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Chat GPT has been generating a ton of buzz over the last couple of weeks. If you aren’t familiar with this tool, it is an Artificial Intelligence (AI) powered chatbot. It only takes a few seconds of playing with it to realize it’s a game-changer. Put in a few prompts and it can generate full marketing plans, put together an agreement, or code a website.
AI will revolutionize every industry. It will fundamentally change marketing, advertising and legal businesses. In real estate, we can leverage it to grow our businesses and streamline operations.
Here are 10 ways AI can help your real estate business:
Lead generation
AI can analyze data from an almost infinite number of sources. In minutes it identifies potential leads and targets marketing efforts. Salesforce, IBM, Microsoft, Oracle, SAP and Adobe have already started to implement AI.
Their CRMs are baking in machine learning, predictive analytics, automation and sentiment analysis. Compass has said their agents have a 95 percent higher chance of winning a listing targeted by AI than not. This tech can help real estate teams increase the volume and quality of leads they generate, allowing them to close more deals.
Predictive analytics
AI can analyze past sales data to predict future trends. Housecanary, Opendoor, Mashvisor, Enodo Score and others have been using this tech for years. Relitix is using it for brokers, giving agents a “move score” to identify how likely they are to have a recruiting conversation.
This allows you to make informed decisions about where to focus your efforts. Imagine having real-time data, AI analyzing market trends and customer behavior. This helps you to better understand your target audience, allowing you to adjust your strategy immediately.
Personalized marketing
AI can create personalized marketing campaigns for individual clients. The tech behind Chat GPT is taking highly targeted ads and feeds the social media giants have been using for years to the next level. We are used to seeing targeted ads based on geography, age, socioeconomic status and other factors.
Soon we will see ads that truly feel like they are speaking directly to us. This increases the effectiveness of marketing efforts. AI can analyze data on a client’s past purchases and preferences, then it can create targeted marketing messages that best resonate with clients.
Chatbots
AI-powered chatbots can handle routine customer inquiries. This frees up real estate teams to focus on more complex tasks. Chatbots can provide quick responses to frequently asked questions. Teams can improve customer satisfaction while streamlining their operations.
Truly virtual assistants
Programs like Zapier are connecting AI to multiple traditional programs to automate scheduling, email management and other administrative tasks. This allows real estate teams to be more productive and efficient.
By automating routine tasks, teams can save time and focus on more important tasks, including things AI can’t do like building relationships with clients and closing deals.
Property valuation
We already see AI analyzing data on comparable properties and market trends. These models are infinitely better than they were five years ago. Within minutes you can provide fairly accurate property valuations for your clients.
Transaction management
AI can automate and streamline many aspects of the transaction process. This will make it easier for transaction coordinators to manage far more files. AI can handle tasks such as document management and communication with clients. Teams can streamline their workflow and close deals with less work and with less risk.
Market analysis
AI can help real estate teams stay up-to-date on market trends and offer strategic insights in understanding the local real estate market in greater depth. By analyzing real-time data on sales, prices, and demand, teams can make informed decisions, including where to focus their efforts and how to identify opportunities for growth.
Customer service
Chat GPT has elevated AI to the next level to help improve customer service by providing fast, accurate responses. Add this to the tech behind Synthesia which allows for written responses to be turned into AI-powered avatars based on real people. This gives immediate responses to customer inquiries and concerns.
AI can also route more complex questions directly to the right team member. Improving response times provides a better experience for the clients.
Risk management
AI can help identify potential risks and assist with risk mitigation strategies. Governments, banks, Wall Street investors, insurance companies and big accounting firms have been using algorithmic models for years to mitigate risk.
AI can now go through millions of documents in seconds, looking through property values, debt levels, home renovations, building permits and even some of a homeowner’s personal information.
This helps real estate teams protect their business and clients. There is a huge advantage to analyzing real-time data on market trends and customer behavior. Teams can identify potential risks and implement strategies to mitigate those risks, helping them operate more efficiently and effectively.
AI will significantly impact the real estate industry, helping teams grow their business and streamline their operations while providing better customer service to their clients. The world is changing. Those who embrace the coming wave of AI will outpace their competition exponentially.
Chris Pollinger, CEO of RE Luxe Leaders, is the profit whisperer to the leadership elite in the business of luxury real estate. He is a senior sales and operational executive skilled in strategic leadership, driving profit, business planning, sales, marketing, acquisitions, operations, recruiting and culture building.
