Our computers are alive. Well, not quite. But AI-powered technology can think and make decisions with increasing capacity. And as we work to expand our technological capabilities, artificial intelligence will only get better. But what does that have to do with real estate? Using AI for real estate leads can be a leg up on the rest of the market.
There are applications in AI for agents, investors, and brokers. Much of this revolves around the gathering of more and better data for making better decisions. Applying artificial intelligence in the right ways can streamline your workload and keep your business better informed. It can give you a much-needed competitive advantage over other prospective buyers and keep you afloat in an ever-changing technological landscape. As our world becomes increasingly digital in the face of new challenges, your business needs to keep pace or it will sink.
Read on to learn how artificial intelligence in its various forms can aid in your next property search.
A lot of factors go into finding the ideal property. It’s common to chant “location, location, location,” but that doesn’t tell you the full story. The location of a property can refer to how far it is from city centers, public transportation in the area, local school districts, crime statistics, and even where to find the closest Costco. Prospective homeowners factor in these details and so much more when it comes to finding their ideal home, and so should you.
You can’t go wrong with more data. But sometimes, you have more information than you know what to do with. This information overload can be overwhelming and lead you down less-than-ideal paths, especially if you aren’t looking at the whole picture correctly.
AI-enabled programs can gather all of this data and interpret it in a way that is easier for humans to process. It can even do the work of ranking properties for you.
But more data doesn’t only refer to properties. It also means the paperwork that comes with them. AI for real estate leads can also be helpful in streamlining the various forms and workflows that exist in the back end of the business.
With artificial intelligence, you can stop spending as much time analyzing every detail about your properties and business. Move on to making offers and closing deals.
So the computer has more data than you know what to do with. But does the computer know what to do with it?
There are some algorithms that can identify which properties are likely to sell soon based on previous sales metrics. If you can spot those properties first, you have an instant advantage over your competition.
These predictions are made possible with the help of this influx of data. It takes into account not only property details that make strong selling or pain points but data from sales statistics and trends in the area. It will also look at population data that you may not have thought to check or been able to. This can include, but isn’t limited to, unemployment data and life events like births, marriages, and divorces. These events often lead to plans of selling and moving to a bigger (or occasionally smaller) house.
Are you interested? Keep reading to learn how to find and use this algorithm.
Valuating a property relies on many factors, often gathered from comparable properties in the area. There are also multiple methods for valuating a property based on how the property is used, where it is, and so on. So sometimes, valuating your property can feel more like an art than a science.
AI programs can take away much of the guesswork. By gathering and interpreting the data for you, AI can use the ideal method for evaluating your property with better information and fewer biases. An automated valuation can take into account public records information like crime, transportation, and school districts. Quantifying these factors for you can take the guesswork out of valuation, leaving you to determine whether the property you’ve found really is a good value or if there’s room to negotiate. In some cases, AI for real estate leads can also be used to make instant offers on a property.
Now that you’ve found your properties, now what? It’s time to reach them and make the sale. But not so fast! The days of knocking on doors and making a sales pitch are over. Even that step of the process has gone digital.
With the help of artificial intelligence and the ever-present ads on the internet and social media, you can create an omnichannel marketing experience and plant the seed in your prospective seller. Omnichannel ad campaigns aim to reach the customer across all platforms so that no matter where they are, they’ll see an ad for you. But it goes beyond just being visible and using predictive analytics to determine where the customer goes online and what may make them hesitate to sell. This requires some work and creativity on your end, creating multiple ads and anticipating reasons to sell or not sell. After that, the algorithm can do the work of reaching your prospect for you by sitting in the background.
ProspectNow combines a comprehensive property database with a powerful customer relationship management tool. In business since 2008, it operates on the principle that more data and technology can accelerate the real estate business.
Its complete database and unique data analytics create the likely seller algorithm. This identifies key properties that are likely to sell in the next 12 months. These properties are flagged before they even hit the multiple listing service (MLS). Now you get a chance to jump on properties before anyone else. To see this algorithm in action, start your free trial and choose the likely seller option when conducting your first property search. Or you can take a look at the included ROI calculator and see properties in your area that were correctly predicted to sell right now.
Are you ready to close more deals and make more money? ProspectNow offers a free trial for residential and commercial prospectors. Sign up now and see how much more you can make with this platform.