As a real estate professional, AI and machine learning can help you identify trends that could influence a market shift or even identify undervalued, top real estate areas. The data from AI technology can also be helpful with other business functions such as marketing, sales, and service. Below are four of the biggest AI and machine learning impacts on real estate businesses today.
1. Property Intelligence can help sales and service teams to better identify the top areas for business opportunity. Companies with customer demographic profiles can use machine learning to locate and sift through a residential community’s ‘traits’, like income levels, house age, and average family size. Combing through aggregate new build data might well suit an HVAC firm, while immersion in listings of older homes might appeal to a foundation repair company. Service companies can analyze AI-driven queries of past performance, predict future potential, and adjust marketing campaigns and strategies to increase revenue and improve service leads.
2. AI helps realtors identify trends – With AI, realtors can use data to identify trends and changes that could affect their sales and marketing strategy in the future. Demographic trends in generational transactions can be the integral to marketing efforts; like how 23% of baby boomers sold a home in 2020, yet only 15% of this same demographic were classified as buyers. (2020 NAR Home Buyer and Seller Generational Trends Survey)
3. AI can help professionals manage client relationships. Machine learning can help with small, yet unsavory tasks of paperwork by populating forms and generating reports from your CRM – all of which add up. With AI, realtors can streamline their processes and increase productivity by managing their client relationships more effectively. Minimizing mistakes and removing the human interaction frees up time from the ‘back end’ portion of a realtor’s day. Livv’s property intelligence platform even nurtures existing client segments with curated content & market property data, helping realtors tap one of the most underserved portions of the market; past clients.
4. Lead generation: one of the first benefits most think of when considering AI in their marketing efforts. Livv’s leads are captured from online searches and realtor CRMs, then segmented to allow for personalized marketing. User behavior is tracked and even ‘scored’ to determine their conversion intent.
Artificial intelligence serves to augment and change the real estate sphere in exciting ways. We can only imagine the potential for things to come. We at LIVV are excited to share it with you, and we’re here for you when you’re ready to start your journey.