While AI is a growing trend in the industry, it’s unlikely that it will replace agents completely. Rather, it will complement their roles and help them work more efficiently. AI technology can automate many manual processes and save real estate professionals valuable time. It can also streamline contract management, provide personalized advice and track deals.
AI-Powered Automation
One of the pressing questions in the real estate industry is whether “are realtors becoming obsolete?” Or is there any future for realtors?
Most experts see the use of AI in automating real-estate transactions. AI-powered automation could disrupt entire industries by streamlining processes that used to take hours of human labor. It also allows employees to focus on more strategic work that drives innovation. The real estate industry is no exception to this. As a result, companies in the industry are looking for ways to streamline their operations and increase productivity.
AI-Powered Buying Process
Regarding home buying, AI in real estate can help buyers find the perfect property by analyzing data and making recommendations based on buyer preferences. In addition, it can help streamline paperwork and reduce the time a buyer spends looking for a home. In addition, it can also provide insights into market trends and potential property anomalies that could impact the value of a home. For example, one startup is working on AI that can predict future rent and identify anomalies in the pricing of multi-family properties. Another example is Netflix’s integrated machine learning that offers customers video recommendations. These selections are made based on data assimilated about user attributes, browsing patterns, and situational context. AI can also help manage procurement processes, including contract management and strategic sourcing.
AI-Powered Marketing
AI-powered marketing is a way to use the customer data a company has at its disposal. It can personalize real-time messages based on a user’s preferences and previous behavior. The data can be from the organization’s CRM, web data, and external trends. This information can be used to train an AI-powered tool to make decisions about content, ads, and other aspects of a campaign. A key benefit of AI-powered marketing is that it can conduct tactical data analysis faster than human team members. This means that marketing teams have more time to focus on strategic initiatives, which can help them improve campaigns in the long run. As AI-powered marketing platforms become more sophisticated, marketers should be careful about which ones they select. They should look for tools designed to observe a company’s legal guidelines for using consumer data.