AI for Real Estate Agents - A Complete Guide

Real estate is an industry filled with demanding tasks. Answering client inquiries, managing property listings, scheduling showings, and keeping up with endless paperwork are all part of the job, and you can’t escape them. 

Handling all these manually can be overwhelming, especially as your business expands and the workload increases. 

AI is here to help. In this guide, we will explore the key processes that can be automated with AI in your real estate business and highlight the top AI tools every realtor should consider.

Ways AI is Helping Realtors

If you are a real estate agent who hasn’t started using AI for your daily operations, now is the time to change it. AI has been helping in different ways for quiet some time now. Here’s how:

1. For Marketing and Lead Generation

Effective communication is crucial in real estate, but many agents struggle to keep up with the rapid pace of client requests. When potential clients don't receive timely responses, they often turn to other agents, resulting in lost opportunities. CRM software for automating marketing tasks can streamline operations, freeing time to focus on nurturing relationships and closing deals. Research shows that automation software can significantly boost leads by up to 77%, highlighting its impact on business growth.

This is how AI in marketing processes will help you:

• Streamlined Lead Management: Centralize and organize client information in one accessible place, ensuring no lead slips through the cracks.
• Targeted Lead Segmentation: Categorize leads into different lists based on preferences and behaviors, allowing for tailored communication and more effective follow-ups.
• Personalized Client Relationships: Build and maintain personalized client relationships by storing interaction histories, ensuring each client feels valued and understood.
• Automated Client Responses: Automatically respond to client inquiries, ensuring no message goes unanswered and maximizing lead generation opportunities.

2. Property Management

AI can also be very useful for property management. Managing all the documentation and communication can be overwhelming if your real estate company has more than 5 agents. Using an AI-powered unified property database for new homes and home renovations can help reduce this workload.

Here are a few benefits of using the database:

• All property information is organized in one place, making it easy to find.
• Agents can access their colleagues' listings and offer them to clients if no suitable property is available.
• The system uses its statistics to distribute new listings among agents.
• You can always track the status of current listings.

3. Accounting and Financial Management

Tracking transactions, filling in financial statements, and maintaining accounting records are common tasks in real estate agencies. Managing these is difficult and time-consuming, especially when dealing with paper forms and numerous invoices. AI can help by introducing a centralized system for tracking, reviewing, and controlling payments. Once a payment request is submitted, it can be easily tracked and sent for approval.

4. Automating Company Workflows

Managing tasks can be tough with more than five agents. AI can help streamline this by organizing tasks, setting deadlines, and sharing tasks with team members through specialized software.

Here are the benefits of AI task management:

• Each agent has a dashboard with trackers, KPIs, and planners.
• Integrates with Google Calendar or Outlook for scheduling appointments.
• Smooth document flow and secure access from anywhere allow you to manage papers, licenses, agreements, and other legal documents in one place.

5. Customer Service

AI in real estate doesn't just simplify your business, it enhances how clients experience it, too. Here's how AI can benefit your clients:

• Personalized Accounts: Your clients get their accounts where they can create wishlists.
• Smart Filters and Search: AI helps clients find properties that quickly and accurately match their needs.
• Virtual Room Tours and 360 Views: Explore properties virtually with detailed room tours and panoramic views.
• Appointment Calendars: Clients can check available slots for property tours and book appointments directly.
• Real-Time Agent Communication: Contact real estate agents for prompt responses and support.

6. Hiring Top Talent

Traditionally, the hiring process relies heavily on resumes, interviews, and personal recommendations. However, these methods can be time-consuming and subjective, often resulting in mismatches between job requirements and candidate skills. AI can help real estate agents by using advanced algorithms and data analytics to streamline and enhance recruitment.

• Smart Candidate Screening: AI quickly analyzes resumes and applications to identify candidates matching job requirements, saving time and improving candidate selection.
• Behavioral Analysis: AI assesses candidates' traits and cultural fit using data from assessments and interactions, ensuring alignment with company values.
• Predictive Analytics: AI predicts hire success using past data, enhancing retention and team dynamics decisions.
• Virtual Interviews: AI conducts virtual interviews to assess problem-solving and communication skills, crucial for client-facing roles.
• Continuous Learning: AI learns from hiring outcomes to refine algorithms, improving candidate matching over time.

The Ultimate Course for AI in Real Estate

This course is designed to equip you with the essential skills and knowledge to use artificial intelligence in the dynamic world of real estate.

Smart Real Estate Management: Leveraging AI for Success

This course is designed to provide a comprehensive understanding of how artificial intelligence can revolutionize the real estate industry. This course will equip you with the knowledge and skills to use AI tools and techniques to enhance property management, valuations, and strategic decision-making.

Course Content

• AI Principles and Real Estate Applications: Understand the basics of AI and its role in the real estate sector.
• AI Tools for Property Management: Learn to streamline maintenance, tenant management, and operations.
• Advanced Property Valuations: Use AI for accurate and efficient property assessments.
• Emerging AI Technologies: Stay ahead with the latest trends and innovations in AI.
• Practical Applications: Real-world examples and case studies on AI in real estate.

What’s in it for the Realtors?

• Gain a solid foundation in AI principles specific to real estate.
• Learn to optimize property management processes using AI.
• Improve the accuracy of property valuations with advanced analytics.
• Stay updated on emerging AI technologies and trends.
• Enhance customer service and engagement with AI-driven tools.
• Evaluate investment opportunities and manage risks more effectively.

Meet Your Instructor

Jüergen Pernegger is an entrepreneur with over 20 years of experience in management consulting, corporate management, and the investment business. He owns and manages a substantial real estate portfolio and has driven significant growth through leadership roles focused on digitalization. His real estate and AI expertise will provide valuable insights and practical knowledge throughout the course.

Top AI Tools Every Realtor Needs

AI tools are increasingly essential for real estate agents, making their work smoother by handling multiple tasks swiftly. These tools analyze large amounts of data quickly, providing insights that used to take much longer to gather. Here, we will discuss the top AI tools real estate agents need.

1. Zillow

Real estate agents often use Zillow for property searches, and now it has added new features, like the 3D home tours generator for interior designs. This AI-powered tool creates virtual tours for clients, making it easier for agents to showcase properties.

Zillow is especially useful for commercial real estate investors who need quick and cost-effective virtual tours of large properties. This tool already takes care of a significant part of their job.

Key Features

Advanced Search Filters
It refines property searches by criteria like price, type, bedrooms, bathrooms, square footage, and amenities to find matches quickly.

Virtual Property Tours
With this feature, you can experience properties remotely with 360-degree photos and videos, giving a realistic sense of the layout and ambiance.

AI-Powered Property Recommendations
AI analyzes preferences and search history to offer personalized property recommendations that match user preferences.

Smart Home Integration
Check if properties include smart devices like thermostats, security systems, and lighting controls to understand their technological features.

Real-Time Neighborhood Insights
It allows to access valuable information about local schools, amenities, crime rates, transportation, and real estate trends to make informed decisions.

Instant Messaging and Collaboration Tools
This tool helps users communicate with agents, sellers, and other users, share properties, leave comments, and schedule appointments, facilitating a more interactive search process.

Interactive Property Analysis
You can use financial tools to analyze property costs, rental income, and other variables for insights into potential returns on investment.

Pros

• "When it comes to looking for homes, it just can't get no better then this, the prices are affordable and the price is good.” -  Octavia N.
• "The ease of the product. Very simple and easy to navigate the site and find what I need.” - Blake M.

Cons

• "I wish there were more pet friendly listings but that's not really in Zillow's control.” - Nicole M.
• "I dislike when a listing has no pictures, I feel those should not be allowed because a person would not consider a place to move to if they can't even see it. Or take the time to go view it if you have no idea what you're walking into.” - Crystal H.

Pricing

Zillow’s small-business product is 19% cheaper and mid-market product is 31% cheaper than the average multiple listing service product. 

2. Virtual Staging AI

AI-powered virtual staging solutions like Virtual Staging are incredibly valuable. These tools help turn empty properties into fully furnished homes, making them more appealing to buyers and boosting sales. In addition, a Virtual House Flip tool lets you completely redesign a house from scratch. This is perfect for those who flip houses and renovate old properties.

This tool is an excellent choice if you want to let your creativity flow and reimagine a home.

Key Features

Realistic Furniture Images
It uses detailed 3D images of furniture and decorations to make empty rooms look realistically furnished.

Customization Options
Virtual Staging offers various customization choices, allowing you to pick different furniture styles and room types to match each space.

Cost-Effectiveness
Virtual staging is usually cheaper than traditional staging, as it eliminates the need for renting, transporting, and setting up physical furniture.

Unique Design Generation
The AI in Virtual Staging analyzes each room to create furniture and decor that best match the style, ensuring each room has a unique design.

Fast Results
You can get your staged photos in just 10 seconds, avoiding the long wait times of traditional staging setups.

3. Wise Agent

It offers a CRM tool specifically designed for realtors. Wise Agent's software aims to help real estate agents enhance customer experience and increase conversions.

Key Features

Lead Generation
You get to identify and target potential customers more effectively, increasing sales and revenue.

Real Estate Content
With this tool, you will provide valuable information to buyers and sellers, positioning yourself as a trusted agent in the industry.

Contact Management & Automation
Streamline communication and workflow processes, saving time and effort while improving customer satisfaction and retention.

Team Features
Improve collaboration and productivity, resulting in a more effective workflow for managing and closing deals.

Mobile Web App
Stay connected and manage your business on-the-go, with a convenient experience increasing productivity.

Time Management
Prioritize tasks, manage your schedule, and improve overall efficiency, resulting in more productivity and success.

Transaction Management
Streamline your entire transaction process, from contract to close, providing all parties with a seamless and transparent experience.

Customer Support
This tool offers responsive and knowledgeable assistance, ensuring a positive experience and resolving your issues promptly.

Pros

• "It's definitely a GREAT value, and very user-friendly to navigate.” - Jennifer H.
• "Ease of use. The user support team is amazing.” - G2 User.

Cons

• "Wish that excel leads could export to Wise.” - G2 User.
• "Sometime I need to go to persons profile in order to check some info instead of get it briefly pressing on the name.” - Nata S.

Pricing

Wise Agent offers two pricing options: a monthly plan for $32.00 for 5 users without permissions and an annual plan for $326.00 for 5 users. Both plans provide access to their comprehensive CRM tools for real estate agents.

4. Honeywell Forge

It is a software platform designed for intelligent operations. Honeywell Forge enhances decision-making, optimizes processes, and facilitates automation. This solution aims to transform how organizations operate.

Key Features

Monitor Asset Performance

You can quickly visualize building performance and access near real-time insights with advanced analytics to prevent unexpected asset downtime. 

Monitor Occupant Comfort

It allows you to monitor occupant comfort by visualizing your portfolio's zone conditions, including temperature, humidity, and CO2 levels. Quickly identify and resolve equipment issues to enhance comfort for all occupants.

Remotely Monitor and Control Assets

You can remotely adjust asset setpoints to address service issues and use the mobile app for root cause analysis. You can also triage service cases and assign them to the appropriate team for resolution.

Resolve Service Cases

It helps proactively control assets to resolve service cases before they affect performance. Quickly track operational metrics and the status of open cases to visualize and improve service efficiency.

Pros

• "It's really easy to set up, configure and maintain, absolutely no hassle.” - Dmitrii A.
• "This was super simple to set up. Changes (even adding a COVID checklist when it was needed) are very easy. Visitors understand how it works. Staff finds it easy to manage. We have not had any issues.” - Barbara P.

Cons

• "The process to take a picture is a little weird; that's the only issue.” - Barbara P.
• "No auto-save when setting up the system, need to remimber to save.” - Michael G.

Pricing

Honeywell Forge starts with a small plan,  $69/month for up to 750 check-ins, including all features, SMS, 24-hour support, and webhook integrations. The medium plan costs $105/month for 1,500 check-ins, while the large plan is $209/month for up to 4,500, offering all features. For enterprises with high-volume check-ins and complex needs, you can contact them for tailored solutions, including SSO and custom integrations.

5. Reonomy

Tools like Reonomy use artificial intelligence to help real estate professionals find investment opportunities by analyzing large amounts of data. Without AI, other real estate professionals may struggle to compete. As a brokerage or agent, you must rely on AI to spot trends and provide valuable advice. Focus on qualified lead generation and creative marketing to make the best use of your human resources.

Key Features

User-Friendly Interface

Reonomy's web application is intuitive and easy to navigate. The search function offers multiple filters: address, submarket, owner name, and property type. An interactive map feature allows users to zoom into specific areas or draw search radii, making the application straightforward to learn and use.

Predictive Analytics for Property Sales

Reonomy’s Machine Learning technology assigns properties a "likely to sell” score based on national market trends and local data. This score helps users identify and prioritize potential market opportunities. The analytics consider property sales history, debt history, and owner portfolio trends.

Comprehensive Ownership Data

Reonomy’s algorithms connect users with true property owners by piercing through LLC layers. Accurate contact information is provided, such as phone numbers, emails, and mailing addresses. Users can also view all businesses and properties owned by the same owner, facilitating targeted communication campaigns.

Pros

• "The website is easy to understand and learn quickly.” - Shane C.
• "Reonomy is a very good software for locating comps through all of commercial real estate in the United States.” - Mark G.

Cons

• "In order to find certain answers to questions the filters have to be very broad which requires a lot of work on my end to ultimately find the answer.” -  Mark G.
• "There are too many inaccurate email addresses and the cost is far too high.” - Shane C.

Pricing

Reonomy costs $4,800 per year or $400 per month per user, with discounts for upfront payments. A 7-day free trial with full features is available on the Reonomy website. Customers can contact Reonomy directly for custom pricing.

6.DealMachine

The leading real estate technology company, DealMachine, announced the release of Alma, an AI assistant powered by OpenAI. Alma helps real estate professionals stay ahead in the ever-changing real estate market by providing smart, direct, and helpful insights. It assists in analyzing deals, marketing to property owners, and understanding property valuations and rental prices. Whether you're a beginner or a seasoned professional, Alma offers valuable expertise to enhance your real estate investing strategy.

Key Features

AI-Driven Property Analysis

Alma evaluates properties thoroughly, providing detailed assessments to help users decide if a deal is worth pursuing.

Personalized Advice

Alma offers tailored tips and strategies, guiding users through the real estate investing process with personalized recommendations.

Strategic Guidance

Alma delivers data-driven insights on property valuations, rental prices, and neighborhood information, helping users make well-informed decisions.

Lead Analysis

Alma quickly analyzes leads and predicts potential returns on investment, saving users time and increasing their efficiency.

Pricing

The tool offers three pricing plans: the Starter plan at $99 per month, the Pro plan at $149 per month or $1,790 annually, and the Teams plan at $416 per month or $4,990 when billed annually.

Prompts for Real Estate 

A detailed and engaging property description is essential for attracting potential buyers and highlighting the unique features of a property. For example:

Prompt

You are a real estate listing copywriter. "Write an engaging property description for a [specify property type, e.g., 3-bedroom, 2-bathroom single-family home] in [specify location] with [specify key features or selling points]." 

2. Real Estate Email Marketer

Crafting compelling email subject lines and bodies can significantly improve open rates and engagement with potential buyers. You can provide the following prompt to help you do so.

Prompt

You are a real estate email marketer. "Create a compelling email subject line and body to promote a new listing for a [specify property type] in [specify location] to potential buyers." 

3. Real Estate Social Media Manager

Social media posts must be eye-catching and engaging to showcase properties and attract potential buyers effectively. For example:

Prompt

You are a real estate social media manager. "Generate 5 attention-grabbing social media post ideas to showcase a [specify property type] for sale in [specify location], including relevant hashtags." 

4. Real Estate Blog Writer

 Informative blog posts can educate potential investors and buyers, helping to establish authority and attract more traffic to a real estate website.

Prompt

You are a real estate blog writer. "Write a 500-word blog post on the top [specify number] reasons to invest in real estate in [specify city or region]." 

5. Real Estate Virtual Tour Scriptwriter

A well-crafted script for virtual tours can highlight key features and benefits, making the property more appealing to prospective buyers.

Prompt

You are a real estate virtual tour scriptwriter. "Create a script for a virtual tour video highlighting the key features and benefits of a [specify property type] in [specify location]." 

6. Real Estate Market Analyst

An overview of current market trends provides valuable insights for buyers, sellers, and investors to make informed decisions.

Prompt

You are a real estate market analyst. "Provide an overview of the current real estate market trends in [specify city or region], including average home prices, days on market, and inventory levels." 

7. Real Estate SEO Expert

Optimizing website content with long-tail keywords can improve search engine rankings and attract more organic traffic.

Prompt

You are a real estate SEO expert. "Generate a list of [specify number] long-tail keywords related to [specify real estate topic or location] to optimize website content for search engines." 

8. Real Estate Agent Coach

Effective lead-generation strategies are crucial for real estate agents to build a steady pipeline of potential clients.

Prompt

You are a real estate agent coach. "Suggest [specify number] effective lead generation strategies for real estate agents in a [specify the market type, e.g., buyer's or seller's] market." 

9. Real Estate Staging Consultant

Home staging tips help sellers prepare their properties to make a strong first impression during showings and open houses.

Prompt

You are a real estate staging consultant. "Provide [specify number] home staging tips to help sellers prepare their [specify property type] for showings and open houses." 

10. Real Estate Photographer

High-quality photos are crucial in showcasing a property’s best features and attracting potential buyers.

Prompt

You are a real estate photographer. "Offer guidance on capturing high-quality interior and exterior photos of a [specify property type] to showcase its best features." 

11. Real Estate Contract Specialist

Understanding the key components of a purchase agreement ensures a smooth transaction for both buyers and sellers.

Prompt

You are a real estate contract specialist. "Explain the key components of a standard purchase agreement for a [specify property type] in [specify location]." 

12. Real Estate Negotiation Expert

Effective negotiation tactics are essential for agents to secure the best possible deals for their clients.

Prompt

You are a real estate negotiation expert. "Share [specify number] effective negotiation tactics for [specify buyer's or seller's] agents in a competitive real estate market." 

13. Real Estate Investor

Analyzing the potential return on investment helps investors make informed decisions about property purchases.

Prompt

You are a real estate investor. "Analyze the potential return on investment (ROI) for a [specify property type] in [specify location], considering factors such as purchase price, rental income, and expenses." 

14. Real Estate Attorney

Legal considerations are important for foreign investors to understand the regulations and processes involved in purchasing property.

Prompt

You are a real estate attorney. "Discuss the legal considerations for foreign investors purchasing real estate in [specify country or state]." 

15. Real Estate Finance Advisor

Comparing different mortgage options helps first-time homebuyers make the best financial decision.

Prompt

You are a real estate finance advisor. "Compare the pros and cons of different mortgage options for first-time homebuyers in [specify location]." 

16. Real Estate Closing Coordinator

A checklist of essential steps and documents ensures a smooth and organized closing process for property transactions.

Prompt

You are a real estate closing coordinator. "Create a checklist of the essential steps and documents needed for a smooth closing process on a [specify property type] in [specify location]." 

17. Real Estate Property Manager

A comprehensive property management plan is crucial for managing multi-family properties and ensuring tenant satisfaction.

Prompt

You are a real estate property manager. "Develop a property management plan for a [specify property type, e.g., multi-family apartment complex] in [specify location], including strategies for tenant screening, rent collection, and maintenance." 

18. Real Estate Developer

Identifying potential development sites requires consideration of various factors such as zoning, accessibility, and market demand.

Prompt

You are a real estate developer. "Identify [specify number] potential sites for a new [specify development type, e.g., residential subdivision or commercial center] in [specify location], considering factors such as zoning, accessibility, and market demand." 

19. Real Estate Appraiser

Understanding the appraisal process and key factors influencing property value helps buyers, sellers, and lenders make informed decisions.

Prompt

You are a real estate appraiser. "Explain the appraisal process for a [specify property type] in [specify location] and the key factors that influence property value." 

20. Real Estate Data Analyst

Analyzing the impact of specific factors on property values and market trends provides insights for strategic decision-making.

Prompt

You are a real estate data analyst. "Analyze the impact of [specify factor, e.g., a new transportation hub or major employer] on property values and market trends in [specify location]." 

Final Word

And there you have it, a complete guide to using AI in your real estate business. 

From marketing and lead generation to property management and customer service, AI has immense potential to transform your operations. With the right tools and knowledge, you can streamline your processes, enhance client experiences, and ultimately boost your bottom line.

As you embark on this journey, remember that technology is here to augment your skills, not replace them. Embrace the tools that fit your needs, experiment with different strategies, and stay curious about new developments in the field.