Benefits of incorporating Artificial Intelligence in the Property Industry
You might think that Artificial intelligence and the real estate industry don’t go hand in hand, however there are many benefits that come along with using AI in your business model.
The biggest way AI will help the real estate industry is by streamlining processes for tenants, landlords and property managers. This smart technology will connect property managers with new tenants, locate affordable vendors, and recommend maintenance checks and management tasks from time to time.
Moreover, tenants will be able to pay rent online and report issues using the Chatbot feature as well. The Chatbot feature is an automated response system that utilizes software that has been coded to simulate human conversations or interactions that take place on smart devices. Chatbots will be able to answer whatever common questions customers have throughout the whole day.
However, if it doesn’t have an answer for a specific query, it will transfer the user to a human agent. Chatbots are able to interact with customers on your website or social media sites on your behalf. By providing customer service 24/7, it is able to keep the business running even when the employees are busy or if the office is closed.
Another important function is being able to monitor long-term trends in crime rates and also rental trends in specific geographical areas and to raise tenant rents when leases expire.
With an abundance of properties in the market, it is always a challenge to find a perfect property for a customer. By employing help from an AI, it is able to aggregate the data and create an algorithm that will help to provide the perfect properties for each different customer.
It is also possible for the customer to be able to specify their preferences on size, type, price range and location of the property that they are looking for.
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