We might just need to start this one with a definition. Artificial intelligence, better known as AI, is the human-like intelligence that is shown by machines, robots, you name it — this could range from mimicked actions to learning and problem solving. While once a futuristic concept seen in action thrillers, AI has practical applications in our everyday lives and real estate itself. You already see it in home appraisal calculations, automated messages and predicting likely homeowners who are ready to sell.
If you’re a broker, AI can offer a lot of value to your business. There’s endless data to sift through, and a lot of times, you don’t have the manpower or time to get exactly what you need from it. From personalized messages, results, listings, and more, AI can cut that time spent finding and analyzing information down to nothing. Now, if you’re an agent, working for a broker who supports AI can better serve your clients, getting them appropriate listings at the drop of a hat, which frees up your time from all that manual search to actually do your job. What a concept, right?
With that said, AI shouldn’t be something you’re afraid to adopt or try out. It’s a technology that’s advanced dramatically in the last five-to-ten years, and we’ll only see its applications grow even more. So, before you turn your nose up to utilizing AI in the real industry, check out why our team at Zipi believes it’s valuable.
Real estate professionals are already using AI
First thing to note — you aren’t the first to test out this newer technology. In fact, real estate professionals are already using AI in their daily jobs. For example, residential real estate agents currently use AI to find buyers. One artificial intelligence platform, Estate Dynamics, examines the behaviors of potential buyers online (Facebook, Google Search, etc.), and based on their behavior, targets them with ads. Tech such as this helps brokers and selling agents enhance their selling speed dramatically. Essentially, sitting and waiting for the right buyer to make the call is now what some call, old school.
AI has a strong presence in market and home price prediction
We already know that home buyers are turning their home search online. We’re 100 percent operating in a digital age now, meaning the array of digital tools at our disposal is changing the real estate landscape. One key area that AI is making waves in is its ability to pretty accurately predict both the market and home price evaluations.
Today’s technology can combine information it finds on property records, school district information, recent sales, area crime, etc. to predict what a home value or future home value might be. And if you’re thinking, “well, how does this help me as a real estate professional?” Let’s get into it.
- First of all, it makes your job easier and your market predictions more accurate.
- Second, this is a new resource that adds value to your client. It narrows down the inventory scale because you can better predict the future home value and the future cost of rent, ensuring clients that this investment is well worth it.
- Thirdly, it’s a resource that separates your services from that of another brokerage. We can guarantee that not every brokerage will turn to a tool like this right away, which gives you a leg up on the competition.
AI is streamlining the transaction process
You already know Zipi is down for new tech whose goal is to streamline and simplify processes, which is a huge reason why AI has a place in the real estate industry. Your business processes are smoother with AI assisting in the background; for example, CRMs use machine learning to send automated messages, autofill information or even produce reports. It’s an asset for data entry, which can be a time-consuming and error-filled problem for real estate professionals.
In addition, the systems that make real estate a not-so-lovable industry can be improved by the abilities of AI. Well known for its complicated procedures for home buyers, especially first-time home buyers, the real estate transaction process could improve its closing times, enhanced mobile apps, ease of access to information and more.
Zipi is the Real Estate Operating System (OS) that aims to make real estate simple from agents and deals to commissions and billings. Request a demo to get in contact with one of our expert team members.