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on September 05, 2018 Software

AI AND CHATBOTS IN HOUSING

The business of the housing industry is online. Over 83% of buyers or renters start their home search online. Thus, to keep up with the increasing demands of the job, artificial intelligent must be used, especially chatbots since 24/7 service is today the most important element of the industry affecting the revenues.

Chatbots will save time for customers, but will also facilitate the process of finding a house that fits their needs and expectations. One experiment was conducted by a popular real estate publication, they asked three real estate brokers to compete against an AI bot nicknamed “Find More Genius” to recommend houses to a potential buyer. The results showed that only the homes chosen by Find More Genius were selected by the buyer.

This also benefit the agents in return as chatbots help to sell properties fast through understanding customer behavior, while recommendation engines analyze information from previous sales. In fact, one case reported that a flat offered for sale on AI text base service was sold 3-5 faster than similar flats in the same residential areas.

AI is being used in housing for strategic planning and corporate development, to reduce errors, increase profits, and increase cost efficiency.

The future of chatbots and AI in the housing industry is promising, and the benefits are plenty.

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If you would like to learn more about the use of AI and chatbots in industries,  please read our guide on AI and chatbots.