How AI will change how real estate information is consumed, shared, and shared
Technology has transformed the way stakeholders in the real-estate ecosystem consume market information, and connect with each other. For decades, we have relied on listing portals to provide us with database-style content. These portals are designed to help consumers find homes. This requires serious searching. We want our customers’ search for the home of their dreams to be fun and enjoyable. Artificial intelligence (AI), is here to help.
Automated, self-reliant AI tools can be trained so that they can learn the preferences of the consumer and increase productivity for all parties.
When trained with meaningful dynamic data, AI engines designed for the real-estate industry can recognize patterns and trends specific to the sector and unlock new insight, streamline workflows, and improve decision making at every stage of the real-estate journey. These capabilities can be unlocked by a real-time, industry-specific app for social networking.
Artificial Intelligence and Productivity
AI can be used to help agents identify promising leads, personalize outreach, connect with clients, and optimize their sales strategies to close the deals. Agents can use AI-powered lead scoring systems to quickly identify and prioritize hot leads, increasing the likelihood of closing more deals.
AI provides buyers and sellers with a seamless and personalized experience. It analyzes vast amounts of data, from local market trends to individual preferences. These tools can be used to streamline or expand their search to find the best properties or areas for their needs, and help them navigate the complicated process of buying or selling their home. AI improves accuracy in pricing and valuation estimates. AI can determine the best agents to close a deal based upon their experience, success rate, and areas of expertise. These capabilities can help buyers or sellers make better decisions and choose the right agent to represent them.
AI can give investors and real estate owners a competitive edge by providing real-time insight into market conditions, identifying hot spots, and potential investment opportunities. AI can also identify potential risks and make recommendations to mitigate them, which will ensure a more profitable, sustainable investment strategy.
AI and proprietary dynamic data capabilities
There is a lot of static data available on the market about real estate, including property listings, transactions and mortgage ownership. Proptech portals and data analytic firms often use historical data to analyze real estate data in order to predict trends and assist buyers or sellers in making decisions.
We are trying something different. We are creating our own dynamic data set that is specific to the real-estate industry and training our AI engine so it can recognize patterns and trends that are unique to our community. It mainly uses behavioral data collected through our app, such user reactions and engagements. To further enrich the data sets, additional data is collected such as user-generated content (UGR), short-form videos, agent property assessments and recommendations, social map data, which connects the dots between users, their followers, and dynamic location data. This analyzes users’ past or current homes, browsing history, and explores users’ changing locations, jobs and preferences.
The result is a robust, domain-specific AI data set for the realty industry.
Artificial Intelligence and the Social Network
Social media functions as inbound marketing. People can choose to consume your content. It’s much less intrusive than email newsletters, which can cause subscribers to stop receiving them. Social media allows you to post your content and allow the algorithm to distribute it to the right audience at right times. It’s a cost-effective and efficient way to market your services, and build your brand.
Self-promotion on social networks is more effective and modern than traditional methods of reaching out to clients and contacts. However, Instagram and Facebook are not vertically integrated for the real estate community.
The dedicated social messaging app for home sellers and buyers allows them to interact with brokers, agents, and other industry stakeholders. It allows agents to showcase their expertise, track record and properties they recommend to their followers. You can also share short videos of the properties you want to share with your followers, such as the sunset view from your back porch or the tree-lined street.
Communication and artificial intelligence
Real estate is a competitive and complex industry that requires effective communication between all stakeholders. Communication between the various industry participants is often fragmented. Each cohort operates within its own niche.
An industry-specific chat app can be used to promote instant, real time messaging, document sharing, and integration with other real-estate software in a private and secure communication channel.
The goal is to bring together fragmented real-estate industry businesses into a single platform that can be used for data, AI, and social networking. This will provide a greater value proposition for companies and stakeholders.
Connectivity fosters community among users. Everyone wants to know what their neighbor is doing! The network allows buyers, sellers, and homeowners to keep up with the latest developments in real estate and can also share their real-estate journeys on the network.
Technology like REAL’s chat platform can revolutionize the industry’s operations, making it more efficient and transparent, as well as customer-centric. The platform uses AI, data, and a social network to redefine the way the real estate industry processes information and conducts transactions.
Thomas Ma is the cofounder of REAL.