Real Estate Firms are Becoming Smarter with AI Brains

By CIOReview | Tuesday, July 16, 2019

The incorporation of AI systems is allowing real estate agencies to automate their processes and enhance efficiency.

FREMONT, CA – The real estate sector involves the management of troves of data regarding locations, buyers, sellers, finances, preferences, and so on. However, the manual management of all this data is not only time consuming, but also lowers the efficiency of the entire process. The incorporation of robust artificial intelligence (AI) solutions can streamline most of these processes, introducing enhanced productivity as well as efficiency.

To facilitate seamless, automated workflows for sales, marketing, transactions, mortgage, and post-sales service functions involved in real estate, organizations are coming forward with robust AI solutions. Real estate AI solutions such as Edge are designed to aid in the processes involved in the entire lifecycle of a sale, ranging from lead generation to mortgage management.

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The AI solution leverages pre-built real estate workflows, powerful dashboards, and mobile apps to offer complete control and visibility of the sales and marketing operations. The AI-enabled engine can anticipate the most profitable probabilities, leveraging machine learning (ML) algorithms to manage lead assignments, re-assignments, lead quality scoring, and automated follow-ups. The inputs comprise of customer demographics, customer relationship information, and related contextual information parameters.

AI can be used to generate recommendations for customers. Real estate agents often find it difficult and time-consuming to provide the optimal choices for customers even after detailed conversations. The vast data regarding customer demographics and their preferences can be leveraged by machine learning algorithms to generate feasible options. It will not only save time for realtors but will also help in providing better choices for their customers.

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Real estate agencies can leverage AI chatbots to offer guidance to customers through day and night. AI systems can answer simple customer queries without human intervention. In the case of complex questions that require human expertise, the AI systems can redirect the queries to a relevant agent.

Utilizing machine learning algorithms to study past data can enable organizations to obtain meaningful insights. The insights can be used to predict property prices based on the geographical area, future development prospects, and the current changes occurring in the region. AI systems can also be leveraged to identify customers who are most likely to default on their loans.