Is there an Artificial Intelligence platform right for your business?
If you spend any time scrolling through Facebook, Twitter, or Instagram feeds, you will undoubtedly feel inundated with all the chatter about Artificial Intelligence and ChatGPT. With seemingly all of the major tech companies announcing and releasing their own AI-powered solutions, every news article reporting on how AI will change this industry and that industry, and all of our friends sharing their funniest ChatGPT prompts and answers, you might feel a sense of information overload, ready to press the pause button and say, ‘enough already!’
Since there is no pause button on the express train of technological innovation, it’s important that we filter through the noise, recognize that integrating artificial intelligence isn’t limited to trillion and billion-dollar Silicon Valley companies, and understand how we can leverage all of these new products and services to help our own businesses. We can learn from the early adapters on how they are using AI to support their own real-estate businesses. Artificial intelligence won’t sell houses for us (yet), but it can certainly make some of the more mundane parts of our jobs a little easier.
Lead Generation
Let’s start with Compass. Compass invested $900 million into building tech to foster growth, agent retention and cut costs. The Tech Stack has a multitude of features. One feature named Likely to Sell is an AI driven algorithm that predicts which of an agent’s contacts is serious about selling with a 9% success rate. According to Compass, that’s three times higher predictability over Zillow.
Eddie Perez from Compass said that Likely to Sell “empowers me to be a relationship builder by allowing me to easily stay connected with my clients and work smarter, not harder. AI helps me elevate my customer service to my past clients and sphere as it helps predict which of my clients have a higher likelihood of selling within the next 12 months. It’s an invaluable time saver which ultimately makes me more productive.”
Not a Compass agent? There is a similar AI lead generation platform that may work for you. offrs is a predictive analytics platform using AI algorithms to identify potential homebuyers in a specific area, based on data such as recent home sales, mortgage information, and demographic trends. Agents select a territory and leads are provided to one agent. Another reason we like it, the company has great Google reviews and guarantees 30 leads a month.
Content Building
Creating content for blogs, social media and property descriptions can be monotonous/time-consuming. But using AI content building platforms can take some or all of the burden off. ChatGPT which is a free platform is a game changer for content idea sourcing, blogging, and creating property descriptions. It was recently highlighted by CNN — “real estate agents say they can’t image working without ChatGPT now”. Check out this video by an EXP realtor that uses ChatGPT regularly. Even if the agent isn’t using the AI-generated content verbatim, some are simply taking the content and making small tweaks to save time.
CRM (Client Relationship Management)
Once you have captured a lead, it’s important to keep in contact and stay top of mind. A CRM’s AI function can help you do that with less time at your computer. For small, local businesses we recommend Constant Contact, Mailchimp and Sendinblue. Each has small business pricing and campaign automation. Once connected to your website, AI funnel automation has the ability to engage with potential clients by sending predetermined communications.
Eddie Perez (Compass) said this about using a CRM — “The CRM is “Command Central ” as I call it. The functionality and user experience is fantastic and I’m able to run almost every aspect of my business and client experience from it. It’s all interconnected so for the most part we never have to enter information twice. Once our client and a property address is in the system, we can run everything from our CRM. From beautiful search and collaborating with buyers using Compass Collection and easily coordinating property tours to custom marketing campaigns where its virtually one click digital ads, custom brochures, open house collateral and so much more.”
While you can choose to ignore AI, it may put you at a disadvantage compared to those who are already taking advantage of it. As AI continues to evolve and become more sophisticated, it is likely to become even more integrated into the real estate industry. So, even if you choose to ignore it for now, you will need to adapt to it in the future to remain competitive.