What is AI and How is it Used in Real Estate?
It seems like overnight “AI” has been everywhere! Looking at the graph from Google Trends that explores the use of the term “AI” over the last three years, you can see that it pretty much did. Around July 2022 is when interest really began to peak when it came to artificial intelligence.
Below is the same trend graph for “AI Marketing.”
But what even is AI?! And how are marketers and especially those in the real estate industry, utilizing AI? While AI technology is ever-evolving, below are some of the basic things you need to know if you are curious about AI in real estate, how it’s currently being utilized, and where real estate is headed using AI.
What is AI?
Artificial Intelligence, or AI, is a field of computer science focused on creating machines involving algorithms designed to learn from data inputs, adapt to new situations, and make predictions based on patterns in the data. AI technologies include machine learning, deep learning, natural language processing, robotics, and human-like cognitive systems.
How is AI Used in Marketing?
- Ad Optimization
- Content Creation
- Predictive Analytics
- Sales Forecasting
As the world becomes more digital and data-driven, marketers are increasingly turning to AI to help them harness the power of data and improve their marketing efforts. Markets use AI to automate repetitive tasks, gain insights from customer data, and optimize their marketing efforts for maximum impact. As AI technology continues to advance, we can expect to see even more innovative uses for lead nurturing, content automation, and predictive analytics for years to come.
How can Realtors use AI?
Some popular areas in which real estate agents and professionals are utilizing AI today include lead generation, lead nurturing, and search engine optimization.
Identify potential leads by analyzing site user behavior to find potential buyers and sellers who are more likely to be interested in your services.
In real estate, AI can be used to increase the lead experience by recognizing the best time to reach out to prospects, putting together personalized messaging, directly communicating with site users effectively and efficiently, directing prospects to the appropriate resources when needed (including your agents), and automating campaigns for both long-term lead nurturing and short-term sales tracking.
Search Engine Optimization
AI-powered solutions are becoming increasingly popular to help real estate agents be more effective in their marketing by creating templated listing descriptions, streamlining the technical optimization process, producing more personalized and impactful content, automating advertising processes to identify peak times and target audiences more efficiently, and creating virtual tours that offer an immersive experience for out-of-state buyers.
How will AI be used in Real Estate Moving Forward?
In the coming months and years, AI technology will become increasingly popular and important for real estate. AI will help to streamline processes and improve buyer, seller, and agent experiences which will lead to a more efficient real estate market where AI helps to connect buyers and sellers with agents.