamline the entire process, offering realtors a way to maintain that hard-won relationship and encourage repeat business. By analysing large amounts of data over a period of time, AI can help predict price trends, buying patterns, even the chance of someone defaulting on a mortgage to help realtors make the right decisions with the best data possible.
As we can see, Artificial Intelligence has a lot to offer the real estate world, and it is definitely a worthwhile investment for any forward thinking business owner. The world moves fast and the only real question for a business these days is if they want to lead the pack or fall behind.
Interested in all the possibilities of Artificial Intelligence and what it means for your business? Land Sterling has a team of experienced consultants with an in-depth knowledge of the Middle East property market at your service. Send an email to firstname.lastname@example.org or call us on +971 43 808 707 to find how we can best help you.