Artificial intelligence (AI) is a hot topic. In the most basic terms, AI is the ability for technology to think and learn. With AI, technology can perform tasks that are typically done by people. Now, when you think about AI in real estate, what word comes to mind? Breakthrough? Scary? Both?
Weichert® is about to take you through a thumbs-up or thumbs-down comparison of AI in real estate to help you know when to embrace it and when it’s best to use a human touch. Ready to explore? (We’re imagining that you just gave us a thumbs-up, so let’s go.)
AI makes it easier to manage daily tasks
Weichert says, “thumbs-up”
AI can help you delegate time-consuming but necessary tasks to technology, such as bolstering your marketing efforts and maintaining your database. This can open up your calendar to focus on prioritizing clients, leading your team, and setting and achieving business goals.
For example, AI-powered tools can jumpstart your process for coming up with ideas for social media, blog posts, website content, and YouTube or TikTok videos. It can generate selling script drafts, such as for cold calls or repeat customer business. Just to be sure to read through everything with a careful eye. When it comes to marketing, think of AI as starter fuel—not a generator— to help power your process and bring your brand to life.
AI can also help you and your agents to analyze customer data, such as demographics, interests, and preferences. All this ladders up to a more customized marketing approach. When you can tailor content and create ads that resonate more personally with prospects, you’re more likely to see them convert to customers.
In addition, AI can help to put more hours back in your workday by scheduling appointments and meetings, replying to emails, managing calendars, and sending you timely reminders for tasks and to-dos.
AI is an effective tool for engaging leads
Weichert says, “thumbs-up”
Using AI in lead generation for real estate makes total sense. AI has the potential to help you select and nurture the most valuable targets, which can be a huge time- and cost-saver. This can allow you to scale your efforts, which can net increased lead gen activity and ultimately potential business. AI can help you keep clients at the forefront of new inventory and keep their search activity top of mind for you and your agents.
According to RISMedia, “AI can help you engage, nurture, and qualify leads with automated SMS and email programs designed to convert leads into clients. With advanced natural language processing and human-like conversational abilities, AI acts like an extension of the agent. It helps take the legwork out of prospecting and following-up with leads so agents can focus on qualified opportunities.”
Weichert selected its myWeichert tech stack for many reasons, but one was its AI component. It helps agents do a better job following up with leads by scaling their ability to respond, as well as nurture these leads until they’re ready to take action. AI can respond more immediately and consistently than a single agent could, leading to a better overall customer experience. AI also helps to incubate the leads, allowing agents to work their database more efficiently. All this leads to an ability to spend time on more complex interactions once a lead is ready for further action.
A chatbot can also be a great AI tool for engaging leads and customers. While we can’t be available 24/7 to prospects and customers, a well-planned chatbot can provide customers with a sense of “I am here for you when you need me” communication.
RISMedia reported that, “Chatbots are an increasingly popular tool for real estate agents due to their ability to provide quick and efficient responses to frequently asked questions (FAQs). This is also a strong lead generation tool, as it can capture important data, such as names, email addresses, phone numbers, and preferences of potential clients. This can improve the customer experience and reduce the workload on real estate agents.”
AI provides depth for the customer experience
Weichert says, “thumbs-down”
By depth, we mean emotional intelligence, as well as information that comes from connecting the dots between the emotion and the practical. For example, trust is a huge part of a relationship between a real estate broker or agent and customer. Trust is built over time, and it comes from being able to look a customer in the eye and really listen to what they’re saying. AI can’t do that. Only people can.
Then, when you take that trust and connect it with practical information—such as offering sellers an out-of-the-box approach to help them realize their retirement dream—you bring in information that AI can’t provide: personal customer insight.
At Weichert, we often talk about taking a “people first” approach, especially as it relates to the customer experience. Bill Scavone, President & COO
Weichert, Realtors®, Weichert Real Estate Affiliates, Inc., says, “The Weichert team firmly believes that relationships are—and will continue to be—the heart of real estate. Both buyers and sellers crave a relationship that’s built on emotional intelligence. They want an empathetic ear, a voice of reassurance, and genuine guidance as they contemplate exciting yet often difficult decisions. We’re not helping them to buy or sell a car or patio furniture. We’re taking part in decision-making that will impact where people live their lives.”
AI is like a crockpot, just press start and walk away
Weichert says, “thumbs-down”
Even if AI in real estate makes certain aspects of your work easier and more automated, don’t assume you can take your eyes off the prize. It’s not a magic crockpot for cooking up success.
According to NAR Realtor® Magazine, AI can come with risks and dangers. “While the benefits of AI are vast, real estate professionals must remain vigilant and take proactive steps to mitigate potential risks, such as fraud and scams, cyberattacks, and data breaches. AI systems can be used to generate fake reviews, testimonials, articles, emails, and other types of information which could mislead buyers or sellers.” Be sure you know the risks and dangers of AI and how to implement solutions to protect you, your team, and your customers.
Weichert believes that AI in real estate has the potential to serve as a tool to help brokers and agents in a variety of ways. But we also believe that tools are designed to assist people, not replace them. Real estate is an industry where the human connection is alive and well. Just think about your last open house.
If you believe that people-to-people contact matters in real estate, let’s talk. A Weichert human looks forward to having a real conversation with you.