AI, or artificial intelligence, and machine learning are transforming every industry. Computers, applications, and algorithms have evolved in recent decades to the point where they now can autonomously perform jobs that used to require dedicated human efforts. However, artificial intelligence will not replace real estate agents anytime soon. Instead, the new technology can make people’s performance much more efficient. Below are some ways that you, as a real estate investor, can harness AI today.
Initial Client Conversations
It can take time and effort to screen clients. By using a virtual assistant, you can automate much of this process and separate solid leads from interactions that might be a waste of your time. Not only can virtual assistants screen calls, but they can also keep track of the respondents’ results. You can then pick up the conversation after an initial round of automated communications.
Data Entry for New Listings
AI is regularly used to populate online database fields with property information. No longer does an agent need to rely on pen and paper for this kind of work. AI can disseminate data across many platforms, greatly enhancing an agent’s marketing efforts.
Searching for the Best Properties
AI is skilled at scrubbing the Internet for properties that fit your required criteria. Whether you are looking for single-family homes, commercial properties, or multi-family complexes, AI can quickly filter through options until only the best are left. You can also search for specific home characteristics, such as backyard, basement, state, number of bathrooms, number of bedrooms, etc. These types of AIs are already integrated into numerous property searching applications and websites. If you are a real estate professional, then you have probably already used some of these without realizing that you were doing so.
Even with all of its abilities, artificial intelligence cannot automate the entire real estate transaction process. For this, you will need human agents and manual applications like Propy, which can save you a considerable amount of time and money. Work with professionals in the real estate space while still taking full advantage of AI technology.