The Benefits of Artificial Intelligence in Real Estate
How Artificial Intelligence in Real Estate is Changing the Game
Just a few years ago, the thought of using artificial intelligence in real estate seemed like little more than a dream. Fast forward to 2023, and real estate AI technology is transforming how agents connect with sellers, find homes for buyers, and generate leads to keep the deals flowing.
While you’ve undoubtedly heard the hype about artificial intelligence real estate tools, you may not realize just how transformative AI can be for your business.
With that in mind, let’s examine how leveraging AI in real estate can be a game-changer for you and your customers. We’ll also discuss a few challenges surrounding AI for real estate that often get lost in the excitement surrounding this innovative technology.
8 WAYS REAL ESTATE AI CAN BOOST YOUR BUSINESS
By adopting real estate artificial intelligence solutions, you can tap into many benefits, including the following.
1. Fast & Powerful Listing Descriptions
While a picture is worth 1,000 words, pairing some high-quality images with captivating listing descriptions is an excellent way of drawing buyers in and encouraging them to come out and see a home. That said, creating listings from scratch can be a tedious, challenging process.
AI writing tools like ChatGPT can help you craft quality copy like a pro. First, you must provide your AI writing tool with a basic prompt like, “Create a listing description for a home located at 123 Broadway Ave. This farmhouse style home sits on an oversized lot and comes with three bedrooms and two bathrooms .
Once you provide the basics, the AI writing tool will do the rest.
2. Quick & Easy Email Campaigns
Although social media platforms get all the love these days, email is still a powerful marketing tool.
According to HubSpot, email has an average return on investment (ROI) of 3,600%. In other words, every dollar you spend on email marketing can earn you about $36 in return. That said, constantly creating new copy for email campaigns can be tedious.
Once again, the rise of artificial intelligence in real estate has saved the day. With ChatGPT or other AI writing tools, you can provide a general prompt and let the platform provide endless copy for your campaigns.
3. AI Market Analysis
Artificial intelligence in real estate goes well beyond writing tools. Market analytics is one of the most compelling use cases for AI in real estate. You can adopt robust analytics tools that provide actionable insights about your market, including which homes will likely hit the market soon.
According to a CNBC report, some visionary firms are using AI to predict which homes will likely be listed for sale soon. The firm’s agents then proactively reach out to homeowners, present them with home valuation estimates, and offer their services. The real estate firm claims that agents increase their chances of winning a listing by 94% when they use AI targeting.
4. Engaging Social Media Content
Social media is unquestionably one of the best marketing tools for real estate agents. You can post videos, share links to your on-site content, and publish thought-provoking snippets that leave readers eager to learn more.
That said, generating engaging social media content is a proper art form that can take years to perform well. So, to expedite the process, break out those AI writing tools again.
Remember, the output quality hinges on the input’s clarity and specificity. If you write a great prompt, the content ChatGPT generates is going to be far better.
5. Chatbots for Customer Service
Missing a text, phone call, or online contact request can cost you a quality lead. The good news is you can make yourself more accessible without staying glued to your smartphone. The way to do that is by implementing AI-powered chatbots.
Adding chatbots to your website provides prospective leads with the instant gratification they want.
Modern chatbot technology combines AI and machine learning (ML) to provide pre-programmed responses to common queries. Thanks to the ML component, the chatbots become more effective over time as they learn to communicate better.
6. Generate Compelling Website Copy
Do you want to climb the organic search rankings and stay one step ahead of your competitors? If so, you need quality website copy and lots of it.
Continuously publishing SEO-optimized digital content is the only way to earn and maintain a page-one ranking on leading search engines like Google. But who has the time to spend hours each week writing unique content?
If you’re pressed for time and don’t want to hire a full-time in-house writer, ChatGPT may be just the solution you’re looking for. You can create prompts like “Write a beginner’s guide to the home-buying process.” The platform generates your copy, make necessary tweaks to ensure that the content reads naturally and reflects your style, brand, and tone.
7. Streamlined Maintenance Processes
If you manage rental properties, https://www.vulcan7.com/frbo-leads/you know how tedious keeping up with routine and surprise maintenance requests can be. Fortunately, combining AI and big data is reshaping real estate management practices.
Predictive analytics, artificial intelligence, and machine learning technologies can assess past trends and help you perform preventive maintenance. You must equip your properties with smart sensors and internet-connected devices. If you’re unsure whether this is the right move for your business, start small by installing smart thermostats.
8. Optimized Customer Experiences
Investing in AI tools can help you generate better copy across all marketing channels, automate redundant tasks, and gain real-time insights about marketing conditions. Cumulatively, these benefits will help you save countless hours each month and enable you to shift your focus back to where it should be: on your clients.
Artificial intelligence in real estate isn’t just a difference-maker for your business. AI can remove friction from the customer experience and streamline the journeys of buyers and sellers.
TIPS FOR OVERCOMING AI CHALLENGES
There’s no question that artificial intelligence in real estate has been a net positive for agents, brokers, and customers. However, there will inevitably be growing pains when you adopt new technology. With that in mind, let’s look at three AI challenges and how you can overcome them.
AI Takes Time
Using AI tools like ChatGPT involves more than simply pressing a button. Using this tool and generating outputs that align with your goals and brand voice will take time.
When writing your prompts, be concise and provide all relevant information. For instance, if you’re using ChatGPT to generate listing descriptions, make sure you include the home’s location and the number of bedrooms and bathrooms. If you want any other features listed in the description, make it a point to mention them in your prompt.
Artificial Intelligence Isn’t Always Accurate
Robust AI tools can tap into information across the world wide web in the blink of an eye. Unfortunately, there’s plenty of misinformation scattered across the internet. If ChatGPT or other AI tools you’re using happens to ingest some of that, it will negatively impact the output.
To guard against this issue, make sure you fact-check your AI content (i.e. an additional investment of your time). Pay close attention to your copy’s stats, figures, and claims. Providing readers with accurate, up-to-date information is a great way to establish credibility. Conversely, publishing incorrect information can diminish trust in your brand.
AI Magnifies Privacy Concerns
Modern consumers are privacy conscious. While tools like ChatGPT don’t necessarily pose a risk to consumer privacy, solutions that capture and analyze customer data do.
Before implementing real estate AI consider your state’s consumer data privacy laws. Compare those laws to your data collection practices and the features included in the platform you’re considering using.
Being proactive about consumer privacy will help you avoid penalties and demonstrate that you’re a customer-centric agent that acts in the best interests of those you serve.
VULCAN 7’S SEVEN SECRET AI TOOLS TO MAKE YOU WEALTHY!
If you’re ready to embrace AI real estate tools, you’ve come to the right place.
As we discussed above, artificial intelligence (AI) has the potential to revolutionize the real estate industry. AI can help streamline and automate processes, enabling better decision-making, cost savings, and improving customer experience. It can also reduce risks and increase efficiency. AI can be used for predictive analytics to forecast housing prices and optimize marketing campaigns.
Vulcan7 is leading the real estate AI charge with revolutionary technology that combines real estate machine learning and AI solutions. Here are seven ways Vulcan7’s AI technology can take your real estate game to another level:
- Our AI checks, rechecks, and checks again, the status of your Expired Listing Data, EACH DAY. If a listing is relisted or sold, we automatically move it to another folder in your Vulcan7 real estate CRM (customer relationship management),
- We make is super-easy to connect with ABSENTEE OWNERS, a powerful and potentially lucrative source of on-going revenue.
- Through the power of our AI, Vulcan7 offers a LIKELY TO LIST resource based on 167 data points! As such, we are able to identify homeowners who are 4-8 times more likely to list in the near future.
- We offer PRE-FORECLOSURE data in non-judicial states, representing over half of U.S. homes.
- Our AI-driven MOBILE CALLBACK feature allows you to stay accessible to all of those FSBO and Expired prospects who might call at off hours. As the phone rings, your screen smartphone screen lights up with that prospects listing and seller information.
- Vulcan7 shows BUSINESS NUMBERS in our Expired data, often single-member LLCs that have property for sale.
- Vulcan7’s industry-leading NEIGHBORHOOD DATA provides cell numbers and email addresses, with even more data available through our Premium Data.
Connect with our team today to learn how we can help you embrace AI and machine learning in real estate with our tools.
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