Artificial intelligence (AI) is already dominating marketing. In fact, more than 80% of businesses are already incorporating AI into their digital marketing strategies.
This tech is making it possible to streamline, optimize, and automate a variety of marketing processes that would otherwise need manual execution. In doing so, it’s making it possible to connect with consumers in a much more efficient way.
You might be wondering how AI is enhancing real estate marketing and what we can expect from it in the future. Here’s the deal.
How Can AI Enhance Real Estate Marketing?
AI refers to the simulation of human intelligence created and processed via machines. It’s essentially a system capable of collecting and processing vast amounts of data, which then gets used to inform new and improved systems or content. Using machine learning, AI learns from the data it’s given. It then continues learning and improving based on experience and without direct instruction.
It’s not about taking over the world. But it is an excellent tool for real estate marketing and sales.
Real estate is an industry that relies heavily on accurate, targeted audience marketing and trend predictions, which help agencies connect properties to consumers who want them.
AI can be a powerful tool for facilitating these aspects of real estate marketing. All while boosting sales, broadening audience reach, and minimizing the workload of people who work in the real estate marketing industry.
Let’s take a closer look at the various ways real estate agencies can use AI at a practical level to enhance their marketing strategies:
1. Market analysis and predictions
There are a few different ways to analyze and predict consumer needs, market trends, and price patterns in the real estate industry. You can study historical trends, identify which businesses are moving in or out of an area, and look at local redevelopment plans. – mentioned by Jasen Edwards, chair of the Agent Editor Board at Agent Advice.
Want to know the best part?
None of these approaches is as effective or accurate as an AI market analysis system.
While the former manual systems may require hours upon hours of research within the limited scope of the human mind, AI is not held back by time, effort, or capacity for information.
An AI system can comb through millions of millions, if not billions, of bits of data, including information relating to news, crime statistics, price patterns, housing trends, and any other criteria.
Once analyzing these tremendous groupings of data, AI can then make predictions about future trends based on the information it has processed. This results in much more accurate assessments of the current market that can be used to inform property marketing strategies going forward.
2. Automated content creation
Uploading and sharing high-quality real estate pictures, videos, and general content is a huge part of what makes a successful marketing campaign. And AI can make it better.
Through AI-powered software programs, your agency can create brand-adjacent videos from pre-existing content for uploading onto websites, social media platforms, and other channels.
You can use these programs to make explainer videos, video advertisem*nts, and even interactive video tours of available properties. These kinds of content have seen incredible response rates online, helping your real estate business reach a bigger audience and gain the recognition it deserves.
3. Personalized customer experience
One of the most significant aspects of AI-powered solutions is that they can facilitate more succinct, personalized customer experiences. Which, if you’re following marketing trends, has become one of the most popular ways to attract online audiences. 2023 statistics show that 89% of marketers using personalization in their campaigns see a positive ROI, and companies that do personalization right potentially increase revenue by as much as 40%.
So, you need to get personal, and AI can help.
AI systems can keep track of customers’ real-time searches, including previous purchases, real estate preferences, and property views. This not only helps you to get the best real estate leads, but it also gives you all the information you need to market to your audience in the most effective, personalized way possible.
Personalized customer experiences lead to increased sales, higher conversion rates, and even better customer reviews. For the real estate marketing industry, it’s a game changer.
4. Property valuation
Another way that AI can positively impact the real estate marketing and sales industry is by providing a simple, automated way to evaluate properties. By getting fed high volumes of data on previously evaluated and sold properties, an AI system can reasonably assess and value real estate on the market.
When executed by humans, a property valuation can be a time-consuming, admin-filled process. But with an AI software program, this process gets expedited,and sometimes, it’s even more accurate than what employees are capable of.
What Are The Risks Associated With AI In Real Estate Marketing?
You might be wondering if AI is all streamlining and smooth sailing.
It’s not.
Why?
Just like most tools, AI programs come with pros and cons.
Despite being capable of making near-perfect assessments, valuations, predictions, and content for real estate agencies, AI does have some Achilles’ heel: privacy and bias.
- Privacy – AI is only so accurate in its processing because it uses pre-existing data and machine learning to draw conclusions. However, not all renters or potential buyers and sellers are happy with AI using their data. This can potentially cause problems for real estate agencies that use it.
- Bias – AI draws conclusions based on the data it’s fed. And unfortunately, biased people and history can produce biased assessments, particularly when left unmonitored. Using AI to evaluate property could perpetuate racial, gender-based, and ethnic biases that the humans who create it share, and there are now even tools to prove it.
All in all, AI may be powerful, but it is far from perfect. There are still lots of kinks to iron out before we can use it liberally to support agencies and businesses. But until then, closely monitored use appears to be largely advantageous.
Conclusion
There’s no denying it. AI is doing amazing things for real estate marketing and sales.
With its ability to predict, optimize, and automate so many different digital processes that we rely on for customer connection and audience research, it’s paving the way for an extremely accurate and personalized approach to marketing.
Using AI in real estate marketing can be a great way to refine your target audience, create more succinct marketing strategies, and generate content that your customers will love. You need to know its downsides, too, so you can navigate these successfully and only use this smart technology for good.
