Only a few companies have already started realizing the benefits of conversational ai in real estate, such as the opportunity to provide value-adding experiences, more satisfied customers, cost savings and higher efficiency for their customer service.
The stiff competition in the real estate landscape is forcing businesses to rebuild their solutions on more appropriate technology platforms and with a higher focus on business requirements.
Overall, we are currently seeing real estate companies at three distinct stages of maturity regarding their customer service automation activities.
- Implement (new solution for first-time movers)
- Modernize (replacing existing solution)
- Supplement (enhancing existing solution)
Let’s discuss how conversational AI can enable your real estate business to design and deliver an experience that provides value to your customers as well as your business while also optimizing and enhancing your customer service experience at crucial points – a true USP for your customers and a differentiator against your competition.
Table of Contents
The push for automated customer service in real estate
A key success factor for businesses today is aligning technology and business models in line with customer needs.
Customers still choose brands or products based on their personal experience. And their expectations from customer service are mainly driven by the standards set by giant tech companies.
Even though personal contact is no longer the major relevant success factor in many processes, the most relevant customer requirements of the digital age include easy and simple contact channels, 24/7 availability, fast response times and a low error rate.
New digital offerings, the rapid evolution of technology and enhanced customer expectations could were some of the major motivations behind real estate adopting conversational ai.
8 use cases of using Artificial Intelligence in real estate
AI offers technological support to buyers and sellers with the help of essential analytical tools and AI-based chatbots.
While the question that remains unanswered is, “how does AI change real estate?”
We look at 7 ways AI can help real estate agents build meaningful bonds with their customers.
1. Being available 24×7 on preferred channels
Deploying an AI-powered chatbot on multiple channels can offer the leverage to connect with prospects virtually anywhere. And clubbed with a 24×7 service, customers can interact with the agency anytime at their convenience.
2. Improving the home search process
When looking for a house, there are multiple aspects that a buyer focuses on, like location, price, square footage and the number of bedrooms. As these are repetitive questions with common answers, AI can answer these quickly and accurately. Customers can depend on the AI algorithm to provide faster search results, leading to better conversions.
3. Streamlining the transactions
By integrating the AI platform with CRM software, real estate agencies can ensure customers have smooth transactions. Companies can do this by automating form fillings and generating automatic reports. In fact, 50% of the CRM software buyers in the market are real estate, consulting, distribution and insurance.
4. Smooth property valuation
Numerous factors affect the value of the property. By adopting the AI-based valuation model, real estate can get an accurate valuation based on the data available. Public records, transportation options, area crime rate statistics and school district ratings add a clearer picture to the buyer. This can bring in the much-needed transparency in the system.
5. Avoiding all kinds of bias
Artificial intelligence in real estate eliminates any chances of bias. AI operates on facts and figures and not on emotions or any kind of bias. Following the impartial process of selecting the buyer for the property improves decision-making as well as customer satisfaction.
6. Better documentation
Documents are a hassle in any industry, more so in real estate. They are required for buying or even registering the property. With real estate AI, one can assure the estate agent and the buyer that every single document ticks the checklist. Plus, collecting and verifying these documents is done by AI.
7. Helping with predictions
The real estate market is volatile. All buyers take time to decide which property they want to buy. There are chances that the property prices may change during this process. Collaborating with an AI assistant, the agent can update the buyer on the changes occurring in the market and provide new potential deals based on buyer’s requirements.
8. Speaking customer’s language
Like the travel industry, customers in real estate come from different geographical regions. AI in real estate can help the agencies interact with customers in the local languages and communication methods, such as chat and voice. This option ensures brand stickiness too.
Benefits of AI in real estate
- Offers the opportunity to resolve customer’s questions in real-time by providing 24*7 customer support.
- The real estate AI is explicitly designed to assist clients looking for the property, ensuring unsolicited attention.
- Designed using AI, NLP and understanding the fundamental trends, AI offers better engagements and effective time management.
- The primary use of AI is to offer personalization and follow-up. In fact, 71% of marketers concluded that AI would be helpful for personalization.
- Using artificial intelligence in real estate can help smooth scheduling and even offer virtual touring, making the selection process even smoother.
- Conversational ai in retail can unburden your employees and increase the quality of their work. This way your employees can solve more complex problems faster, whereas at present, your qualified and highly paid employees stay busy with simple customer incidents.
- Having to manually enter data into a workflow or ticketing system is not only time-consuming but also produces errors. AI can take care of these errors and ensure that your customer service is neither unnecessarily expensive nor its capacities are insufficiently and inefficiently allocated.
Conversational Ai a catalyst for sustainable customer satisfaction?
Having conversational ai in real estate is the only way to foster sustainable and successfully digitalized customer service in the years to come.
Of course, implementing a solution is just the first step.
Providing virtual assistants to your customers is not a one-time task, rather an ongoing activity.
It requires robust monitoring and analysis of all interactions. This way, continuous improvements with respect to the capabilities needed and improved dialog flows, become possible, ensuring continuous service excellence and the overall success of your initiative.
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