Just like blockchain technology is changing real estate and other industries, Artificial Intelligence is doing the same. A few weeks ago we shared its effect on trading; today we’ll look at how artificial intelligence, including chatbots, are affecting real estate.

Understanding Artificial Intelligence and Chatbots

Artificial intelligence are computer systems that mimic the human brain and nervous system. They learn patterns and apply them to decision-making processes. The more they are used, the more they begin to recognize patterns and synthesize decisions based on them. Think of AI as a puppy – the more time people put into training it properly, the more it learns and can do on its own.

Chatbots are a very specific type of artificial intelligence. They gather data and provide information based on user responses.

So how do these technologies factor into the world of real estate?

Artificial Intelligence and Real Estate

Real estate is made easier with artificial intelligence, as everything else is, thanks to automation. Agents can focus significantly more time on getting to know and showing, staging and researching properties as well as handling the more human side of real estate. With contracts being automated and showings scheduled online with AI-enabled programs that anticipate how to space showings and which times work, agents are freed up. Also, computer intelligence is far less likely to double book.

Online offers are sorted and prioritized based on how much financing is needed, offer price, and cash offers which often trump bank-financed loans.

Besides the simple buying and selling of properties, AI also helps with property management. Managers of large buildings or multiple properties (or both) can implement platforms to gather complaints that can be organized by priority based on patterns the program learns based on how quickly issues are handled. Eventually the platform will know that a squeaky bathroom door is not nearly as important as a sparking outlet or failed thermostat.

Chatbots Save Time and Money

Think of chatbots as the ultimate proving ground. Some people love to look at houses. Even if they have no desire to move they’ll pop into open houses because they see the sign or they’ll check out that reclusive neighbor’s house the minute it goes on the market. This pulls agents from potential sales. But, chatbots can help cut down the unnecessary visits.

While some people look at every house out of curiosity, other people don’t really know what they want. Rather than spend time trying to get to the core of a potential buyer’s needs, chatbots do that for you. A chatbot asks multiple choice and yes/no questions like:

• Which neighborhoods do you want to live in?
• How many bedrooms do you need?
• How many bathrooms do you want?
• Which elementary school do you want your child(ren) to attend?
• Do you want a swimming pool?

The possibilities are endless! Then the AI platform attached to the chatbot culls listings that meet the potential buyers’ needs. It sends them a list and they can check the ones they want which will then be scheduled for visits.

Chatbots are also great for hiring purposes. Allow chatbots to weed out candidates that don’t meet your needs.

Between avoiding wasted time looking at properties that don’t fit buyers’ needs, saving time narrowing down properties and interviewing prospective employees, chatbots are incredibly helpful and easy to use.

Ready to Explore Artificial Intelligence and Chatbots?

When your real estate firm is ready to explore artificial intelligence and how chatbots can revolutionize your time and increase profits, get in touch with CRA. Our professionals are here to assist you in finding and implementing the programs that are right for your business.