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Who remembers watching Minority Report back in 2002 and thinking ‘those big 3-D touch screens will never happen’? And while Back to the Future II might not have been on the money when it comes to hoverboards and self-tying shoes, the prediction of video calls (hello, Facetime) is something we take for granted every day now.
Bladerunner’s predictions of biometric recognition and smart homes are yet another example. Ideas that were once viewed as outlandish are increasingly a normal part of daily life.
Well, it’s the same in real estate. Concepts that seemed completely out there even just a few years ago are happening right now. Game changing, intelligent technology tools connecting people, properties and services are not ‘in the future’ anymore.
Right here, right now
Artificial Intelligence, or AI, is already here and in active use today in modern real estate. AI is augmenting customer journeys, whether it’s an enquiry from a potential buyer, a vendor, a tenant or a landlord, AI plays a key role in progressing those customer journeys and enquiries 24/7.
AI in Sales
Using big data analysis, AI is able to use propensity markers to identify which property owners are most likely to transact in the future, whether that’s a likelihood of selling or renting their property. The system can then automate the initial contact and indicate to the agent who to call and when to call them. Think of it as a prospector that never sleeps.
Propic has created AI that acts as a virtual sales assistant that doesn’t need sleep or to be paid overtime.
Damian Hackett, CEO for Place Estate Agents explains, “The immediacy of response is driven by other industries, particularly things like ride sharing and ordering things online. People want someone to come back quickly. “Traditionally, our industry has lagged a bit in that area, but through the use of technology, particularly with Propic now, we can actually meet that demand without the agent having to be awake 24/7 to respond,” he says.
AI allows your business to operate 24/7 to triage, respond and prioritise potential buyers. It’s also trained to look for potential vendors, scouring the Internet and joining digital dots to inform agents when, why and who to call.
AI in Property Management
One of the areas of real estate with the most immediate application right now, today, is automating property management.
Property managers are some of the most stressed professionals around, with studies showing that one in four property managers are considering leaving the industry (source: MRI Software, Voice of the Property Manager, 2021). The burnout is real and as an industry, we must do something.
Automating some of the mundane tasks in property management is one way we can make people’s lives easier, and raise the bar for a positive professional experience for the next generation of property managers, as well as landlords and for tenants.
Leah Jay has specialised in property management for 28 years in the Newcastle and Hunter regions. As an early AI pioneer, Leah Jay is fielding 1500 online inquiries a month through its Propic Enliven AI solution, with almost 100% accuracy.
“One of the great things about Propic, or having AI in our business, is it really operates like a silent employee. We are really, totally 100% hands off. It just operates in the background, providing that consistent service to our clients 24/7,” says Cassandra Lantry, General Manager Leah Jay Real Estate.
Propic’s Enliven AI virtual sales agent intelligently answers questions and delivers a rich AI-powered customer experience, leaving Leah Jay’s professional leasing staff with more time during business hours to focus on tasks that matter. Leah Jay agents have affectionately named this technology, ‘Andi’ – often referring to it as the “overachiever of the team”. When a prospective client called and asked to speak to Andi having had multiple online conversations already, they knew they were onto something big.
What’s coming this year?
Applications for AI and machine-based learning for the real estate sector are evolving fast. Here are three innovations you’ll be seeing as mainstream in most modern real estate agencies within 6-12 months:
1. Automated property management maintenance requests
Propic has the technology today to automate maintenance requests from tenants and landlords 24/7 using intelligently trained concierge AI technology. Imagine a water pipe cracks and floods at 10pm. A tenant can send an SMS or email, the Concierge AI will find a plumber who works out-of-hours in your area, check it against your pre-defined lease budget, and dispatch to the address. Intelligent AI can chase arrears and complaint management, too.
2. Autonomous Intelligent Prospecting Platform
Prospecting for new business will be taken to another level in 2022, Not only will platforms mine and predict properties and people with a propensity to list, AI will contact them for you in context, instantly create a website about their home, leverage market data and be able to engage consumers in conversation and ultimately book the appraisal for you.
3. Open for inspections (OFIs)
Let’s face it, a lot of people attending open houses aren’t serious buyers. And yes, there are lots of tools out there for check-ins. AI however will take it to the next level: enabling people to talk to your Concierge AI as they inspect properties online with full 360 degree tours of the property. From the comfort of the couch, they can obtain price opinions and feedback, ask detailed questions about lease terms and rent, and apply for a property. Importantly, AI can be trained to help identify your next potential vendor and serve the opportunity to your people to forge a human connection.
The next three to five years will see even more change
We are only in the infancy of AI’s capability and capacity. There’s more change around the corner and the potential is continuing to grow. Here’s just a few things we’re excited to be a part of as the industry and its use of technology evolves further.
- Digital twins
Looking at the commercial property sector also gives some insights into what other technology changes are likely. For example, in commercial property it’s common to have a digital twin: a virtual representation of an object that spans its lifecycle, updated using real-time data, using simulation, machine learning and reasoning to help decision making. In other words, an online presence with up-to-date information about a property.
But in residential property, the digital presence for a home tends to only stay up when the property is listed for sale or lease. Yet, with a digital twin, the property’s online presence would remain available and if the homeowner wants to sell, they can enable a vendor view of the property. We can set up a buyer view, or a landlord view, or a tenant view – all ways to give people the information about the property that’s relevant to them at that point in time, quickly and easily.
- Conversational AI across any channel
Conversational AI is already a thing now, with tools like Enliven AI allowing real estate agents to connect and converse with customers 24/7 via platforms like your own website. The next step is taking that capability and making it available on whatever channel a customer wants to use, whether that’s a real estate portal like REA or Domain, or a social media platform like Facebook or voice.
The shift over the next few years will be the use of conversational AI that can talk about any property, in any channel, to any consumer. No matter what time of day. No matter the platform the customer wants to use. No matter where they are located. It’s going to become a far more customer-centric model that enables people to communicate in the way that suits them best rather than adapting to our preferred channels as real estate agents.
- Virtual reality
Another exciting potential application of technology for real estate is virtual reality. 1980s classics like Tron showed people being transported directly into a video game. And while we think VR gaming is pretty cool now and a fun way to spend leisure time, from an industry perspective, there’s incredible applications.
Virtual property inspections are already on the rise, taking advantage of video tours, 3D walkthroughs, drone footage and more, but VR offers the chance to take this to the next level and personalise the experience further.
Think of the potential for VR property inspections, especially for people thinking about moving overseas or interstate. The chance to conduct an initial viewing remotely and get a real feel in a way that photos or even current 3D modelling just can’t replicate is incredible.
We’re only just getting started, don’t be left behind
REB recently reported Kylie Davis, PropTech Association President, speaker and author of Voice of the Property Manager report published by MRI Software saying, “Those businesses that were tech-enabled before COVID are now taking an awful lot of market share away from mainstream [agency] businesses”.
The reality is change can be scary, but what’s even scarier is finding yourself looking at your competitors racing ahead and wishing you’d taken the leap to try something new back when they did. Propic is passionate about the real estate industry and we know for the industry to thrive, intelligent use of technology that keeps people and their needs front and centre is essential.
Bottom line, when we talk about Artificial Intelligence in real estate in Australia, it's not about the future. It is already happening. Think about the bell curve of adoption which tells us laggards get no competitive advantage. The innovators, the early adopters are already using this type of big data AI proptech in their businesses today. It's here. And we’re proud to call most of these pioneers our customers. But our vision is to be part of raising the next generation of modern real estate agencies to use AI to connect people, properties and real estate services. It’s a collective vision, think of it as “the rising tide lifts all boats” where everyone benefits from mainstream AI adoption. What’s stopping you?
Sponsored article written by Jeffery Gray, CEO and Founder, Propic
Jeff is a motorcycle and Mustang enthusiast, proud Dad to two young sons, and a compulsive problem solver. It was while wearing out another pair of shoes as a real estate agent in Goulburn dropping leaflets and door knocking that he resolved there must be a better way. Propic is his answer. propic.com.au
