How Real Estate Professionals Can Use Artificial Intelligence to Their Advantage

Artificial intelligence (AI), used to be something you only heard about in science fiction. But science fiction has come to life as AI is quickly impacting all components of our lives, including how we do business. For real estate professionals in particular, the use of AI is can bring many advantages in growing and managing your business.

According to databasetown.com, “To make decisions like humans, artificial intelligence creates intelligent machines that can work and make decisions. Incorporating (AI) in real estate brings in benefits such as automating repetitive tasks through intricate algorithms thereby allowing humans to focus on more complex issues requiring personal judgement.”

As a real estate professional, we are always looking for ways to streamline the homebuying and selling process for our clients, while going above and beyond to meet their needs. By using AI, we are creating new avenues to not only make our business strategy more effective, but meet the changing needs of our clients as well.

According to Medium, here are the areas AI can be used effectively when it comes to tasks:

• Predict: Use historical data to prepare for the future
• Identify: Find gaps in information
• Perceive: Simplify unstructured, complex data
• Extract: highlight underlying patterns in data points
• Optimize: Simplify processes to save time and energy

So how can real estate professionals use AI to make their jobs easier? Here are five ways:

Chatbots in Real Estate

Have you ever been on a website and a little automated chat box pops up with an inviting person or name asking if they can help you with anything? In most cases, this is a Chatbot. A simple AI program that allows users to ask questions and share information. In real estate, these Chatbots are proving to be useful when clients need to know something quickly but you may not be available to answer. By customizing your Chatbot to be able to answer the most common questions you receive, you’re saving time and giving 24/7 access to great information to your clients. You can even get Chatbots that can direct calls or texts right to you if the question being asked is too complex for them to solve.

Schedule Management

As a real estate professional, your time is your money, which is why it’s so important to use it as efficiently as possible. With new AI, you can have your meetings and schedule management all automated. No more worrying about calling a client back to double check the meeting information or seeing if you can rearrange because you’re double-booked. By using an AI scheduler, you can integrate it onto your webpage and people can simply go on and request a time that is open. The best part is, everything is automated so if you need to change a date or time, everyone will be notified with just a click of a button!

Real Estate Analytics

Knowing the communities your clients buy and sell in is a vital part to any real estate agent’s success. It can be overwhelming sometimes to analyze the previous year’s home prices, cost of living, population info, etc. All of these things can be invaluable to the potential buyers and information they will definitely want. Using AI, this information is easy to interpret and can be also used to make predictions. Though no AI, or human, predictions can ever be perfect, it can help to have a computer algorithm that is analyzing the data your clients are interested in.

Virtual and Video Tours

We have all seen the growth in virtual real estate tours since the COVID pandemic. Because so many of us couldn’t leave our homes, or didn’t feel comfortable walking into another, AI came to the rescue with the latest video touring technology to meet your clients needs. And this technology is only going to become more advances and accepted. As a real estate professional, you can use these tours and videos to give your clients 3D access to a property, along with great highlights and information. Perhaps you even through a Chatbot in the mix!

Remote Real Estate Online Closings

One other area of real estate that took a technological shift during the pandemic was the actual real estate closing process. Prior to COVID, the most common closing took place in person with a trusted title company. With the need for automation in the industry, remote online closings have become very common and much needed. At Velocity Title, we offer the latest in remote online notary closings, making the process simple for our agents and their clients. Our focus is giving you that same closing table feel, even if it does take place online. To learn more about Remote Online Notary Closings, click here.

AI in real estate is here to stay. And in the next decade even more is going to change that will automate much of our daily processes. In order to meet the demand of the changing market, be sure to embrace some of the opportunities AI gives you to help grow your business.

Velocity Title Moves Your Business Forward 

Velocity Title supports the real estate industry with a comprehensive line of title services that add value to each and every transaction. At Velocity Title, Our Personal Support Makes You Look Good Every Time! With a focus on the best CUSTOMER EXPERIENCE, Velocity Title incorporates leading title TECHNOLOGY and EXPERTISE into every transaction—enabling the final step in the home buying and investing process to be EASY, EFFICIENT and INFORMATIVE. For the perfect settlement experience every time, click here or contact us today!