How is Conversational AI Helping the Real Estate Industry?

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Conversational AI in real estate is allowing firms to enhance the efficiency of their real estate agents, fast-track deals, and, most importantly, increase sales.

But how is conversational AI helping to do that?

In this article, we’ll cover how conversational AI is helping the real estate industry. We’ll also tell you about iovox Insights, a robust conversational AI solution, and why it’s the right fit for your real estate business.

This Article Contains:

How is Conversational AI Helping the Real Estate Industry?

Here are some ways conversational AI (Artificial Intelligence) is improving the real estate industry:

  1. Spot Opportunities Based On Keywords

    Are you a real estate marketplace with a goal to provide quality opportunities to agencies or individual real estate agents? Or are you an agency and want to know more about the types of leads you’re receiving?

    Either way, conversational AI is perfect for you.

    Based on a set of keywords you define, the iovox Insights solution can identify every conversation containing the keywords that you defined. This can come in handy to identify qualified leads as well.

    For example, do you want to know how many of your prospects or callers are interested in financing services or need to arrange for a mover?

    No problem, iovox Insights, a conversational AI solution, easily identifies those opportunities within your leads and many more.

    iovox Insights can help you:

    • Know what’s happening on their inbound leads, know if your agency brand is being well represented on every call.
    • Know how well their teams are handling incoming calls, know if scripts about potential property viewings, budgets, seller’s rights reserved, etc., are being followed during a call.
    • Know the quality of their leads
    • Prove ROI
    • Analyze calls at scale without escalating costs
    • And more!
  2. Identify Upsell/Cross-Sell Opportunities

    Another advantage of AI technology is immediately identifying upsell/cross-sell opportunities within your leads. For example, if the keyword “mortgage” is mentioned on a call, you can forward the call to an in-house mortgage specialist or refer them to a 3rd party who offers that service.

    This way, you can drive revenue and build trust even when you don’t offer what the customer is currently looking for.

  3. Make Better Recommendations

    Suppose a customer or potential buyer wants to view a specific property. A conversational Artificial Intelligence tool can skim through big data troves and recommend the right real estate to a customer aligned with their requirements. This will increase customer satisfaction greatly.

    You can also train your AI solution to detect certain keywords and phrases associated with different types of customers and prospects and their preferences regarding the style of property. This makes it easier for the AI technology to suggest faster, more accurate recommendations — boosting customer service, customer experience, and customer engagement.

  4. Spot and Leverage Real Estate Trends

    Moreover, conversational Artificial Intelligence can make predictions of property price changes and real estate trends based on call data. This way, you can tailor your featured properties to align with what a prospective buyer is looking for currently — enhancing customer satisfaction.

  5. Record and Analyze Calls

    Conversational AI in real estate can conveniently record and transcribe your customer calls so you can analyze them later. The recordings can be a major insight provider for what makes or breaks a deal for your potential client.

    Furthermore, you can use these recordings to understand where each real estate agent needs to improve, and you can use them to formulate better call scripts — all of which can enhance your customer satisfaction and client service.

  6. Other Benefits of Conversational AI in Real Estate

    Here are some other significant benefits of conversational AI in the real estate sector:

    Cost Savings: The automation of several business processes with conversational interfaces reduces business costs in training and customer service, especially for small- or mid-sized real estate companies.

    Better Documentation: Documents are a hassle in any industry — especially real estate. With conversational Artificial Intelligence, there’s no mistaking what was said on a call which can be important in real estate.

    Scalability: Conversational AI is Natural Language Processing (NLP)-powered. It helps Artificial Intelligence support personalized conversations and customer intent analysis to ease client choices. This makes it easy for you to capture leads.

Now that you know conversational AI technology is essential for your real estate business journey, let us show you why iovox Insights is the Artificial Intelligence solution you should go for.

Why You Should Use iovox Insights

iovox Insights is a robust conversational AI solution that can make your real estate agents and real estate company extremely efficient — eventually turning you profitable:

  1. Makes Conversations Searchable

    With iovox’s recorded and transcribed calls, you can easily read and search prior conversations. This makes important information accessible and increases transparency over your interactions with every potential client (property buyers and sellers).

    A real estate agent can also use them as scripts, and a manager can use them as coaching material.

  2. Track Calls with Keywords

    With iovox’s keyword spotter feature, you can add specific phrases and keywords like “property registration,” “sold,” “mortgage,” etc. The tool will then automatically identify them from call recordings and track them, providing visibility over what influences key decisions.

  3. Measure KPIs to Improve Customer Service and Experience

    Use iovox Insights to track and spot trends of a potential buyer. The AI solution also predicts real estate trends based on criteria important to you.

    You can also monitor real estate call performances with the iovox dashboard containing average calls per day, total talk time, and your preferred keywords spotted in conversations.

    And since conversational Artificial Intelligence can also identify future and existing revenue opportunities, you’re looking at more possibilities to boost property sales for your real estate company.

Now that you know how important conversational AI is in the real estate market, let’s talk more about AI technology.

2 FAQs About Conversational AI

Here are a few answers to common questions for your better understanding of the AI technology:

  1. What’s the difference between conversational AI and chatbot?

    A chatbot (or a traditional chatbot) is a computer program that has the ability to automate human interaction via text messages using predetermined responses.

    These traditional chatbots exist as basic software programs where they operate through a user interface created for chatting on a website or an app. Some chatbot examples include the WhatsApp chatbot, e-commerce help chatbots, Facebook Messenger, other social media chatbots, etc.

    On the other hand, conversational AI is the set of AI technology tools behind automated text messaging and speech-enabled apps that allow humanlike interactions between computers and customers.

    Conversational AI doesn’t require predetermined rules. Instead, it uses Natural Language Processing (NLP), machine learning, and Natural Language Generator (NLG) to produce appropriate responses.

    Some examples of conversational AI solutions include Amazon’s Alexa (voice AI), Google Assistant (virtual assistant or AI assistant), and more.

  2. How can conversational AI chatbots help the real estate sector?

    A conversational AI chatbot or AI powered chatbot can easily reduce the workload of real estate professionals by enabling smooth workflows. Here are the use cases of an AI chatbot and how it can help realtors and the real estate sector:

    • Lead Generation: It’s not possible for realtors to answer all calls and every question that a client, prospective buyer, or tenant may have with their time-consuming schedule. A real estate chatbot works 24/7 (live chat) so it can act as a customer support agent to answer FAQs, take contact information, discuss rights reserved, promote property viewings, etc. — in real-time.

    • Increase Website Engagement: Websites with an AI chatbot solution (or AI bot) can increase potential real estate sales. Artificial Intelligence can do so by answering the FAQs asked by every website visitor, responding to follow-up questions, and helping customers navigate the website better.

    • Virtual Tour: An AI bot like a virtual assistant can conduct a virtual tour of the property for prospective tenants or buyers as well as introduce the real estate agent or property manager. This can help when a prospective buyer or realtor is too busy for an in-person showing.

Final Thoughts

Conversational AI has become one of the most powerful tools for any real estate business these days. There’s no question that it can help make real estate agents or other real estate professionals know what’s happening on their inbound leads, know the quality of their leads, know how well their teams are handling incoming calls, prove ROI, analyze calls at scale without escalating costs, and more.

Start using iovox Insights to analyze all your real estate calls and improve customer experience like never before!

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