How Chatbots Are Revolutionizing Real Estate

Sayani Das • December 02, 2021
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“The constantly-evolving human race now has their fellow bots gradually catching up to them in this never-ending run to improve livelihood and making day to day mundane jobs easier”

So, what am I referring to here?

Chatbots are not just software in this era. Chatbots act as our very own digital personal assistants who understand us and can be micro configured. Everyone loves chatbots since they can remember our likes and dislikes with a steep learning curve.

According to Business Insider research, “The global chatbot market is anticipated to reach $9.4 billion by 2024”. 

The COVID-19 pandemic has disrupted the entire business landscape and propelled companies to face unheard-of challenges and embrace new ways of working and workflows. The gradual rise in focus on industry digitization drove the demand for text and voice-based bots that automate day-to-day operations, deliver exceptional customer support, generate leads, and increase brand awareness. Chatbots today not only converse with users but also determine their tone of conversation through sentiment analysis, one of the most critical capabilities. Intonation and human emotions significantly alter what a customer wants to convey. Sentiment analysis allows bots to identify and understand the intent of a customer, including his emotions at the time.

Why is the Real Estate Industry Embracing Bots?  

More than 28% of real estate businesses use chatbots, making it the industry that can benefit the most from chatbot usage. Agents have realized that chatbots can do most of the mundane work that employees do, thus, saving time, resources, and costs.

Deep Diving into Chatbots in Real Estate:

  • Supporting prospects – Usually, around 78% of buyers stick with the agent who answers first. A Real Estate Agency can either hire agents to answer calls, chats, and emails 24/7 or simply implement a chatbot that would rapidly answer queries round the clock. A real estate chatbot increases the chances to connect with more prospects.
  • Qualifying leads – Proactively engaging and greeting web visitors and talking to them about your rental offerings is a big step in preventing users from leaving your site. Chatbots have the potential to shorten the sales cycle by connecting prospects with real estate agents.
  • Collecting rental applications – Instead of filling out long, time-consuming forms, prospects can effortlessly look for listings while chatting with a virtual assistant. This helps in quickly finding matching listings in the database and presenting them to prospects. Users can check whether they are interested in the agency’s listings and leave their contact details to get in touch with them later.
  • Scheduling meetings and property tours – After presenting rental listings, a chatbot can display your calendar and allow a prospect to schedule a meeting at a convenient time. With the help of a chatbot, all conversations are saved in archives, so you can easily look up a customer’s case and deliver personalized services faster.
  • Learning about the current needs – A real estate chatbot can collect a lot of information about your target audience while having multiple conversations in a short span of time. This can help determine the most popular types of properties, and most desirable locations in the area, along with the average budget of your prospects. You can customize listings to customers’ needs and better target your future marketing campaigns.
  • Connect with the youth – Millennials are more tech-savvy. Recent studies show that more than half of millennials prefer to contact brands via live chat rather than by phone, with millennials making up 37% of all residential buyers. By using a chatbot, you get a chance to connect with that target audience and can stay ahead of your competitors.
  •  Making the best of your social media presence – Social media is the most successful tool in generating leads for real estate businesses. Chatbots can help you make the most of this channel and connect with a much wider audience in real-time.

While real estate chatbots can’t replace your best agents, they will give you a head start, and provide more time to focus on establishing relationships with your customers. 

Let’s look at some interesting statistics:

  • 64% of agents using chatbots have significantly more free time to spend on more difficult and complex problems.
  • Chatbots can cut operational costs by up to 30%.
  • Companies could save 2.5 billion customer service hours using chatbots by the end of 2023
  • 50% of businesses are planning to spend more on chatbots than on mobile apps.

Brillio has a One Stop Solution for Conversational Interfaces using the Hella Framework-Accelerating innovation & optimization at scale while transforming the business and accelerating value realization. This framework ensures seamless integrations with the client’s systems and enables rich conversations, supported by strong API integration with the appropriate security and scalability features.

Let’s create something amazing together!

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