December 16, 2023
In recent years, automation and artificial intelligence have been becoming increasingly popular in many industries due to the efficiency and productivity increases it offers. And in the property sector, the situation is no different with these tools forming vital components of many products and services at the forefront of innovation in the property sector.
The benefits of innovating in the property sector go far further than just productivity and efficiency, though. It also allows property professionals to improve their sales and marketing processes, predict property prices more accurately, and quantify leads and potential buyers more easily.
With that in mind, let's look at how automation and artificial intelligence are changing the property sector for the better.
Nowadays, businesses are generating more data than ever before. This, in turn, opens the door for the use of automation and artificial intelligence (AI) that allow these businesses to streamline their business processes, market better, and generate more revenue.
Slowly but surely, the property sector is also adapting to this data-focused world. And it's a perfect industry for this when you consider that it relies, to a large extent, on data and various data processes. These include everything from document management, inventory management, procurement processes, accounting, and more.
So, considering the above, it makes sense to explore what benefits automation and AI can bring to the property sector.
The sales and marketing processes for real estate are often resource-intensive and require a lot of time and effort, especially when you manage many transactions. Fortunately, through automation, you're able to automate many of these processes.
When you do this, you’ll, for instance, be able to:
Gather information about your leads in one place which makes it easier to manage.
Segment all your leads based on their needs, requirements, and budgets. In this way, you'll be able to provide them with content relevant to their requirements. You could, for example, based on the information you have about your clients, make property recommendations to them.
Store the transaction history of every client. This allows you to personalise every client’s customer journey.
Create buyer personas based on every client’s interaction and engagement with you. This, in turn, allows you to develop specific marketing strategies and messaging based on the needs of the client.
Keep your clients up to date with the right information and, as a result, increase engagement with your clients.
Respond, for example through chatbots, immediately to inquiries from prospective buyers. And when you use chatbots to answer questions, you will gather more data in the process which allows you to customise your marketing campaigns even further.
When you’re able to do this, you'll be more efficient, and you’ll generate more revenue. In fact, according to research, when you automate your marketing process you can increase your conversion rate by up to 53%.
Because AI systems can analyse vast amounts of data, you can implement these systems to predict the market value of properties. Here, it's important to remember that AI algorithms can analyse a basically limitless number of property attributes like crime rates, schools, and buying trends to accurately determine the value of a property.
As a result, it's not only capable of predicting property values far more accurately than you can but can also do it a lot quicker.
In addition to the above, AI can also make property analysis a lot easier. So, for example, it allows you to provide accurate and extensive information about any property to your clients. For instance, it can generate information like the rating and reviews of local schools, crime rates, entertainment, recreation, and other activities.
By doing this, you'll empower your clients with all the information they need when making a decision. In turn, this increases your reputation and allows you to get more deals.
Property management is a major component of any real estate business. For instance, you must track rental and property listings, tenant applications, requests for maintenance, and finances. Sure, for one or two properties this isn't a problem but as your inventory increases, it becomes increasingly challenging.
Automation can ease this burden and can help you track all these details quickly and easily. As a result, property management becomes easier and frees up your time to concentrate on marketing and getting more deals.
Now that you've seen how the property sector can benefit from automation and artificial intelligence, you probably want to know how you can get these benefits. Well, the answer is simple. You need to use the right tools. When you do, you’ll get all the mentioned benefits and more.
Customer Relationship Management (CRM) systems are probably the best way for you to manage all your customer information and keep it organised. Because you store, manage, and track all your customer data with it, you're able to deliver better customer service.
But it goes further than this. With the information you capture in your CRM, you're able to improve your marketing strategies, get more leads, and respond faster to these leads. This is all a result of the automation capabilities the modern CRM offers.
As a property professional, you probably know how tedious the process is to confirm the identity and financial ability of tenants and buyers during a property transaction. This process often involves gathering multiple documents, bank statements, and a lot of communication as described above.
Fortunately, verifications software like Checkboard makes this process a whole lot easier. By using automation and artificial intelligence, it's able to complete credit checks, affordability verifications, and identity checks quickly and effortlessly.
For any property professional, a lot of their routine tasks revolve around managing and tracking rent payments, maintenance requests, contract termination dates, and more. This obviously takes a lot of time and effort that they could rather spend on marketing and selling.
A simple way to make this process easier and more efficient is by using property management software. This is because it reduces the administration work you need to do, gives you real-time access to all relevant information, and solves many of the challenges you face every day.
Simply put, it enables you to automate most of the time-intensive tasks you need to do daily which, ultimately, not only saves you time but money as well.
It's no secret that real estate businesses are time-intensive and require a lot of manual and repetitive tasks that rob estate agents of valuable time they could rather spend more efficiently.
Fortunately, AI and automation are perfectly capable of handling most of these tasks autonomously or with little human intervention. As a result, they’re capable of freeing up agents’ time to concentrate on more profitable, complex, or pressing issues that humans are capable of doing. This, in turn, ensures that agents are more productive and efficient.
To learn more about our cutting-edge verification software and its transformative potential through automation, make sure to visit Checkboard for comprehensive information and solutions. Don't miss this opportunity to optimize your processes!