Peter Palivos Attorney

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AI and Real Estate

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Artificial intelligence has taken the world by storm in recent years, and it’s practically everywhere. You might be surprised, but that included real estate as well. Artificial intelligence works best when used side by side with humans, and the most successful real estate companies are likely to be the ones who embrace AI and use it to change what they do. Here are a few ways in which AI is changing the way we think about real estate.

AI Helps with Recommendations

If you’re a real estate agent, you know that the best way to lock down a sale is to provide your client with a property that fits them. By sitting down and getting to know your client, you can figure out exactly what they’re looking for, and then convert that into data that an algorithm can understand. The AI can then take that information and figure out what will work best for the client. This is particularly important with searching and browsing websites. AI can also help a realtor by letting them know when a specific property might become extremely popular.

AI Helps You Sell Better

Recently, chatbots have been gaining popularity. A chatbot is an AI-based bot that can provide 24/7 coverage to customers. They’re able to “chat” with customers on your behalf even when you’re asleep.  Chatbots are becoming smarter every day and are able to “learn” so they can respond to specific things. About 45% of end users prefer chatbots as the primary mode of communication for customer service inquiries. Chatbots can answer any question with great speed, and can even make personalized offerings based on user preferences. Luckily, real estate agents will still be needed for quite some time, as there are plenty of things AI cannot do.

Relationship-building

AI is constantly evolving and that also affects its relationship with real estate. AI can now do things like predicting whether someone is likely to default on their loan or fail a credit check. This allows fewer delays and gives the real estate firms more room to function profitably. Additionally, AI can be used to monitor things such as specific geographic areas and long-term trends in property prices, crime rates and more. This is all done through AI-based customer relationship management systems. 

As you can see, AI and real estate work quite well together, and will likely grow together as time passes. Don’t worry, it won’t replace real estate agents themselves anytime soon. If anything, you should make sure you’re working hand in hand with AI, as it can make you a better real estate agent in a multitude of ways.

This blog was originally published on PeterPalivos.com
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