Part 2: Tools for Realtors
You’ve probably heard of artificial intelligence in self-driving cars and phones, but did you know AI is also breaking into the real estate sales market?
Similar to how Facebook and Netflix use online customer behavior, real estate platforms are now adding targeting features to sell you the perfect home!
In this two-part study, we look at the benefits of using AI in buying, selling, and automating agent administrative tasks.
If you’ve been in the market to buy a home in the last five years, you’ve probably noticed the enhancement of virtual home tours. More advanced than just an old-fashioned photo gallery, new technology has allowed sky-high drone images of the neighborhood, 360 room views, and 3D tours.
These are all ways real estate agents are looking to add value to the buyer before they even step foot inside a home. If they can make their property stand out, they sell faster, and get their commission sooner.
And now Zillow is looking to make these aspects more accessible by adding image enhancements to their website for sellers. One way they are doing this is through the new 3D Home app. It allows anyone to upload images of their property to create a virtual walkable space. The system overlaps photos of a home to provide a continuous path as you move through the house.
These types of buyer-friendly features are exactly what online listing platforms are developing to differentiate themselves from each other. If they can obtain the most attractive homes available and make them tempting to the buyer, they can book more open houses for the real estate agents who pay the listing fee to be featured in the first place.
Smarter Real Estate Agent Communication
Currently, real estate agents rely heavily on long-term relationships by sending emails or having social media accounts with new home listings. When a user is actively looking, these can come in the form of traditional emails or postings that feature specific aspects desired by the user such as price point, location, school district, and bedroom count.
But what if the long-term email communication with the real estate agent’s network included customized messages triggered by retirement, marriage, weather, and attractive new retail construction?
This is where artificial intelligent data sourcing platforms could come into play. These moments and information could be pulled automatically from social media, local news, and online buying decisions. Then it could generate ads and emails to the network to meet them right when the buying or selling need arises.
Will AI Replace Human Real Estate Agents?
There is some concern in the real estate industry surrounding the need for agents once artificial intelligence takes a larger role in the buying and selling tasks. Will buyers feel completely comfortable buying a home directly from the computer without having a human hand-holding experience? It is, after all, the largest buying decision the average person will make in their lifetime.
Gokul Solai, of Novatio Solutions says there will always be a place for human-to-human interaction, especially in big stakes purchases.
“Just like in the creating cars in the automotive industry, real estate can be enhanced by smarter and quicker processes through artificial intelligence and digital assistants,” says Solai. “As AI takes on more tasks and the buying process evolves, real estate agents will be freed up to give better care to their clients and able to provide better insight into the needs of the buyer.”
“There is so much information out there about real estate that is constantly changing,” he adds. “Digital workers and AI will make the search, open house tours, and contract closing process much simpler for those companies that jump on the wave sooner versus later.”