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Seth Watts, Co-founder of CampaignAgent discusses the importance of AI in your real estate tool kit and why AI is revolutionising the real estate sector.
AI has been making waves across various industries, transforming the way they operate and enhancing their capabilities. While finance, healthcare, and entertainment have seen significant AI integration, another sector that stands to benefit greatly from AI's potential is real estate.
CampaignAgents’ marketing team recently caught up with Seth Watts, Co-founder of CampaignAgent, and discussed the importance of AI in your real estate tool kit.
Q: Seth, you’re considered one of the leading thought leaders in real estate, in your opinion what should the industry do with the rise of AI?
When it comes to “winning with AI”, you need to be an early adopter. Take CampaignAgent, who changed VPA back in 2015 by introducing Pay Later marketing without agency risk. At the time, everyone said, “That isn’t needed or important”. Seven years later it’s become an essential part of a comprehensive marketing strategy.
The same could be said with the rapid rise of AI. People talk about the problems of AI like hallucinations and old data, but these problems have already been meaningfully solved.
CampaignAgent saw the signs early and adopted AI within its Pay Now, Pay Later platform. Now granted, we don’t have quantum computers or the sophistication of ChatGPT, but our AI can accurately predict what you want to achieve when requesting funding in any given platform you work within for any given property.
Q: What do you say to those who say AI won't impact them or their business?
“You're wrong if you think it’s not going to impact you and your real estate business.”
There are many ways you can include AI in all aspects of your daily workflow. For example, having a product like ChatGPT or Google Bard to read and respond to vendor emails can save hours on time-intensive tasks and deliver much better outcomes. For the operational teams, AI can not only enhance the photos taken but also improve the copy for a given listing in minutes rather than hours.
From property valuation to customer engagement, AI is becoming an indispensable tool for real estate professionals, offering a range of advantages that can revolutionise the way the industry operates.
Q: What areas of the real estate industry do you think AI could be used in right now?
Sure, I touched on it a little earlier, however, here are five areas that AI can help today;
- Smart Property Valuation and Market Analysis:
Take REA for example. REA’s AI-driven algorithms have the power to analyse vast volumes of real estate data, including property prices, historical sales, and market trends. These algorithms can provide more accurate property valuations by taking into account a multitude of factors that might escape human analysis. This not only helps sellers set competitive prices but also aids buyers in making informed decisions.
- Enhanced Customer Experience:
AI-powered chatbots and virtual assistants are reshaping customer interactions in the service sector. These intelligent tools can provide instant responses to buyers' and sellers' queries, schedule property viewings, and offer personalised property recommendations. This 24/7 availability enhances customer satisfaction and streamlines the buying and selling process.
- Automated Property Management:
Managing properties can be a time-consuming task. AI-driven property management platforms promise to automate routine processes such as dispute resolution, maintenance requests, and lease renewals. Property owners and managers will save time and resources while ensuring a seamless experience for tenants.
- Optimised Advertising and Marketing:
AI can analyse demographic and behavioural data to target potential buyers or renters with highly tailored advertisements. This targeted marketing approach improves the efficiency of campaigns, ensuring that properties are marketed to the right audience, ultimately leading to quicker sales or rentals. - Personalised Property Recommendations:
AI algorithms can take into account a buyer's preferences, budget, and lifestyle to provide personalised property recommendations. This saves buyers time and helps them discover properties that match their unique needs and desires.
Q: And, what strategies or approaches could AI generate real value for agencies?
I’ll keep this short, but here are my top five strategies and approaches that agencies could use AI to generate value;
- Establish a small team within your agency to test AI tools.
- Create a safe space for your team to experiment without fear of automating away their job.
- Not everything will be relevant or work for your business. That’s OK.
- Start small and simple; solve a specific business problem like managing REA leads and enquiries.
5. Start with customer communication solutions before tackling more complicated workflow changes.
Q: Last question, what’s your take on the future of AI in Real Estate?
As AI continues to advance, the real estate sector is poised for a transformation that will redefine how agencies engage with buyers and vendors. We are at the very start of a long journey and the good news is that businesses that are using AIs are still early adopters.
However, it's essential to think about the potential challenges and ethical considerations that AI brings. Privacy concerns, data security, and the risk of perpetuating biases are all issues that need careful attention as AI becomes more integrated into the real estate sector.
I would say in conclusion, the incorporation of AI in the real estate industry holds immense promise. From accurate property valuations to personalised customer experiences, AI is reshaping the sector and propelling it into a new era of efficiency and innovation. As the industry embraces AI while addressing its challenges, the future of real estate looks brighter than ever, with technology driving positive change and elevating the real estate experience for all stakeholders involved.
If you’d like to learn more, Seth is a keynote speaker at The Business of Real Estate 2023
Sep 12 - Sep 13, 2023, and if you’d like to learn more about the power of CampaignAgent’s AI Pay Now, Pay Later platform visit campaignagent.com.au.
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