AI and AR Are Making an Impact on Real Estate
The National Association of Realtors®(NAR) joined tech leaders as they took the stage at the recent Realtors® Legislative Meeting to discuss the integration of cutting-edge technologies like Artificial Intelligence (AI) and Augmented Reality (AR) into real estate practices. The panel explored how these technologies are transforming the industry, highlighting the importance of embracing new technology.
The quicker Realtors® can adopt new technologies, the quicker they can become experts with the most powerful marketing tools at their fingers.
AI is maturing in the real estate industry, and it is constantly learning from itself to perform specific tasks, such as paperwork, interior design solutions, and even marketing materials. As more brokerages integrate AI into their services, they can help Realtors® find ways to make their work more efficient. According to McKinsey & Company, they explained that Gen AI’s strengths fall into four categories: customer engagement, creation, decision, and solutions. This has never been so true when looking at how it can use these models to create stronger customer experience, tenant retention, and smarter asset selection.
AI has the potential to make real estate just that much easier by providing insights and datasets that can help provide accurate information that will positively impact a Realtor®'s bottom line. AI has been known to help enhance client interaction with social media graphics and copy, but it is also shaping the future of real estate transactions.
According to Florida Realtors®, “A HomeLight survey shows that 83% of agents agree that a staged home will sell faster than a non-staged home, and using AI to stage a property virtually can save firms time and money.”
AI and AR have recently been able to do the following:
Generate floor plans from your smartphone and allow you to stage photos with AI virtually.
Create virtual tours that make this step easier and more affordable for your clients.
Help provide another technology advantage for those clients who may be out of town and are unable to see the showing in person.
In terms of property management, it can help with automated rent collection, maintenance requests handling, communication channels, tenant onboarding, and even screening.
Florida Realtors® continues, “Businesses that leverage automation have experienced a 14.5% increase in sales productivity and a 12% reduction in marketing overheads.”
Technology is enhancing efficiencies in real estate from establishing data standards and streamlining processes to enhancing future listing experiences, optimizing marketing strategies, transforming property management, and much more. Integrating AI and AR into your operations can significantly enhance your everyday processes, making them more efficient and seamless for your business to thrive.
By RWorld Staff
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