February 23, 2021
How AI Chatbots Can Increase Sales in Real Estate in 2021
The Hyro Team
Modern Family’s Phil Dunphy is perhaps the most beloved fictional real-estate agent on television. He also happens to be enamored by the power of technology and artificial intelligence (AI).
Dunphy would be thrilled to know that in 2021, AI chatbot tools are helping increase conversions and sales in real estate.
According to Business Wire, the AI chatbot market is expected to grow to $5.6 billion by 2023.
This upswing is propelled by a sea change in how the real estate industry conducts business. Prior to the pandemic, buying property was primarily an in-person affair. Buyers wanted to meet brokers and visit an array of locations ahead of selecting one for purchase, a time-consuming and costly approach, with buyers and agents alike exhausting precious working hours and resources trying to track down the perfect home.
But there’s a shift in the air.
The pandemic and a new demographic of buyers are changing how the real estate industry interacts with buyers.
Today’s customer wants less hassle and less human interaction in their real estate purchases. Much of this is due to the habits of millennials and Gen Z, who make up almost half (44%) of all American property buyers as of 2019.
AI chatbot customer service is doing an incredible job addressing customers’ needs in today’s ultra-fast and competitive real estate market. An AI chatbot implemented on a real estate company’s website can answer prospects’ questions online, help them search for properties, and solve any issue they may encounter while browsing. The best AI chatbot customer service enhances efficiency for real estate firms and reduces operational time, helping realtors close more deals and boost sales.
Here are several ways AI chatbot companies can help bolster your bottom line if you’re in the real estate sector.
AI chatbots can help you gather leads and generate sales
Answering every call with prospective customers poses a challenge for busy realtors. Between scheduling meetings with clients and visiting property sites, countless calls get missed.
Each missed call is a potential lost sale.
The Real Estate Trainer—a resource for realtors—recommends responding to all inquiries within five minutes. Beyond that, your chances of landing a new client plummet. And it turns out, 78% of prospective home buyers stick with the realtor who first answers their inquiry.
There are two routes here.
You can either grow your team by hiring more customer service reps or deploy AI chatbot customer service to support your customer success efforts.
An AI chatbot does not require breaks, nor does it experience burnout which is endemic for customer support agents. It can support answering FAQs, collect customer contact information, and promote listings while you’re away from your desk. A Forrester report shows that 63% of customers are likely to return to a website if it offers live chat support. So if you’re looking to increase leads and subsequent sales to your real estate business without missing a beat, AI chatbot customer service is emphatically a tool to explore.
AI chatbot tools increase website engagement, correlating to more real-estate sales
Websites can make or break a potential sale. Make your website stand out by leveraging the right AI chatbot companies to increase your chances of making that sale. According to WebFX, 89% of people shop with a competitor after a poor online user experience, and 38% of people stop engaging with a website if it’s unattractive.
When a potential homebuyer or renter visits your website, they want to make sure you’re a good fit for their transaction. The more comfortable you make it for buyers to navigate your website or answer their questions, the higher the chance they’ll turn into a qualified lead.
AI chatbot tools can help with that.
Chatting takes less effort than making a call, which most customers would prefer to avoid. A recent study found that almost two-thirds (63 percent) of customers would switch to a company that offered messaging as a communication channel rather than a call center. Interacting with an AI chatbot on your website is a simple, straightforward way customers can engage with your business and a super-enhancer of online user experience.
Chatting takes less effort than making a call, which most customers would prefer to avoid. In fact, a recent study found that almost two-thirds (63 percent) of customers would switch to a company that offered messaging as a communication channel rather than a call center. Interacting with an AI chatbot on your website is a simple, straightforward way customers can engage with your business and a super-enhancer of online user experience.
AI chatbot tools can be personalized to funnel in more leads and sales
If you’re concerned that AI chatbot customer service may seem robotic, don’t be.
AI chatbot real estate tools are made to be personalized. The goal is to offer potential buyers value-add engagement, and in turn, increasing your chances of a sale.
The best AI chatbot tool can be trained based on the behavioral patterns of real estate customers. The aim here is to personalize the conversation and make it more insightful.
AI chatbot customer service technology can study the unique needs of each one of your customers. Through powerful algorithms, AI chatbots can strike the right chord with customers. For example, suppose a prospective buyer or renter wants a property that has heritage charm. In that case, the AI chatbot can gather information from the buyer through thoughtful questions and recommend properties with historic character.
The best AI chatbot can drive prospective buyers into booking a deal by asking the right, pinpointed questions.
Answering queries quickly to make that sale
Humans are great at answering questions. However, humans can’t scour the web for answers nearly as fast as the best AI chatbot can.
If a customer is looking for a specific property, AI chatbot tools can sift through troves of data and recommend the right suggestions to a customer. Often, this means applying the right filters in a web search, which an AI chatbot tool can do in wrap speed.
Chatbots linked to your property database can quickly extract properties that align with your customer’s needs.
Beyond that, the best AI chatbot tools can follow up with customers via email or SMS, providing them with further details and reminding them of their scheduled property tours.
Real estate’s digital transformation
Digital transformation continues to revamp how we conduct business. The rise of AI in real estate has the potential to help business owners bring in more sales among a changing demographic of prospective customers.
Expect to see AI chatbot customer service become the norm in the real estate sector as technology continues to transform engagement between customers and real estate enterprises.
More Conversational AI + Real Estate from Hyro
- Converting Leads Into Residents: Conversational AI through the Prospecting, Sales and After-Sales Process