How Realtors Can Use AI to Increase Sales
Artificial intelligence (AI) has become a powerful tool across various industries, and real estate will prove no exception. From improving property search to streamlining customer service, AI offers numerous benefits for realtors looking to stay ahead in a competitive market. Here’s what realtors should know about AI and how they can leverage it to energize their business:
Enhanced Property Search
Automated labeling will allow users to search for property features mentioned in MLS descriptions or buried in photographs. This will enable you to find your client’s dream home faster. This also means that if you forget to include something in the MLS that omission is less likely to hurt you. Even if you forget, the AI will remember.
Improved property suggestions
AI not only increases the efficiency of searches but also deepens realtors’ understanding of client preferences, sometimes even beyond the clients’ own awareness. Algorithms similar to those used by Netflix to suggest films and Amazon to recommend products can discern your clients’ tastes from past browsing behavior (along with some other data points like their budget, marital status, etc.). This will translate to closing faster without having to show a given buyer as many homes. More real estate platforms now use AI SDRs to instantly qualify leads, follow up, and match clients with properties—freeing agents to focus on closing deals.
Predictive Analytics
AI can analyze market trends and historical data to predict future property prices and market conditions. Realtors can use this information to advise clients on the best time to buy or sell a property, maximizing their investment potential.
Personalized Customer Service
AI chatbots and virtual assistants can provide personalized service to clients, answering frequent questions, scheduling appointments, and providing property recommendations. This helps realtors streamline their communication process and provide round-the-clock support to clients. Often, the first realtor to respond to a client inquiry is the realtor who wins that client’s business: With bots, other realtors will be less likely to react before you—meaning you won’t have to constantly check for client emails.
Read more: Realtors guide to setting up virtual tours
Automated Data Entry
AI can automate tedious tasks like data entry, allowing realtors to focus on more productive activities. By automatically extracting information from property listings, contracts, and client communications, AI can help realtors save time and improve productivity. Realtors could, for example, download client emails in bulk and ask ChatGPT to provide an organized table naming the client and summarizing each email exchange or to provide summaries of their email exchanges with the client.
Read more: Solving data problems and classical methods
Market Insights
AAI-powered analytics tools can provide realtors with valuable insights into market trends, buyer preferences, and competitor activities helping them make data-driven decisions and stay ahead of market changes. Indeed, AI might even help you determine how to list a property in order to maximize your sold price. Should you list high and wait or list low and start a bidding war? You think you might know the best approach, but are you certain?
Read more: Seller contributions and mortgage performance
Virtual Staging and Visualization
AI technology enables the virtual staging of properties, allowing realtors to showcase them in their best light. Virtual staging tools can transform empty spaces into fully furnished rooms, helping potential buyers visualize the property’s potential while saving on the cost and effort of real-life staging. This can both save time for the realtor and allow potential buyers from across the country to view the property. Of course, buyers will want to visit the property eventually, but this technology is an excellent supplement to open houses.
Marketing Copy
WWant someone to help you improve your MLS descriptions? Well, you can take your existing MLS description and ask ChatGPT to jazz it up. Indeed, you can use it to revise and copyedit all your sales materials, not just your MLS descriptions—though MLS will probably be where you find the most lift. And even if you don’t feel comfortable letting it write for you, it can still act as a copyeditor providing useful feedback and suggesting rewrites. To learn more about how you can use ChatGPT, you may want to look at the following article A Guide for Realtors On Harnessing the Power of ChatGPT (mykukun.com)
AI has the potential to revolutionize the real estate industry by providing realtors with powerful tools to improve efficiency, enhance customer service, and make data-driven decisions. By embracing AI technology, realtors can stay ahead of the competition and deliver exceptional value to their clients.
Franklin Carroll
Franklin Carroll is Kukun's VP of Modelling and Analytics; After finishing his studies at the University of Chicago, he worked at Fannie Mae where he helped build Collateral Underwriter, roll out the Value Verify initiative, and specialized in collateral related and credit related policy.
Published May 20, 2024
