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How Does The Real Estate Sector Benefit From Chatbots?

Introduction to Real Estate Chatbots

Yes, we know you are wondering what is the connection between real-estate and chatbots? Let us start from the beginning, shall we? Once upon a time, there were no chatbots, but then they were invented, they come from a very humble beginning. It’s an origin story for another day, let’s talk about how they are doing today.

Chatbots have been around for a long time now, more than 68 years to be precise! They have gotten considerably smarter during this time. Not to forget, they remember literally everything they learn over time.

The Current scenario

The beginning of unrestricted access to the Internet globally, kicked off the age of chatbot and we have been trying to extend their reach and utility ever since. With an estimated ten-fold rise in chatbot interactions within the retail sector by 2023, we are looking at drastic migration to automation for interaction. Meanwhile, the growth in the fields of Machine Learning, Artificial Intelligence and Natural Language Processing assures us that the chatbots of the future are here now.

Future of Chatbots

Chatbots are now disrupting the traditional norms in major industries and proving without a doubt, they are here to stay. Chatbots can be very helpful for all industries and make processes more efficient. A future with more robotic involvement now seems possible, plausible and almost inevitable. In other words, billions of dollars are being invested in developing chatbot with more human-like conversational capabilities. Customer Service Representatives can be soon a job title associated with chatbots across various industries.

Real Estate Industry and Chatbots

In the real-estate industry, customer service is a cornerstone. We anticipate a great deal of development and inclusion of chatbot technology in this industry in the near future. Nearly 44% of people looking to buy a property start their search on the internet and almost 95% of people turn to the internet for information at some point during their buy.

Employability of chatbots in  the real-estate sector

Employing chatbots for lead generation and following up on the generated leads is the smart way to move ahead. Considering the fact that it is the age of the millennials, they will make up the majority of real-estate customer base in the days to come, if not already. Certainly, most millennials are more comfortable conversing with a chatbot at a time of their convenience rather than wait for a human representative.

Lead generation and follow-up

With the recent developments in cross platform technologies, real-estate sector stands to benefit most from employing chatbots. Apart from being able to follow up over a plethora of platforms, chatbots can offer great features for the convenience of customers.

Starting with collecting contact information to intimate about new sales to interested customers, the chatbot can follow up and schedule appointments for visits to the property.

Enhanced Engagement

Chatbots can also share pictures or walk-throughs as per the client’s requirements. Even 360 degree views wherever available, can be shared with clients. Chatbots can also provide options, on demand, which are relevant for the same client. There are also things like continued conversation features which will allow for context building with each interaction when you interact with a chatbot. The chatbot can also provide information regarding mortgage and compare rates from different providers. Additionally, chatbots can remind you of any payments that are due by keeping track of the same.

With the introduction of Conversational AI technology, we can expect better communication and conversion rates for real-estate sales as time passes.

Conclusion

With Chatbots in real-estate sector, we can scale up the potential for growth for organisations. We can visualise the cost implications of employing such bots when we put things in perspective. Like, the amount of human power employed in the industry. So, moving on with the expenses that can be reduced, logistics included in making a sale, we say we would be doing the environment a solid by automating the early conversations and only visiting properties that the client is really interested. While other sectors have already started embracing chatbot technology, it’s high time the real-estate sector gets onboard. If you are looking for more information on how you can build your own chatbot, visit us at engati.com

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