The excitement around artificial intelligence (AI) has been building for years, but when ChatGPT went viral earlier this year, it reinvigorated many conversations about how AI will transform our lives. Naturally, real estate professionals are wondering how it will impact their jobs—a Google search asking that question returned 289 million results. The better question is, how can agents start using available AI now to work smarter, better, and faster?
Agents who adopt AI-driven technology faster can set themselves apart by maximizing the advantages to their business and creating a better experience for their clients. The real estate sector is notoriously slow to adapt to change, but a handful of AI solutions are already making waves.
- Generating marketing content: AI chatbots like ChatGPT and others can be used to significantly speed up the process of writing listing descriptions, marketing content and even client communications. Some agents are using it to create social media posts and video scripts. It frees up the agent’s time to work on their marketing strategy, relationship management, and develop their personal brand.
- Predicting opportunities: Predictive AI technology can monitor your contact database and local market to identify when your contacts are likely to sell, and when off-market houses are likely to go on-market. It uses data points like property stats, when the home last sold, absorption and turnover rates in the area, and others to detect potential leads. Predictive AI can help agents proactively engage clients at the right moment and prospect more effectively.
- Nurturing your database: AI-powered virtual assistants can help engage, nurture and qualify leads with automated SMS and email programs designed to convert leads into clients. With advanced natural language processing and human-like conversational abilities, AI acts like an extension of the agent. It helps take the legwork out of prospecting and following-up with leads so agents can focus on qualified opportunities.
- Performing market analysis: Intelligent pricing engines use big data, machine learning and AI models to provide next-level analytics and insights on properties. New AI-enabled technology has changed the way agents perform market analysis—making the old-school CMA a relic of the past. It can be used to pinpoint a more accurate estimate for listing prices, create presentations in seconds, and monetize the agent’s database.
Exciting new technologies are continuing to shape how agents interact with clients, generate business, and prioritize their time. Agents who want a competitive advantage would be wise to stay up to date on the latest AI developments.
Earlier this year, homegenius Real Estate unveiled homegeniusIQ, a proprietary AI, image recognition and photo analysis technology. Its cutting-edge models can identify and assess room type, room condition and more than 50 features inside and outside of a home that may impact its pricing. This technology is being used to “see” properties in new ways. Early adopters are already finding value in a variety of use cases like creating price estimates, searching for homes, and delivering better insights to their clients.
Agents who want to be ahead of the AI curve can see homegeniusIQ in action here.
