Real Estate AI Chatbots

Real Estate AI Chatbots

AI for Real Estate Agencies is one of our specialities, and I've written about Imperial Properties before. However, we're constantly improving our technology, and as we are, all of our clients are benefitting.

I would claim that Imperial's current AI chatbot might be easily one order of magnitude higher quality than what it was the last time I wrote about them, and I would therefore like to revisit them as a primary example of how we can help real estate agencies to use AI to their advantage.

The goal

The most important part when adopting AI is to ask yourself what your goal is. For most real estate companies, everything is about close and personal relationships, built on a foundation of trust and understanding. An AI chatbot can never replace this, but it can help increase the probability of that the relationships are created in the first place.

By this I mean that if you're looking to replace human connections, you're probably doing something wrong. If you're instead looking to increase the number of humans wanting to connect with you, I suspect you're doing something right.

Imperial Properties wisely chose to create their AI chatbot such that it would do everything in its powers to make people contact human beings working for them. Implying the chatbot's goal is to increase the probability of that somebody interacting with the chatbot ends up leaving his or her phone number or email in the chatbot, which will automatically trigger a lead email, summarizing the conversation, and giving Imperial the contact details such that they can call back or email the user.

To understand what I mean here, consider the following chatbot conversation.

Real Estate AI chatbot collecting leads

AI-based Real Estate Super Agents

The AI chatbot will very effectively do everything it can to accommodate the user's requests. It will consider budget, location, and the family situation of the user, to try its best to find a property closely matching the user's requests.

Then it will follow through with automatically generated follow up questions, with the goal of the AI chatbot being to have the user leave his or her email address or phone number in the chat window. Once the user gives his contact information, it will automatically generate a lead email, and send this to human beings working for Imperial. Watch the following video illustrating an AI chatbot session to understand what I mean ...

It's based upon all best practices related to selling in the real estate market, and will show empathy and sympathy for the user, increasing trust level, resulting in the user wanting to get in touch with a human being.

In addition it is built with the same style as their primary website was created with, using the same language and similar words. This makes it a transparent addition to the existing website, increasing engagement and touch points.

According to science in the field, you'll need 8 touch points before a lead converts to a client. The AI chatbot will probably not be able to completely replace these 8 touch points in the real estate market - But if it can generate 3 touch points, the remaining job is that much easier. And if it can increase leads by some 10 to 20 percent, its result is of high value to the company leveraging it.

How to Succeed with AI

I wish I could tell you that all you needed to do was to buy an AI chatbot from us, and you'd be perfectly set to double your revenue. For some this might be true, but for others the quality comes from having one internal resource being a "project manager" for the project.

At Imperial we had Marc. Marc would always follow up, test, and ask "difficult questions". This provided us with good ideas, while ensuring the chatbot's quality. For us this was a huge part of the reason we were able to create and deliver such a great AI chatbot to them.

If you've got one internal resource that's willing and able to spend a lot of time with the AI chatbot to test it and give us feedback, the probability of that you'll end up getting a kick ass end result becomes that much larger.

If you're about to embark on an AI project yourself, my advice to you is to make sure you've got one internal resource willing to spend a lot of time on it, and that you look at it as "a project". This helps you achieve a high quality result ensuring your project becomes a success. For Imperial this was instrumental for our ability to deliver a high quality AI chatbot.

If you're interested in an AI chatbot for your real estate company, or for any other reasons for that matter, you can contact us below.

Thomas Hansen

Thomas Hansen I am the CEO and Founder of AINIRO.IO, Ltd. I am a software developer with more than 25 years of experience. I write about Machine Learning, AI, and how to help organizations adopt said technologies. You can follow me on LinkedIn if you want to read more of what I write.

Published 26. Jun 2024

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