AI has a remarkable transformative capability to take industry after industry by storm, helping companies automate operations and increase business efficiency. Digitalisation and evolving technologies have massively changed in the last few years, one such technology developed is how AI applications can be interlinked with almost all other applications and will become indispensable in everyday life. It is already being utilised in many investment sectors, which has seen significant progress for use of artificial intelligence.
Research reported by the Royal Institution of Chartered Surveyors (RICS), explored the ‘impact of using artificial intelligence (AI)” and have urged professionals from all kinds of industries to come to terms with AI as it is very likely to depend far more on innovative, ground-breaking technology.
It makes perfect sense to explore what AI technology can do for your property investment business and how it can position your company in the market. It is also a perfect fit for those on-the-go Generation-Z who are about to come of age and enter the property investment market. They will be the type checking their investment figures in the early hours of the morning when most people are asleep.
Some property investment companies such as “TAB” has already taken steps to implement AI for their clients to optimise the user’s investment portfolio. Analysis of functions such as valuation, cash flow, and data are essential in property investment to ensure good results for everyone involved in the process. Their AI chatbot responds to people on a mix of questions and as it learns more it will display the top five questions to users of the platform, which then improves their website offering.
The AI tool on their website also tracks the user’s mouse and informs them where they click. Over time it learns where best to place certain action buttons for different users, eventually learning the most suitable position depending on their likes/dislikes and how someone with a similar demographic successfully interacted with the site. Let’s face it, AI’s party trick makes the customer journey quicker, easier and more enjoyable.
Below are 4 reasons for implementing AI technology to drive efficiency and increase profit:
- Better lead generation:
Investment agents can integrate AI chatbots and other such tools to collect customer data and help with better lead generation and content marketing. It can monitor social media profiles for new messages, comments, or likes and respond in real-time by asking about their needs. This helps by providing additional information and help upsell existing customers.
It also ensures that prospective customers can engage and get the information they need, therefore providing a great customer experience. Additionally, it can be used later to collect their data, and boost the return on investment (ROI) for any future marketing campaigns.
2. Property intelligence:
With the right tool, AI can be used to analyse patterns and provide an overview of the market in a particular area such as predictions of the future value of a property, by combining current market data from the marketplace and CRM while considering transportation networks, schools, current buying trends and crime rates. The possibilities with this technology are virtually endless.
3. Improved recommendations:
Of course, the key to growth here is understanding what the customers like and don’t like to provide your recommendation. Artificial intelligence uses a variety of data, including that about the customer, their preferences, budget, past investments, search filters, etc. for you to be able to offer recommendations that are more likely to appeal to them.
AI can also provide local area information on schools, statistics, restaurants, parking and sound disturbance.
4. Property Investment Management
AI can be a valuable asset for investors and developers interested in building in a specific area. AI software can suggest plots or building sites, track property listings, requests for maintenance and tenant applications. These results can help to identify the common issues, characteristics and preferences, including price trends and availability in the areas they are interested in.
Companies need to understand, seek out and exploit the opportunities that AI puts forward and at the same time be made wary of any potential threats and how these can be minimised.
AI has its ups and downs and may not play a key role in the property industry for quite a while yet, but I do not doubt that additional transformation and changes will follow in 2021 and companies will need to be ahead of the game or risk being left behind by the competition.
