How technology is reshaping the Property Sector

The real estate industry is built on people and relationships, but new technology is changing the game. If you’re not embracing these innovations to help you market your services to prospective clients, and market your client’s properties to potential buyers or renters, you could be missing out on a huge opportunity.

Rapid involvement of technology in the property sector has benefited the industry considerably. Through virtual tours using 3D technology, real-time data available through chatbots and various mobile applications for possible clients, technology has proven to be an advantage for the real estate industry.



Virtual Reality

On top of 360-degree and drone videography, 3D virtual tours are now possible. This is one of the best technological innovations in the real estate industry and has become exceedingly popular among possible clients across the globe. Many people feel that the photos and videos provided by the realtors or owners can be a bit biased, showing only the good aspects of the house. Providing a 3D view of the whole house or property, allows the clients to scan through the place without having to visit it physically. These virtual tours give the feeling that you are stepping inside the house yourself and enables the potential clients to shortlist houses easily.


VR is also key for homes or properties still under development. While it may be hard for a client to imagine themselves in an unfurnished home with wall studs showing, VR allows you to craft a tour that gives them a more realistic view of the space when it’s finished. Virtual staging is another innovative technology in which your client may be able to present the look of a lived-in home without the hassle or expense of actually moving in staging couches or dining room tables.

From the point of view of realtors, brokerage companies and agents, virtual reality has sped up sales exceptionally. It gives the clients a real feel of the house, which high-quality pictures do not. The 3D technology and aerial drone technology have been a boon to the real estate industry, making it easier for the realtors to sell houses and clients to buy them.



Chatbots

AI-based chatbots can work tirelessly and effectively around the clock. They can comprehend customer queries, analyse the context, and respond in real-time without human intervention. The instant responsiveness enabled by chatbots can help brands retain old customers, attract leads, and manage lead engagement. As a result, brands get an opportunity to generate greater profits and build a reputation for providing excellent customer service.

Increase in qualified leads

The real-time inquiry facilitates all the visitors to the website at all times. All queries are instantly answered by the chatbot and there is no need to wait for a human response. If you are interested in a particular property, you get immediate assistance on it.

Chatbots are available 24X7 throughout the year. The real estate agents are limited by timings, deadlines and are definitely not at our service throughout the day. The chatbot is like personal real estate being, which will address your questions around the clock, even beyond the working hours.

Nurture & build relationships

An online form cannot help you build trust or convey emotion. You simply cannot build a relationship with a potential client with an online form being the first touchpoint of their journey. Instead let your bot lay the foundation of trust by speaking the language of your customers.

The chatbots are customised according to the users because not everyone is looking for the same kind of property. You are asked a series of questions, which allows the chatbot to get customised according to your needs and filter the properties that you might like.

Multi-channel support

You want to talk to or meet your customers where they are. While your chatbot is live on your website, you can also rely on Facebook Messenger, Slack, Skype, E-mail & SMS and more to generate more leads for you through the same bot.

Buy, sell & rent property

Visitors land on your website for either general information or to buy/sell/rent property and they have a lot of questions which can be very time consuming and a repetitive process for an agent. Let your chatbot help your visitors initial questions.

Schedule property viewings

You can easily schedule tours and property visits through chatbots. Once the prospect is moved further down the sales funnel, the bot can schedule a home tour and in a way, facilitate the introduce the client and the real estate agent.


AI

Though Artificial Intelligence (AI) is a hot topic for businesses right now, it has yet to shake up the property industry in the same way it has transformed sectors such as banking and healthcare.

The value of the property management industry could be vastly improved if irreplaceable human experts worked in tandem with sophisticated AI technology to simplify certain aspects of the job. AI has the potential to make managing spaces simple and remove laborious legwork. With AI, a boiler repair, for example, could be organised automatically, so that property managers could focus on issues that cannot be resolved by automated solutions.

Lead Gen & Marketing

An AI-enabled chatbot is able to answer typical questions without any page opt-ins, sales customer support messages, and desperate attempts to get a lead’s contact data.

For example, here are just some of the question ideas that a chatbot can ask a lead:

· What’s your price range?

· What kind of property would you like to buy/rent/sell?

· What’s your location?

On top of that, a real estate chatbot can qualify leads by asking them specific questions and allowing filling out forms. This customer data could later be used to learn more about the target audience as well as how to follow up.

Carry out advance property analysis

AI-powered software can be a solution for improving the ability of a real estate business to provide accurate, comprehensive information about property to clients. There are companies such as Localize in the USA that are creating AI solutions to provide comprehensive property data at the click of a button:


· The number of sunlight hours that a property gets in a year/month

· The rating and reviews of local schools

· The statistics about the local transportation system

· Updates on the area’s dining scene, entertainment, recreation with notifications about new and upcoming openings

· Parking space availability and prices

· Sound disturbance.

This information would give a real estate agent an excellent opportunity to provide as much useful information to clients as possible, thus getting them more positive reviews and deals.

Property Management

Real estate businesses utilising AI software can track rental and property listings, requests for maintenance, tenant applications, and other information. These results of the tracking can help to identify the most common maintenance issues, tenant characteristics and preferences, price trends in certain areas, and seasonal availability.

Customer preference recommendations

If real estate businesses utilises a self-learning AI algorithm on a listing website, an app or a CRM system, they can teach it to generate recommendations based on customer preferences such as past purchases, views of specific properties, and search filters. As a result, you would be able to personalise the customer experience and interactions with your digital products.

Predict property market value

Since AI has the ability to analyse patterns in vast amounts of data, it can be used to make reasonable predictions of the future value of a property. For example, an AI algorithm can combine current market data from marketplace and CRM as well as consider public information such as transportation network characteristics, crime rates, schools, and buying trends. The number of property attributes or market data points can exceed tens of thousands, which is definitely a kind of analysis no human analyst or market research is capable of conducting.



Target SEO keywords

Search engine optimisation (SEO) is using specific keywords to make your website and other content show up higher in search results. People generally click through to sites higher up in the list, so SEO is important, especially since organic search — or people searching for certain terms — accounts for 95% of all web traffic to most websites. The first position on Google has about a 35% clickthrough rate, so you want your website to appear there and not your competitors.

It’s important to include relevant keywords throughout your website or any online advertising, as this helps search engines drive traffic there and brings your website higher up on a Google results page.

Additionally, many use internet searches and reviews to find an agent with whom to work. SEO allows real estate agents to reach potential clients that may not contact them otherwise. Very few people will type in your exact website address — instead they’ll do a quick Google search to find you. Leads from SEO keywords may also be more likely to close the deal, since you can find out a great deal about a client by their specific home buying or selling search.

Digitisation is affecting all areas of life. This is also reflected in the relevant technologies of the real estate sector. Real estate trends such as artificial intelligence, robotics, 3D printing and synthetic biology will have a massive impact on the real estate industry in the coming years. Exactly what impact remains to be seen. But one thing is certain: Only those property experts who will integrate these developments into their business processes in good time will see long-term success.

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