Real estate agents are adapting to the era of artificial intelligence as home buying and selling processes become automated. The industry is beginning to move away from in-person appraisals, fillings and closings in favor of digital solutions, and consumers are seeking out virtual options when searching homes.
Real estate companies are turning to AI solutions¹ as part of the digital transformation. Zillow, the real estate company is focusing on virtual and self-tours, machine learning and e-signings to speed up real estate digital transformation. The company reported in May that it has increased its creation of 3D home tours by over 500% since February as part of its Zillow 2.0 initiative.
Throughout the creation of AI in the real estate industry², it has improved the home buying process for agents and consumers.
Artificial intelligence has made it easier for agents to draw logical conclusions and learn about each consumers’ wants and needs for the right house they are looking for.
Overview of AI in Real Estate
Algorithms enable understanding of inputs and consumer behavior when it comes to finding the right home. The ability to collect, analyze and learn from a huge flow of data; makes AI efficient and effective for agents, brokers and consumers to complete the real estate process.
In the new era of social distancing, real estate agents are among the top professionals looking to adapt their market. Artificial intelligence has the opportunity, like many other companies have taken, to increase the chances of real estate agents to be recognized within online searches or housing websites like Zillow.
#Artificialintelligence provides millions of homebuyers³ with a richer and more efficient experience when buying and owning a home. It starts out with real estate agents transitioning to virtual technologies. With the addition of technology, self-tours and e-signings have been useful for real estate agents and homebuyers and will easily speed up real estate digital transformation.
3D Virtual Home Tours
Per Zillow in their latest report, 3D virtual home tours⁴ increased by over 500% since February. Even though social distancing was required at the time, it still shows a way for the real estate market to continue to thrive in another potential quarantine type situation.
Artificial intelligence helps with this continuously, as the real estate industry is starting to move away from filings and closings as #homebuyers are going down the virtual option. Artificial intelligence has done wonders for the real estate market and in the new era of technology, AI has started to bring together a new wave of decision-making solutions and overall home buying from consumers.
AI Streamlining the Home Buying Process
Communication within the real estate industry is of the upmost importance when it comes to buying and selling a home. The transaction is a negotiation between a buyer and a seller must have communication to complete the deal. However, sometimes communication can lack sometimes in any possible moment, especially in the real estate industry.
However, streamlining communication⁵ through artificial intelligence between agents and homebuyers when buying a home is critical no matter what. Artificial intelligence transforms streamline communications, where agents can use technology in ways that they could have never imagined using it to keep the communication between them and their clients.
Using social media platforms like Facebook, Twitter and Instagram, agents can post content about upcoming open houses, new listings hitting the market soon, and closing that will be occurring. At the same time, housing websites and applications like Zillow⁹ can constantly keep update house buyers on new listings hitting the market before anyone else knows it.
Real estate companies⁶ also give agents an advantage to, with social media or email marketing websites such as Buffer¹⁰, Constant Contact¹¹ and Mailchimp¹², agents can contact and release new housing information to prospective clients.
Automation in Real Estate
It is always hard to have the right perspective of real estate trends⁷ and decision-making, even if they do not seem to be the right trend or decision. However, it is easy to map these certain trends by understanding what the data collected says.
Through the email marketing and social media websites, data is collected and creates ways of agents to map out the new trends in real estate. At the same time, it makes it easier for agents to make great decisions when it comes to these trends.
Real Estate Trends and Technology Applications
Now, in a time of social distancing, photo slideshows on #socialmedia platforms, links to full video tours of the house through email, and other incredible things that can be made through technology.
These are the latest trends in the real estate industry that have made the real estate market very successful during these troubling times.
As these changes occur over time, agents and artificial intelligence⁸ learn from the changes to make decisions based on what the #data is saying to the agents. Based on what the home buyers are interested in, decisions and trends can be developed and made for all home buyers. This can positively affect agents outreach to potential home buyers, where data will show increases and more decision will be made.
AI is the Future of Real Estate
Overall, #technology has been positive towards the real estate industry, moving away from the traditional face-to-face experience. Real estate agents are adapting to the constant changes and trends in their industry, while also having artificial intelligence create decisions that will help them in the long run as an agent.
Artificial intelligence does many wonders, while it helps with many industries, real estate is an area that is crucial towards the world. Houses are critical to our economy, where if this industry goes under than the world is in for something terrible. However, with the new power of artificial intelligence, the real estate industry is thriving once again.
¹AI solutions, ²Real Estate Industry, ³Homebuyers, ⁴3D Virtual Home Tours, ⁵Streamlining Communication, ⁶Real Estate Companies, ⁷Real Estate Trends, ⁸Artificial Intelligence
⁹Zillow, ¹⁰Buffer, ¹¹Constant Contact, ¹²Mailchimp