Computers, robots and other forms of artificial intelligence are commonly used in many industries from finance and manufacturing to medicine and technology. Now, the real estate industry is also learning the benefits of using automated programs. The data obtained, organized and analyzed by computers has the ability to increase real estate sales and purchases as well as streamline processes.
A Brief Summary on Current Approaches
Traditional real estate transactions typically involve an agent listing a property in local newspapers and posting signs on the property with contact information. The technique limited outreach to potential buyers and eventually became a bit archaic in the new digital age. Websites emerged that featured listings for different agencies having properties for sale or purchase in different cities across the country. In this way, a greater number of people had the chance to view the listing and are obviously still in use today given the mass adoption.
The AI Impact
Artificial intelligence can take prospects even further. By using a computer equipped with the appropriate software, analytical programs have the ability to assess a massive amount of data in order to identify prospective buyers before they might even view a listing. The program targets buyers by submitting advertisements through social media sites or on specific websites.
REX ads are a prime example. In effect, real estate agents using the technology have experienced an increase in transactions. REX and similar programs are not finite in nature. They have the ability to learn and expand as needed. Initially, the program creates ads based on the demographics of people who might be interested in a particular listing. When people click on the ad, the program then determines what the people have in common. The artificial intelligence then creates ads based on the common factors that identify one or more groups of people.
The program also assesses data from goods and services businesses in order to learn purchasing trends. Businesses commonly release consumer information to advertisement companies and other entities. This type of information enables real estate agencies using artificial intelligence to compile data on current and potential homeowners based on their buying habits.
Artificial intelligence programs additionally create ads that not only display listings but also promote the specific area by including information that might be pertinent to families, single professionals or retired adults. By making the location more attractive to buyers, the software increases the number of sales and may generate a higher profit margin.
Implementing technology does not negate the need to interact with human real estate agents either. Instead though, potential buyers and sellers continue desiring to have a personalized experience upon connecting the dots with a perfect property. Agents can step in when needed to show a property, offer advice or answer questions.