In less than 10 years, Zillow, Houzz, Redfin, and Trulia have become household names. These online services have changed the way buyers have found and improved homes and businesses. Thanks to these “self-service” tools, buyers have all the information they could want to make informed purchase decisions without ever stepping foot on the property.
While these firms have revolutionized the search process, most real estate service corporations have lagged behind on customer experience. This includes most broker and mortgage experiences as well as property management services. However, the pressure and speed of innovation will only increase in the next decade. Those companies that do not provide experience automation will fall behind or disappear.
So, you want to move faster and embrace all the advantages and growth that proptech can bring to you and your company. But you might be asking where you should start and where to find the right domain expertise who can identify and implement the best strategy for your organization.
In the last year, while most of the world was sequestered in a global pandemic, one tech sector has continued to rapidly evolve and has been applied across a host of industries: Artificial Intelligence (AI). In our case, AI applied to Real Estate is creating wealth and competitive advantage thanks to its power to process inhuman amounts of data while bringing new levels of efficiency to processes through Machine Learning (ML).
Here are a couple of examples of how AI can help you leapfrog the competition in the real estate market— whether you are focused on commercial or residential real estate:
Determine where the most long-term value for your company will be generated. There are trillions of dollars in value up for grabs over the next 10 years in the real estate industry. They are going to be grounded in cutting-edge AI and ML technology focused on 6 different areas.
- Improved Transactions: Commercial and residential agents are empowered by AI that helps them make smarter deals and process their deals faster. Closing sales and deals are all about matching the features of a property with the interests of the client. Giving clients accurate, comprehensive details about a property saves valuable search time. Firms are already taking advantage of AI-supported customer relationship management (CRM) systems that auto-fill data and generate automatic reports. This shifts the agent’s valuable time away from mundane, low-value tasks to more face time with sellers and buyers. Also, taking the human element out of data entry reduces the number of errors overall.
- Loan modeling: Automated data entry and ML are far more cost-effective and accurate than human-centered entry and analysis. AI is also more accurate because it removes the bias and variability in forecasting introduced by the range of talent and experience that people bring to the analysis. In other words, the smallest companies with smaller budgets can compete as effectively, if not more, as the largest companies who hire “rockstars” to handle the forecasting analysis.
- Bots and brokers: Online listing platforms and AI are drastically shifting the productivity and profitability of agents. The power and sophistication of AI is far more capable at the complex analysis and decisions that factor into making a recommendation to a prospective buyer. Capturing preference data through image monitoring and analysis is a more effective and efficient means of identifying the best properties to bring to a client’s attention. This creates much greater efficiency considering the amount of time and effort buyers and agents spend touring properties. Agents who can take advantage of a smarter AI-powered filter have more time to focus on getting additional deals closed.
- More effective marketing: Nothing happens without a buyer or seller, and you know how stiff the competition has become for companies who want to capture their unfair share of each. When you consider the staggering amount of data now available in terms of demographics, regional economics, purchasing trends, and more, it presents an environment primed to create an advantage in winning and retaining clients. An AI solution can be a powerful means to save time and money with more effective leads management, more personalized marketing campaigns, greater insight from market research analysis, and automation of the initial web-based queries that prospects have.
- AI-powered buildings: Take the smart home concept like Nest or Google Home, apply it to a commercial building and you create a platform from which to generate greater efficiency, value, and tenant satisfaction. Automation and control don’t necessarily have to be AI in nature, but commercial grade smart systems from companies like Schneider are giving building owners and operators the systems data from the buildings’ automation devices, inputting and analyzing it to boost energy efficiency, implement better preparedness, and become more proactive and responsive to building maintenance needs.
- Predictive analytics: The real estate landscape is always changing. Those who are set to succeed today do so because they understand the trends and use that insight to develop a more accurate, longer-range plan. Greater accuracy can lead to successful strategies that put you in a much better position as much as ten years out.
Find a digital change agent who is already up to speed with traction in real estate. There is no doubt that AI-powered applications are driving remarkable change in the real estate segment. To take full and timely advantage of the opportunity, a digital change agent familiar with AI and the real estate industry can save you years of development and help avoid costly mistakes. Originate specializes in helping real estate companies implement AI-powered solutions to automate their customers’ experience and integrate the latest technologies - something we call “Experience Automation”. Our team of proven entrepreneurs, product leaders, and engineers uses a systematic approach that has helped companies speed development, lower costs, and maintain a world-class customer experience.
Change is inevitable, as they say. And now it is more inevitable than ever that change happens at an astonishing rate. When you consider how much is at stake, and how compressed the timelines are now for reaping the benefits of transformation, it only makes sense to partner with someone who can accelerate your path. Now that sounds like a plan.
Since 2007, Originate has been a premier digital innovation company composed of seasoned entrepreneurs, business strategists, and top product engineers. From startups to the world’s largest enterprises, Originate accelerates businesses with a value-driven approach to Experience Automation.
Drop us a note to learn more about how Originate can help build your future.