How Real Estate Agents Can Use AI

By Realty Times Published Jun 20, 2023 05:41 am

There’s plenty of buzz about artificial intelligence right now, and it’s changing how professionals in many industries work.

It can save time for professionals, including when you work in real estate. Forward-thinking real estate agents are embracing this new technology to work smarter and gain a competitive advantage.

AI is a broad term that describes many technologies allowing machines to do things that otherwise require human intelligence. There are many types of AI, including natural language processing and machine learning.

If you’re a real estate agent, using AI can help you improve your efficiency in how you work and your accuracy. For example, you can use it to further automate tasks like going over property records. When you can save time and money on these tasks, you can focus on what will help you make money and best serve your clients.

Using AI in real estate can help you provide better service to each of your clients because you can respond with personalized interactions faster.

Another use of AI in real estate is to get more insights into your business operations. You can use AI to track your sales data, for example, and see how you’re performing over time and where you need to make changes. You can use this data to spot growth opportunities too.

Specifically, ways that you might consider integrating AI into your business include the following:

Use AI algorithms to generate leads. When you rely on AI for lead generation, it can help you focus on the most promising leads.
Manage your data, including organizing, sorting, and updating it.
Begin to recognize patterns in your work, allowing you to improve your marketing.
You can use AI to analyze housing markets and help your clients make informed decisions.
Prevent fraud by using AI to detect possible red flags.
Use an AI chatbot to communicate with your leads and customers. These help you gain more insight into what your clients need and want and are an efficient way to deliver personalized service.
AI can facilitate an improved home search for your clients. You can narrow down properties based on very specific criteria.
In the not-too-distant future, AI and machine learning will likely be used to improve and streamline the transaction process.
AI technology combined with marketplace data and CRM can help you better predict a home’s future value in a specific market, bringing together information from various sources.

Real estate agents who are already embracing AI in the way they work are seeing that the traditional CRM system isn’t enough, and they can’t manage the volume of data as quickly as AI platforms.

As a real estate agent, one of your biggest day-to-day challenges is data management. You have to balance so much information that comes from various sources, and you also have to glean effective insights from that information. AI can help you do that and free up your time to build relationships, negotiate, and add value to your clients’ lives.

Another way that AI can help you address the challenges you face as a real estate agent is by allowing you to stand out from your competition. It’s tough to stand out in real estate because it’s a crowded landscape, and AI helps you figure out what clients and leads are looking for and tailor your services in very specific ways.

You can grow and innovate if you’re willing to embrace AI now rather than waiting.

It’s intimidating to think about the disruption AI is creating in real estate, but rather than sitting on the sidelines, waiting to see how it all plays out, be aware of the challenges, the risks, and the opportunities and be prepared to jump in headfirst and start to explore how the technology can change your business for the better.