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- September 15, 2024
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- 03 Mins
AI in Real Estate: From Virtual Staging to Automated Property Management
The advent of AI is revolutionizing various aspects of business, and the real estate field is no exception. AI is starting to penetrate real estate in interesting ways. This article provides concrete examples of how it’s being used in real estate.
Virtual Staging and Design
Staging is an expensive proposition. It requires agents or sellers to design the space and rent furniture so buyers can visualize it in the best possible way. However, nowadays there are many apps available that allow you to virtually design the space. One such app is Cubicasa. Anyone with a simple smartphone can open the app and create a video of a house. The video is then converted into a 2D floor plan, a 3D floor plan, or a 3D virtually staged floor plan using AI. We actually used it to virtually stage one of our rentals! Here is the 3D floor plan we generated.
Besides Cubicasa, there are other apps such as Virtual Staging AI, Interior AI, and Spacely AI that allow you to virtually design spaces. These tools are useful not only for real estate agents or sellers but also for interior designers and multifamily owners. Another company gaining traction is Matterport, which generates 3D tours, floor plans, and more. They have also secured partnerships with some well-known online brokers. However, not all these tools are created equal. Some applications excel at design, while others are better at floor plans and measurements. It’s important to recognize that this option is now available and is much cheaper than traditional staging!
Customer Interactions using Chatbots
Chatbots are increasingly becoming a preferred way of interacting with customers. The idea is to have basic questions answered by a chatbot and route more complex queries to humans. Companies like Roof AI specialize in the real estate domain. They design chatbots to assist brokerage houses, mortgage brokers or lenders, relocation services, and recruiters. These chatbots can also personalize property recommendations based on customer preferences, ensuring that a real estate agent can meet the specific needs of their clients without human intervention. Here is a simpler example of what it can do for real estate agents.
Guest communication is crucial in the vacation rental space. Guests reach out to hosts for various reasons, such as requesting directions, obtaining entry codes, or reporting issues. Host AI is one company that automates these communications using AI chatbots. They can also handle guest phone calls through their voice AI feature.
Marketing Tools
Real estate marketing often involves creating social media posts, writing property descriptions that entice potential buyers, designing email campaigns, and developing other marketing materials. There are many tools available for generating social media posts, but Saleswise AI specializes in the real estate domain. They offer tools to create emails, listing descriptions, calling scripts, and even virtual staging for properties.
Property Management
Property management is another area in real estate where AI is being adopted in a big way. Lethub is one company that offers AI tools for arranging showings, automating lockbox integration, verifying showings through government ID or selfie verification, providing custom follow-ups after showings, and pre-qualification questionnaires. Another company, Rent.com, offers products like RentEngage for tenant communication and RentRep for managing online reputation, social, and listing management. Additionally, many AI-driven accounting software tools, such as Vic.ai, are entering the market, offering automatic expense classification and AI-based approval workflows.
Conclusion
AI is transforming the real estate industry in ways that make processes more efficient, cost-effective, and personalized. From virtual staging and design to automated customer interactions, marketing tools, and property management, AI is helping real estate professionals streamline their operations and enhance the customer experience. The ability to automate tasks like communication, property tours, and even marketing efforts allows agents, brokers, and property managers to focus more on strategic decision-making and client relationships.
However, this is just the beginning. As AI technology rapidly advances, we can expect to see even more areas of real estate being revolutionized by AI solutions. Whether it’s improving predictive analytics, automating property maintenance, or enhancing virtual reality tours, the future promises exciting new developments that will further reshape how we buy, sell, and manage properties. The potential of AI in real estate is vast, and those who embrace it early will likely reap the most benefits.
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