Generative AI: A New Revolution In The Real Estate Industry

The type of artificial intelligence responsible for the creation of the original content made in response to the user’s request is known as generative AI. This tool is gaining popularity across different industries since it can provide not only text but also high-quality images, audio, and video content.
Generative AI has become a powerful assistant in the real estate business since it produces new content in a creative way. It is powered by foundation models, which help it generate human-like content at a minimal training. It also can discover the latest trends, analyze and summarize data, automate multitasking, and improve productivity. 

It isn’t a secret that many professionals utilize generative AI nowadays, and real estate agents aren’t an exception. They use it to generate leads, run market research, make customer experience more personalized, and simplify routine tasks. Let’s take a closer look at 10 ways how generative AI can contribute to the quality and success of realtor work and improve the quality of the services provided.

Virtual Tours

Virtual tours have become the most popular way to represent property nowadays. Real estate agents create such tours to provide potential buyers with realistic tours around the property offered for sale. They can also enhance the original design and show the poverty potential from the beneficial side.

It’s a convenient way for people located far away from real estate, so it isn’t surprising that 22% of modern residential property listings are provided with such tours. The use of generative AI allows making tours more realistic and provides an interactive experience to attract more potential buyers.
It takes only a couple of minutes for AI tools to generate a property layout and a 3D walkthrough. Viewers are more engaged in watching such tours, and they can access any property for sale without the necessity to attend showings.

Automated Property Valuation

Every home for sale must be assessed and estimated on the basis of its location, condition, size, and other factors. The formal valuation is a time-consuming and costly process, but you can save a lot thanks to generative AI. 
The tool analyzes market trends, considers previous sales records, and takes into account property characteristics to create an insightful estimate of property value. Thanks to fast data collection and processing, you can get an accurate property estimate in a couple of minutes.

Getting Personalized Recommendations

AI tools have excellent analytical skills, so they utilize machine learning algorithms for data analysis and make offers of the most appropriate real estate on the basis of user requirements. The tool takes into account the client’s preferences, the history of search, online activity, and selects listings tailored to the user’s wishes. Its analysis is based on the personal preferences regarding location, cost, facilities, and other important aspects for a buyer. It’s a great way to offer clients only suitable examples and save lots of time on search.

Improved Listings

A listing is the most effective way for a real estate agent to represent property for sale and make it accessible to potential buyers. A listing usually indicates the home type offered for sale, its footage and price, year of construction, and utilities available there. 

Earlier, real estate agents used to create detailed property listings themselves, but with generative AI, it’s enough to provide basic details and have a listing description written for you. It’s a great way to save time and access the necessary target audience. 

Prediction of Market Trends

Generative AI is good at data analysis, so it can make more accurate and data-driven predictions on the basis of the results received. It makes trustworthy predictions on the basis of historical data and the latest information. No wonder real estate agents utilize its possibilities to discover the best time for investment and identify properties with a good growth potential.

Virtual Staging

Virtual staging is a popular service of adding furniture and decor onto the photos of empty home photos to make them more appealing to buyers. These services can be ordered for money, but real estate agents more often use AI-powered tools to show the potential of the real estate and create a welcoming impression.

Virtual staging is a much more cost-efficient alternative to home staging, and with generative AI, it can be completed much faster and more cheaply. The tool analyzes a photo in all details and arranges furniture in accordance with the proportions, lighting, and color palette.

Neighborhood Analysis

As a part of general market analysis, generative AI can collect information about neighborhoods and match potential buyers with the most suitable ones. It can be challenging to find a good neighborhood with suitable amenities, so AI tools can help to narrow down the search and offer the most applicable variants. 

These tools collect different data, including the population of this region, crime rate statistics, property prices, the variety of facilities, etc. It allows getting fast insights into different neighborhoods and making more accurate predictions regarding their future.

Running Marketing Campaigns

Marketing is an integral part of a realtor job, so these professionals always work on different marketing campaigns to promote their listings and attract more leads. Such campaigns usually include a range of directions, including digital marketing, social media posts, email letters, SEO optimization and more. Luckily, a good deal of these tasks can be completed by generative AI. It can customize social media content, develop different marketing materials, and optimize marketing strategies to improve the quality of content.

Enhancement of Customer Service

Communication is an important aspect of realtor’s job, and it’s important to provide clients with actual and useful information upon request. This is exactly the thing where AI tools can be very helpful. They can develop consistent responses to different questions and offer solutions to common problems and challenges. 

You can use generative AI for customer service via automated chatbots, which can be trained to provide necessary information 24/7. It can greatly reflect on the overall customer satisfaction rate.

Fraud Detection

Any fraudulent activity connected with realtor work can lead to significant losses and problems, so it’s important to have such a reliable assistant as generative AI, which can protect you from potential problems. The automation of different tasks you entrust AI with can protect assets and user data, reduce the risk of financial losses, ensure the regulatory compliance and keep clients trusted.

The possibility to analyze tons of data in a matter of seconds allows AI to identify suspicious activity and prevent fraud at an early stage. Thanks to real-time monitoring and recognition of unusual patterns, AI can provide instant reports and stop suspicious transactions to prevent their negative impact on real estate professionals and their clients.

Summary Of the Generative AI Role In The Real Estate Industry

Generative AI can be a great assistant for real estate agents thanks to its customization possibilities, ease of use, multitasking, etc. It features incessant development and improvement, so it can help the real estate business to be competitive and offer innovative solutions to attract more potential customers.