How AI Is Changing the Real Estate Industry
Artificial intelligence (AI) has become ingrained into our daily lives, whether we realize it or not. Digital assistants such as Alexa and Siri provide us with directions, answer questions, and even predict our future. Now, AI is catching up with the real estate industry. Here’s how you can apply it to your business.
AI Provides a Better Customer Experience
Today’s consumers demand convenience and speed at every step, and property management is no exception. Artificial intelligence can help you provide better customer experience through the use of chatbots, digital assistance, and more. At a practical level, AI can help you eliminate menial or repetitive tasks so your employees can dedicate all their focus to customer service.
AI applications can also integrate with your property management software, so conversations you have with tenants translate to automated tasks. This saves time and creates a standardised process that virtually eliminates human error.
AI Streamlines Leasing
When you want to convert leads into leases, AI gives you a competitive edge. The Zillow 2018 Housing Trends Report notes that nearly three-quarters of renters expect to hear back from a property manager within 24 hours. By integrating AI, such as chatbots, into your website, you can provide accurate information in a timely manner, increasing tenant satisfaction and improving your conversion rate following prospective tenant inquiry.
AI Provides Precise Data
Technology provides plenty of data on customers, and you can act on it to convert leads. Modern AI makes it easy for you to collect accurate data on your consumers so you can glean actionable insights. This means your business decisions are based on data, not hunches.
For example, AI allows you to accurately track your leasing performance (your number of leads, conversions, walk-throughs, signings, etc.), so you know which properties are performing at their best. Knowing that information could influence future buying decisions.
AI helps you purchase other investment properties with a minimal amount of risk, since you know how the area performs as a whole. On a smaller level, AI helps you understand the ROI of your marketing dollars and which channels are leading to the most conversions.
Artificial intelligence is here to stay, and it will only grow in prominence as the technology becomes more widespread.
In property management, you can leverage AI to improve customer service, streamline your business practice, improve efficiency, and even make buying decisions. AI helps eliminate human error, but best of all it allows your human employees to focus on what they do best – provide superior customer service.
Home 365 offers technology-driven property management solutions to a wide range of clients. To learn more about what makes us different, contact us.