The Role Of Generative AI In Creating Personalised Real Estate Experiences - Details

For starters, in simple worlds, Generative AI is a subset and evolution of artificial intelligence. Traditional AI excels at pattern recognition, while generative AI excels at pattern creation. Traditional AI can analyse data and tell you what it sees, but generative AI can use that same data to create something entirely new.
Boosting Real Estate Transactions and Customer Service with Gen AI

Boosting Real Estate Transactions and Customer Service with Gen AI (Image Source: iStockphoto)

Today's customers expect not just goods and services, but also convenience, self-service, and personalization. They are well informed and self-educated, self-directed, fast paced, picky, contradictory, always connected, volatile and tech innate.
Marketing and sales strategies have fundamentally aligned on to the consumer behaviour of wanting goods and services on demand and scarcity of time and attention span. Information and content is delivered and consumed on mobile phones, with GenZ and Millennial tech savvy consumers attending only to content that they find targeted, relevant and authentic.
Managing customer interactions with Gen AI
For starters, in simple worlds, Generative AI is a subset and evolution of artificial intelligence. Traditional AI excels at pattern recognition, while generative AI excels at pattern creation. Traditional AI can analyse data and tell you what it sees, but generative AI can use that same data to create something entirely new.
The power of creation has a multifold impact across not just real estate but all industries, and consumer communication is only to benefit from this capability. Managing customer interactions with Gen AI has the potential to enable a better connection between brands and customers.
It can impact the value chain of customer interaction, more specifically, functional domains of marketing, sales, sales enablement, transactions, and customer service.
Gen AI in real estate marketing
Gen AI capabilities are ideally suited for the marketing function which requires content creation and creative generation. It enables marketers increase their output, efficiency, and creativity. It provides a cost and time effective option for producing text, images, creative briefs, multiple versions of ad campaigns with variations. Most crucially, it will help marketers create personalised and engaging experience for customers at scale. Additionally, it will enhance idea creation, productivity and data driven planning and execution for marketing teams.
Conventional content creation methods which are time consuming, lack hyper personalisation at scale across multiple content formats with data driven insights on consumer behaviour. Brands are thus able to communicate through the most relevant content and most effective media at speed.
Gen AI can create content across diverse platforms from blogs to social media posts to email campaigns, with a nuanced data backed understanding of the target audience and at the same time ensuring that the designed format, tone, and campaign outcomes are in sync. These elements are the most crucial for scale.
Real time sentiment analysis, that not only establishes positive, negative or neutral sentiment across key words and topics associated with the brand, but also analysis activation across broad competitive set to inform competitive benchmarking and rating. These insights make marketing teams better equipped to execute data insight driven campaigns. Tools for gen AI production are largely simplified and don’t require complex integrations into existing workflows.
Gen AI In Real Estate Sales
Real Estate project sales has evolved into providing tailored sales content across the customer’s early journey. Chatbots, real time Q&As, self-service portals, customised proposals and other features unlocked by Gen AI are not only reducing operational inefficiencies and administrative burdens but also enhancing the experience of purchasing products.
Automation of administrative and lower value tasks like data entry, meeting notes, proposals, sales script etc. Implementation and management of streamlined sales processes at scale across products and locations delivering features sales service value at a lower cost.
Training, onboarding and management of sales teams and resources can be done at speed and efficiency with increased standardisation in the sales pitches.
Channel partner and distribution networks managed across multiple territories and products. Channel networks can get personalised content, lead management support, incentive plans, and gamified leaderboards. Across the sale value chain Gen AI increases seller speed and productivity and also reduces the experience friction.
Generative AI In Sales Enablement
Ensuring sales teams are equipped with the right set of product, service and consumer information with the right training content curated specifically to the sales member’s background. This is handy for large sales teams operating across multiple locations.
With voice to text features, automated note taking, calendar and meeting management, sellers’ capacity is offloaded of administrative and low value work thus maximising capacity utilisation.
Self-assisted customisation and configuration of products and services with real-time quotes and tailored pricing and offers ensure customer centricity in sales processes. The engagement becomes personalised, optimised and dynamic to the users requirements ensuring better experience of sale and probability of closure.
Buyer profiling, with preferences and pattern analysis help sellers understand their needs and provide a tailored outreach. Bais of customers sentiment analysis from its communication forms of call transcripts and emails a probability of conversion and lead prioritisation helps sales teams prioritise their sales pipelines.
Sales copilots also are an effective feature that help sales resources create specific communication to customer personas based on the stage of transaction.
Generative AI In Real Estate Transactions
Every consumer engages digitally to consider or make a transaction. Gen AI features sets are reducing cart abandonment by delivering a hyper personalised buying experience with intuitive prompts by tailoring user journeys and promoting conversions. These tools ensure continuous engagement with the consumer for product information, comparison, pricing and delivery.
Tools that help customers across intuitive search, personalised recommendations, enhanced feedback loop and streamlined shopping experience. Data driven personalises searches, recommendation and natural language bases search and recommendation options ensure quick transaction turnarounds. Product cataloguing and information listing becomes automated. Customers can also look at the products in 3 dimensions thus ensuring better visualisation and evaluation.
With bespoke purchase plans, customer satisfaction and retention increase thus positively impacting sales numbers, experiences and band loyalty.
Generative AI In Real Estate Customer Service
Post transaction service experience becomes most critical for customers and brands alike considering the level of customised and tailored experiences that is brought on in the discovery and transaction phases of the user journeys. This is what leads to brand loyalty, repeatability of transactions and increased lifetime value of customers once onboarded on the brand or product portfolio.
Prompt, real time and accurate self-service capabilities ensure faster customer grievance management and resolution. Virtual and human agents engaged in customer service are laced with fit-for purpose scripts, prompts, information, and training with automated tasks like follow up emails, and calls. This brings a multi fold increase to agent productivity. Gen AI and LLMs can analyse a customer’s profile and with automated workflows cater to their potential issues.
With product catalogue assists there is an increase in cross sell and recommendations for customers increasing their wallet share efficiently. Agents are assisted with next best actions to ensure recommendations on additional products and features
Gen AI-powered personalization is rapidly reshaping the real estate landscape, enabling companies to deliver highly tailored and contextually relevant experiences at scale. From personalized communication and property recommendations to predictive analytics and virtual assistants, AI is revolutionizing the way real estate firms engage with customers. Those that embrace this transformative technology with a customer-centric and ethical approach will be well-positioned to thrive in an increasingly competitive market.
As we advance further into the coming decades, customer communication systems will become more intelligent, integrated, standardised, scalable, and intuitive with powerful AI capabilities, greater emphasis on self-service, enhanced experience for customers, hyper-personalisation, integrated with API networks and ecosystems, and a single source of truth for businesses.
This article has been written by Mr. Onkar Shetye, Executive Director, Aurum Proptech.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Times Network.)
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