How Real Estate can Benefit from Conversational AI

chatbots for real estate sector

Introduction

95% of home buyers use the internet to search for a home, and it is the first step for 54% of buyers, but human interaction is still appreciated as 89% of buyers use the help of a broker. With the increasing use of technology and the requirement of social interaction, a contextually aware intelligent virtual assistant can pave the way forward in online commerce. Unlike monotonous chatbots, Conversational AI is capable of using natural-language understanding (NLU), NLP, and ML to understand the tone and mood of the customer and work as Contextual Bots to provide Interactive Responses which are appreciated by the customer.

Yellow Messenger’s NLP Engine learns from very few utterances and has the best efficiency rate in the market.

Realtors striving towards becoming an intermediary in the Real estate Marketplace can benefit from the use of AI-powered bots and by using Machine Learning and Predictive Analytics to classify leads better and forward only qualified leads to the business. Hence, helping in higher conversion rates. 

Besides these discussions, there are many more benefits of Artificial intelligence in the Real estate that might make you think of deploying Conversational AI in your customer engagement process. 

Benefits of Artificial Intelligence in Real Estate 

  • Real-time and 24*7 Engagement

It can better engage customers in real-time throughout the day while following a conversational approach to understanding the customer’s needs and suggesting the customer with the options to buy, sell and rent based on the scenario training to serve different needs along with behaving uniquely in each scenario. Hence, leading to increased retention and conversion of people landing on your website.

A human agent can get tired, their performance will not be the same throughout the day, which can hamper the quality of the consumer experience and according to a Zendesk report  52% of people stop buying after a bad customer service interaction, On the other hand, a virtual agent will be free from all human limitations. By using Machine Learning, it learns continuously from newer examples and solves the queries even outside operational hours with reduced handle time.

One of the ways of doing it is being present and engaging with customers in the platform the customers are, Provident Housing with help of Yellow Messenger’s platform launched a Chatbot on Facebook Messenger and WhatsApp – the 2 most used instant messaging applications.

customer engagement chatbot of provident housing
  • Personalisation

AI-Powered bots can give personalized recommendations for customizing the experience of customers based on the context like location and language along with the clickstream data which will help in identifying the type of real estate the customer is looking for online. These personalizations, when combined with AI insights, can provide a better experience to the customer and lead to higher conversions along with opening the opportunity of cross-selling and upsell based on the data analytics. Customization can also be improved by analyzing the client’s behavior using intent analysis and natural language processing. 80% of consumers are more likely to purchase a brand that provides personalized experiences. 

chatbot on facebook messenger

Conversational AI platforms can also probe the customer with relevant questions and that too interactively to gain the required data on customers replacing conventional form filling.

  • Qualified Leads

Chatbots operate at the grass-root level, by interacting with each potential qualified lead and maintaining the collected information in a database which leaves your sales team to deal with a narrower, filtered & pre-qualified lead base saving you time and effort. Along with saving time and effort of the group, Conversational AI helps in creating a positive attitude of the customer towards the business. It is possible as it enables a chatbot to follow the user as they switch services and devices during the day while delivering a personalised response by remembering pertinent facts and figures, user preferences and using back-office databases or information provided by third-party sources, providing a comprehensive response leading to higher conversion rates. 

Puravankara group launched a multichannel bot on their website, WhatsApp, and Facebook Messenger with the help of Yellow Messenger to help accelerate lead generation with personalisation of one-to-one conversations.

multichannel chatbots
  • Schedule Appointments

Conversational AI is turning out to be the most potent tool that experts have ever devised. Real estate businesses have a proper fit with conversational AI as it entails lots of cyclic human responses.

In a sales funnel the maximum amount of effort, required in generating leads that can be taken care by the AI bots and once the customer is more in-depth into the sales funnel the interaction is followed up by automated lead response using the preferred medium of the customer with the end objective to schedule appointments for the prospective leads from where the experienced realtor can take it forward and close the deal. 

  • Faqs chatbots

According to a report by McKinsey, Using convolutional neural networks (CNNs) and recurrent neural networks (RNNs), AI bots can learn and train and most regular FAQs can be fed into the chatbots as examples which help the AI-powered bots to understand the real estate sector and the typical answers to customer queries. After deploying Natural Language Generation capabilities along with using the historical responses as examples, the FAQ chatbots will help the customers and realtors by solving the fundamental questions of the customers in real-time.

Now we can also expand the knowledge of these virtual assistants to allow them to sell more too. Along with stock availability, the day’s special offers, recommendations for complimentary products, it can use CRM information and data such as past purchases, web navigation patterns, and real-time analysis of the customer conversation to maximize the potential of every conversation.

  • Technological solutions like 360-degree virtual tours 

In the real estate industry, it’s essential to engage customers which is possible with virtual assistants as according to NAR 56% of the online real estate customers are less than 36 years old who are likely to engage online and are open to new innovative solutions like 360-degree virtual tours along with blogs to understand the lifestyle, Google maps to see the neighborhood and will like to engage in multi-channel support with AI conversational chatbots. The AI bots channel can range from Facebook to Skype and even email, leading to a great connection even after the customer has left the website encouraging the customer to convert finally.

Conclusion 

Artificial intelligence and machine learning have taken a giant leap, and the newest and most advanced application of the same is conversational AI.
As per Gartner, by 2020, 50% of analytical queries will be generated via search, NLP or voice, or will be automatically generated.

While every sector is using it, the real estate sector provides a great use case for the same because of the sheer volume of potential leads and cyclical nature of conversations. Since a real estate customer searching on the internet spends around 10 weeks to search for a home, it is a purchase where a more extended period of engagement through different channels can pay off.
Connect with our conversational AI experts for a free demo of our chatbots for the real estate industry.

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