As the CEO of Chime Technologies, I now spend a lot of time considering how such technology can impact the real estate industry both today and well into the

How will advancements in technology impact the future of real estate?

One technology that is increasingly being used by the realtors from across the globe is the chatbot technology. Back in 2016, big tech players like Facebook, Microsoft, and Google, launched their own bots and chatbot platforms. Ever since then, AI-based applications started to boom, and many interesting bot concepts started to take shape.

Like with any other new technology, in the beginning, everyone just wants to explore how to use this “AI engine” to create a bot, but as the AI infrastructure keeps improving at such a rapid rate, it is clear that AI will surely help people in their everyday lives and make businesses run more efficiently & enhance their customer service. However, the key here is to continue engaging with customers particularly beyond normal hours of operation & to address questions that don’t really need human input.

When it comes to chatbots in real estate, they have revolutionized the way we buy, sell or rent properties by turning long static forms into an interactive experience.

When it comes to assisting a visitor who could be a potential lead for you, here’s how a chatbot can turn a potential lead from lukewarm to hot.

Let us assume a visitor is looking to move into a new place or a potential seller is looking to sell their apartment. In both scenarios, both parties need quick answers, however, when it comes to a real estate agent or a broker or a developer that is taking care of new and old listings, addressing their own sales and marketing goals, and managing past clients — it is quite difficult for them to take time out and cater to the requirements of a random visitor on their website.

Investing time out to ascertain the overall seriousness of the lead from scratch is pretty time-consuming, to say the least. However, it is quite evident that to be successful in real estate, you need to capture as many leads as possible to make sure that you have a healthy pipeline in place from time to time.

Given that the majority of buyers and sellers are starting their journeys online, it is prudent to deploy custom chatbots in real estate that assist them in building their sales funnel.

In today’s time of digitization and online presence of businesses, most of the customers are converted from leads online. In such a scenario, letting all that online traffic go is something one cannot afford to do. Intelligent chatbots in real estate help you tap into that traffic in order to collect and convert leads into customers.

The widespread adoption and advent of bots over the last two years along with the participation of tech behemoths are major indications that conversational AI is no longer just a fad, but well and truly here to stay. Being in real estate, it would be prudent to consider bot-o-mating your sales and customer service process.