Table of Contents
- What Is AI?
- 4 Secrets on How to Use AI in Real Estate Now
- Let PhotoUp Help You Use AI in Real Estate Marketing
With all the attention paid to Artificial Intelligence (AI), real estate sales professionals are asking how to use AI in their real estate business.
AI has been discussed for decades, and much of the mainstream public still thinks it’s years away. Well, we’ve got news for you – it’s here!
There are already dozens of AI models and platforms being put to use in the real estate industry. You might be using it already and don’t even know it.
In this article, we will share 4 secrets on how best to use AI in real estate.
But first, let’s take a brief look at what AI is.
What Is AI?
Artificial Intelligence (AI) is a development of computer science associated with smart technology that creates programs capable of performing complex tasks with little to no human input.
Since AI simulates or mimics human intelligence, it’s called Artificial Intelligence. And AI is being developed in two ways – Machine Learning and Deep Learning.
Machine Learning carries out extensive data analysis on behalf of humans. It works by observing data sets and finding patterns to achieve reliable decisions and answers without being specifically programmed to do so.
Deep Learning, on the other hand, is a subfield of Machine Learning focused on replicating the human brain to perform certain complex reasoning tasks.
The real estate industry is using both Machine Learning and Deep Learning to perform a wide range of technical tasks, such as the following:
- Pricing and valuation, such as Zillow’s Zestimate
- Chatbot customer service to answer client questions
- Visual marketing technology enhancements for things such as virtual tours and photo editing
- More accurate and precise property searches
- And much more
Unfortunately, when many real estate sales professionals learn about the incredible potential of AI, they immediately worry that AI will replace them and put them out of business.
We’re here to tell you not to worry. AI won’t replace real estate agents, and here’s why:
- AI can’t physically show houses or meet with clients in person
- It can’t show empathy or take into consideration the emotional aspects of buying and selling a house
- And AI can’t have a genuine relationship with clients
Still, real estate sales professionals must embrace using this technology or risk getting left behind in the new age of AI.
So, with that in mind, let’s share 4 secrets on how to use AI in your real estate business now.
4 Secrets on How to Use AI in Real Estate Now
Some of AI’s uses in the real estate industry are features and tools in programs and websites that many photographers and sales agents already use.
But here are 4 ways to start using AI in your real estate business if you aren’t already doing so.
1. Precise Property Searches
Ever since real estate listings became available online, home buyers have been able to search properties according to location, price, square footage, number of bedrooms, and other parameters.
However, even when narrowing the search as much as possible, house hunters often get hundreds of homes to consider, or worse, they filter out otherwise suitable properties.
Machine learning AI is taking the frustration out of the search process by analyzing buyers’ search patterns to create a more accurate picture of the home they really want.
For example, Zillow matches search data from a potential home buyer with that of similar buyers to produce a list of properties other prospects have actively searched.
In this way, they connect buyers with properties that more closely align with their needs — like Amazon recommends books a customer may like to read.
Today, we have Al-powered software capable of providing the following property information in a matter of seconds:
- Neighborhood Population and income statistics
- Transportation and parking facilities
- Local school’s stats and reviews
- Distances to work, school, or friends and family
- And entertainment, recreation, and dining options
One app you can refer your buyers to is HomeByte. Simply tell the app what you want in a new home, and it narrows the search to homes that it thinks you will like. And Integrating such an app into your real estate tool kit makes you look like a tech-savvy sales professional.
The ability to include the above information will make property searches incredibly more accurate, delivering the results buyers want.
So, if you haven’t already, you’ll see AI-enhanced searches on most real estate sites soon. Also, watch for several search apps about to hit the market that you can let your clients use.
2. Enhanced Pricing & Valuation
Predicting the precise value of a property can be a difficult task. Also, manually performing your CMA can take up much of your precious time.
But here’s where AI algorithms can come to the rescue!
AI software analyzes hundreds of data points on a property to evaluate the future value of the particular piece of real estate within seconds.
This more accurate prediction results from the evaluation of hundreds of factors that could potentially affect the property value, including:
- School district performance
- Neighborhood pricing trends
- Proximity to amenities such as shopping, parks, or entertainment
- Access to public transportation
- And many other factors and considerations
One such pricing app is ZipSmart which analyzes price history data to help predict when housing prices are low and high so you can plan the best time to buy and sell.
Another pricing software to keep an eye on is Quantarium, a Seattle-based AI company developing pricing and valuation tools. Quantarium’s valuation program features deep learning algorithms that have processed data on more than 153 million property parcels in the United States.
In general, AI pricing technology is starting to enable sales agents to price properties more accurately and perform market analysis quickly. Again, watch for these apps, which are just beginning to hit the market.
3. Lead Qualification & Ranking
There are dozens of lead-generating and capture software available to real estate sales professionals.
Unfortunately, these programs don’t qualify the leads for you, so you need to sift through all of them to learn who is merely window shopping and who is an actual potential buyer.
Again, Zillow is in front of the edge here.
Zillow’s Premium Broker Flex can so accurately prequalify leads that it doesn’t make an agent pay for them until they result in a closed deal.
Using the same AI technology, Zillow can instantly identify the serious buyer or seller from those “just looking.”
Not a fan of Zillow? The real estate industry is about to get saturated in lead generation and qualification apps, so stay tuned.
Along with lead qualifying capabilities, AI-powered bots collect clients’ data and contact details for future marketing campaigns.
By using AI in your real estate business, you’ll reduce the costs of manual real estate marketing and save hours.
4. Using AI for Improved Real Estate Marketing
Currently, AI is used in real estate visual marketing, improving things such as listing photos, house tours, virtual staging, and floor plans.
This emerging technology allows real estate photo editors and designers to produce even clearer, crisper photos and more finely edit home tours to look seamless.
AI technology allows even the most skilled photo editors to do the following edits with high precision:
- Exposure and lighting correction
- Object removal
- Line straightening and perspective adjustments
Further, emerging AI technology is also being used to improve real estate virtual staging, where empty or unfurnished properties can be virtually furnished and decorated.
AI algorithms can quickly render highly-realistic virtually staged images by doing the following:
- Add and place furniture
- Remove objects and clutter
- And place artwork, plants, rugs, and decor items
An example of an AI powered virtual staging app is ApplyDesign, which allows anyone to upload photos and virtually stage them yourself.
Finally, the last few years have seen virtual tours become increasingly popular.
And again, we’re seeing another AI use in real estate marketing as the technology is editing these interactive tours to make it feel like you’re actually in the property.
But that’s not all. AI is also used to generate real estate listing descriptions, more detailed floor plans, and comprehensive neighborhood overviews.
So, as you can see, AI is being used in the real estate industry to streamline operations, offer better pricing estimates, improve customer experiences, and take marketing efforts to the next level.
Now, you may be wondering how to start taking advantage of AI in your real estate business. And here is where PhotoUp can help.
Let PhotoUp Help You Use AI in Real Estate Marketing
PhotoUp is an industry leader in advanced technology and cutting-edge innovations in real estate marketing. So, it should be no surprise that PhotoUp is already putting AI to work for you.
We’re currently using AI enhancements in our following services:
Additionally, we have already equipped our virtual assistants with AI technology so that they can be even more effective for your real estate business.
And we expect to be among the first companies to expand AI’s uses in other areas of the industry, so stay in touch!
You can trust PhotoUp for responsible, effective, and seamless integration of AI as well as providing other effective services, such as:
- Single property websites
- Real estate photographer websites
- Property flyers
- Video editing
- House portraits
- And more!
Let us help you leverage the latest technology, including AI, to help improve your marketing and grow your sales.
Sign up for a free PhotoUp account and start using AI today!
We hope you benefited from this article on how to best use AI in your real estate business. If you liked this article, you might want to check out the following related resources: