Hey everyone, if you’ve been paying attention, you know that artificial intelligence, or AI, is everywhere, and that will not go away.
Change is inevitable, so you need to understand what it is about AI that is changing the nature of every aspect of life, especially in real estate.
In fact, you are probably already using different types of AI and don’t know it.
For example, if you’re using an iPhone, you have SIRI–an AI device. Similarly, Google has its version of AI, and if you have an Alexa, then you’re already using AI.
The reality is that Artificial intelligence (AI) technology is already in every part of our lives and has become one of the most transformative and fascinating fields in recent years.
Think about other areas that you come into contact with AI, like Tesla self-driving cars or even the remote control with voice recognition software.
The truth is that AI is revolutionizing various industries and changing the way we live and work.
AI tools will drastically change how most industries operate and interact with their audience base.
Utilizing these tools will give you an upper hand over your competitors. Still, it, more importantly, will boost your productivity, increase your efficiency, and let you provide exceptional service to your clients.
But what is AI, and how can we use it to benefit our business?
Phil Stringer has a few pointers about using AI in our real estate business.
Before we can understand how we can utilize the power of AI, we need first to understand what AI is.
In the most simplest of terms, AI refers to the computer systems that can learn and perform tasks that normally require human intelligence.
For example, tasks like speech recognition and translation, problem-solving, decision-making, and even learning from past experiences are all aspects of AI that are rapidly evolving.
As these algorithms learn by mimicking human cognitive abilities, applying AI technology to every aspect of our lives can automate and streamline our various processes, leading to greater efficiency and productivity.
My Discussion With Phil Stringer
In discussing the use of AI in real estate, I interviewed AI expert Phil Stringer.
Who is Phil Stringer, you may ask? His name has become synonymous with the cutting-edge field of artificial intelligence technology.
A renowned expert in the field, Stringer has dedicated his career to pushing the boundaries of what is possible with AI.
The Impact Of AI On The Real Estate Industry
With AI creeping into every facet of our lives, we can see how these rapid technological advancements may impact the real estate industry.
In fact, AI has the potential to revolutionize the way you, as a real estate professional, operate and run your business.
It will make your marketing and other processes more efficient, helping you improve your customer experiences, and may ultimately disrupt the industry's nature and future.
One of the primary ways AI impacts the real estate industry is in data analysis and predictive analytics.
Finding the right comps and understanding the market trends can be challenging as an agent.
However, utilizing AI algorithms allows you to analyze extensive data sets that will give you invaluable insights into market trends, property values, and buyer preferences.
You can then use this data to help you educate your clients so that they can make more informed decisions about buying or selling their homes.
For you as an agent, this data will help you provide critical insights when it comes to pricing properties, identifying potential investment opportunities, and even predicting future market conditions.
Virtual reality is another area in AI, and its use is exciting in real estate.
Most people today are searching for homes online, so meeting those prospective clients where they already are getting their information is crucial for you to be successful.
For example, you can use AI to generate VR tours that offer prospective homebuyers an opportunity for remote viewings of properties, giving you a much broader reach to potential clients.
This will eliminate much of the need for physical visits, which will help you and your clients save time and resources.
The value of AI-powered VR platforms is that you can program them to personalize their recommendations based on the buyers' preferences, which will help you guide them to finding their dream homes more efficiently.
Another area that AI can help you be more efficient and productive in your real estate business is property management.
Traditionally, if you’re managing rental properties, you must juggle many tasks simultaneously, like handling maintenance requests and dealing with tenant inquiries.
However, with virtual assistants and AI-powered chatbots, you can delegate these tasks to handle these tasks efficiently and accurately for you.
You can have these programmed chatbots to respond to tenant inquiries, automate your scheduling of maintenance appointments, and provide more accessible, more efficient ways for rent payments.
This saves property managers valuable time and ensures prompt and accurate responses to tenants, enhancing customer satisfaction.
The Potential for Automation and Efficiency Gains
Another significant way that AI will boost your productivity is by allowing you to automate tasks.
With the help of AI technologies, you can streamline your tasks, reducing the hands-on manual labor and maximizing your time.
An example is using AI-powered chatbots that can handle customer inquiries, schedule appointments, and provide real-time updates on property listings.
Automating these tasks will free up more time on your schedule so that you can focus on more important tasks to grow your business while enhancing customer satisfaction by providing prompt, accurate responses.
Finally, one area in which AI will benefit you as a real estate agent is helping with fraud detection and risk assessment.
Things like identity theft and mortgage scams will be detected more efficiently and effectively through AI algorithms that will search patterns and analyze different anomalies in data.
3 Things You Can Do With AI To Become More Efficient In Your Real Estate Business
As more and more people begin to see the power of using AI for their real estate business, let’s identify the top 3 things you can use AI to do to become more efficient in your business.
- Automate Routines
- Use Predictive Analysis
- Enhance Customer Experience
1. Automate Routine Tasks
As you know, one of the most significant time-consuming aspects of the real estate business is handling routine administrative tasks.
That can include data entry, like putting a client into your CRM to manage listings. These tasks take time and energy away from those other areas that matter to growing your business, like marketing.
But, as we’ve discussed, harnessing the power of AI tools will let you automate time-consuming tasks to turn your attention to more productive processes like your marketing outreach.
An example would be using AI chatbots to handle initial inquiries from potential clients and schedule appointments. You can even set them up to make customized property recommendations based on their preferences.
Another way that AI-powered tools can help you is by automating your content marketing and optimizing your content to reach a much better audience.
For example, if you haven’t heard of ChatGPT, you should look it up. With ChatGPT, you can instantly program it to produce content, images, and other marketing tools.
Community And Neighborhood Scripts Using ChatGPT
Using ChatGPT, you can produce laser-focused content for a specific neighborhood or buyer avatar.
Simply provide a summary or script personalized to a specific neighborhood, and ChatGPT will customize the information to help you develop engaging, informative, and helpful content for your target audience.
For example, in my podcast discussion about the value of using AI, specifically ChatGPT, in your marketing, Phil Stringer and I discuss how you can prompt ChatGPT to create content.
ChatGPT is an AI tool that helps you create different types of content relevant to a buyer in a particular neighborhood and asks it to identify objectives and provide appropriate solutions to overcome those objectives.
By embracing the power of AI and all it can do for you, from generating content to automating your tasks, you will be more productive and efficient.
2. Utilize Predictive Analytics
Understanding and predicting the market trends to identify potential opportunities is crucial for you in the real estate business.
Utilizing AI-powered predictive analytics tools, you’ll be able to have compressed data so that it’s easier to analyze, such as market trends, property values, and demographic information.
These insights are invaluable to help educate and guide your potential clients. By leveraging these tools, you can make data-driven decisions and stay ahead of your competitors.
For example, if you’re working with a client searching for the next hot neighborhood to invest in or say you’re trying to determine an ideal listing price, using AI-predictive analytics will give you a competitive edge.
The most challenging part of the real estate industry is understanding the market trends and explaining the fluctuations to a potential client.
People are emotional in real estate; these are investments they’ve had, memories they’ve created, and places they’ve lived for years.
Being able to help clients navigate their emotions is part of what separates you as a real estate agent, and explaining complex things to them in simple ways goes a long way toward developing trust in your services.
And the most significant challenge you face is the ever-changing market dynamics. Overall, the real estate industry is influenced by various factors outside your control: economic conditions, interest rates, market trends, and government policies.
In order to stay ahead of these changes and make informed predictions that will help your clients, you’ll need detailed insights and updates on these changes.
Using AI-powered analytics and forecasting tools can help real estate professionals analyze large datasets and identify trends, enabling better decision-making.
The more data you have, the better your decision-making. And if you tie that ability into your content marketing, you’ll position yourself as the local go-to real estate expert, further building your brand and increasing your business opportunities.
However, the skill of understanding, interpreting, and communicating these insights still requires human expertise and market knowledge.
3. Enhance The Customer Experience
Real estate is a relationship business. It’s all about getting people to know and trust your services and expertise for the long haul.
By providing your clients with a personalized experience, you establish trust that can turn into long-term business through word-of-mouth referrals.
One way to enhance your customer experience using AI is to use it to help generate content and videos that you can use to market your services and promote your brand.
With the power of automation, you can create and publish your content with it being optimized by AI tools so that you can publish content on a regular schedule without uploading it or publishing it.
For example, one strategy that I use to generate content and stay top of mind with my clients is through the use of video text messages.
The way it works is that I record a simple video that addresses something in my client’s life. It could be a significant life event, an anniversary, or anything I can send them that says hello.
The point is to be top of mind so that when they think about real estate, my name and brand come to mind.
And if I use AI to optimize, schedule, and send this content, I’m freeing up a lot more of my time to devote to other tasks. And all the while, my clients receive personalized messages from me while I’m doing something else.
Or take my YouTube channel.
With AI, it can actually produce videos that are relevant to my audience and draw attention to the solutions that I can offer.
And by using AI-powered tools to optimize the videos, they are more relevant and rank better in the search engines, helping me appear more often and reach a wider audience.
Another area in which AI will provide massive opportunities is optimizing your content for SEO purposes.
If you’re unsure or confused about what SEO is and why it’s essential, the best way to explain it is that SEO is how you instruct search engines about the importance and relevance of your content.
The more your content is optimized, the higher the placement of your content in results pages.
And the higher your content appears in search results, the greater the chance that it will be seen and consumed by people looking for what it provides.
Think about it this way.
Suppose you’re writing an article for your blog about how a seller can use Facebook ads to generate leads.
Or maybe you’re writing a post to showcase your understanding of Facebook marketing.
In that case, you can use AI tools to optimize the content, sharpening it to make it more relevant to search engines and potential clients.
The more optimized your content, the better its engagement since it provides answers and solutions to the things your potential clients are looking for.
This will produce two outcomes for you.
One, it will get your content in a higher position on results pages, helping make your content more relevant to what people are searching for, increasing readership and engagement.
Second, optimizing your content will showcase your expertise, and as you build more trust and authority in your brand, it will produce more opportunities for lead generation.
You can apply AI-powered tools to achieve this by analyzing customer data and preferences to customize your recommendations and improve your client’s experience.
Also, one other way to enhance your customer experience and showcase your skills as a real estate expert is through chatbots.
Utilizing chatbots to help with answers and solutions in real-time gives your client another tool you have at your disposal to educate them and alleviate any of their concerns, further enhancing your brand and their experience with your service.
Another way you can use AI to enhance your client’s experience is to create virtual property tours that allow your potential buyers the convenience of exploring different properties from the comfort of their homes.
For those of you handling property management, you can use AI for various tasks. For example, AI can also streamline the rental or sales process by automating documentation, background checks, and lease agreements.
These tasks are time-consuming, and if you can automate them so that you don’t have to do the manual labor they require, you can take on more clients and perform more services for those you already have.
Depending on how you incorporate it into your workflow, AI will help you 2x, 3X, or 5X your productivity.
By discovering the power of AI through these areas, automating routine tasks, utilizing predictive analytics, and enhancing customer experience, you’ll save time, make better market-informed decisions, and provide top-notch service for your clients.
A common problem for most real estate agents is deciphering where the market is headed and how to position yourself to succeed.
The first thing to incorporate is finding a mentor or someone with the expertise to help you set up systems, show you what to automate, and increase your productivity.
A professional real estate coach is a person who has the experience and knowledge to help you and will keep you accountable to your goals when you need more motivation.
What’s more, a real estate coach can help you incorporate AI and other tools into your business operations to make you a more effective communicator and productive.
One example of how a real estate coach can help you implement AI tools in your business is by helping you identify what tasks you can automate, which ones will require more hands-on attention, and best practices to increase your productivity.
When setting up a system with your coach, one approach will be to better educate you on managing your time through time-blocking.
Time blocking is a time management hack where you take your work day, break it up into small blocks, and dedicate your attention, focus, and energy to a specific task during the allotted time.
A typical time block would be breaking your day into 90-minute or two-hour blocks.
For instance, from 8 a.m. to 10 a.m., you are focused on reading the market report to understand market trends and fluctuations better and educate your clients.
Then, from 10 am-12 pm would be your time block for marketing and cold outreach.
Noon may be time for lunch or a quick workout before turning to another block dedicated to contract and admin work.
Finally, you may have more time for appointments and client meetings to show properties, pitch a listing, or other in-person items.
If you are utilizing AI-powered tools during any of these time blocks, you’ll be able to accomplish more during that time period without having to hire an assistant, saving you both time and money.
Incorporating AI's power with the guidance of real estate coaching will make you the go-to agent in your neighborhood.
The Ethical Concerns Of AI
The prevalence and reliance on AI opens up the possibility of ethical issues. Another thing that a coach can help you with is the ethical side of using AI-powered tools in your business.
For example, you could train your AI to generate content, and without knowing it, subtle biases may come up by different things you choose to include or overlook.
The reason this is a concern is that throughout the history of real estate, perceived bias and discrimination have been problems, so as you’re programming different data points to use in your content, you have to be aware of using inclusive language so that there are no unintentional biases that come up in the data.
Because, if left unchecked, AI algorithms can perpetuate and amplify societal biases, leading to unfair and discriminatory outcomes.
Depending on diversity and inclusion challenges, this may impact the real estate industry and your business.
The reality is that AI algorithms will produce the results they are instructed to, so if they’re not trained to include diverse datasets, they may accidentally perpetuate biases and discrimination.
For example, AI algorithms may unknowingly favor specific demographics to showcase properties to or highlight different ones for different clients, leading to implied bias or even discriminatory behavior.
It’s good practice to incorporate a broad range of perspectives, and data sources can help AI better reflect the diversity of the real world.
Another concern regarding using AI in real estate is that it may ultimately disrupt the industry as a whole.
Becoming reliant on AI automation may threaten the roles that you, as an agent, play in every transaction.
There are legitimate concerns that as AI tech continues to improve, specific tasks and responsibilities that you currently perform may become automated to the point where the traditional role of the real estate professional comes into question.
This may cause questions regarding the profession's future and will emphasize your need to adapt and embrace new skills and roles.
Whether you choose to acknowledge the fact or not, Artificial Intelligence is rapidly changing every aspect of our lives. And the real estate industry isn’t immune to these changes.
By embracing the tools at your disposal, you’re better able to address more concerns of your clients while becoming more productive and efficient.
For your real estate business to grow, you should be utilizing the various tools at your disposal. Otherwise, you and your business could be left behind.
By using various traditional and digital marketing strategies and incorporating the guidance you receive from a real estate coach, you can become the go-to expert agent in your area. Using this strategy, known as The Mashore Blueprint, you’ll stand out in the newsfeed and build lasting relationships with your clients.
