How can AI Help the Real Estate Business?
Artificial Intelligence (AI) is a brilliant new tool that can help move the Real Estate business forward. With new AI generative technology, the real estate industry has amazing new tools available including, appraisal estimates, generating listing descriptions, and enhancing 3D virtual tours of a property that will make your listing process quicker, easier, and more organized.
AI for Appraisal Estimates
In a world where appraisal reports can take 3-10 business days to get back, AI has changed the game. Using AVM, or Automated Valuation Models, AI can swiftly compare all recently sold homes in an area and come back with an accurate representation of the value of a home within a few hours. This saves time and brings the most accurate results possible, without the risk of human bias or mistakes. What’s more, due to the cutback of manual appraisal methods, AI appraisals are much more cost-effective. This is because manual appraisals require many labor-intensive tasks for underwriters to complete. AI automates these tasks and flags possible risks so manual review is minimal. According to Reggora.com, the national average for a manual appraisal can cost upwards of $99 – but with AI technology, that number goes down to an average of $18 – nearly one-fourth of the original cost! This can be done for a CMA to list, as most banks are still currently requiring an official appraisal report for borrowers.
Generating Listing Descriptions and More
Writing listing descriptions can be daunting, for new agents as well as seasoned agents. New AI technology makes this process easy and efficient, with tools built to help agents succeed. Automated description generation means with a few simple details, AI can expand on the info provided and make the description more unique.
For example, using ChatGPT – an AI chatbot software – you can put in some minor details such as:
Write a real estate listing description for a 3 bedroom, 2 bathroom ranch in a suburban neighborhood on 4,000 sq feet of land with flower beds in the front, a deck in the back, and a storage shed in the backyard.
ChatGPT will turn it into this:
Welcome home to this charming 3 bedroom, 2 bathroom ranch nestled within a peaceful suburban neighborhood. Situated on a generous 4,000 sq feet of land, this well-maintained property offers a delightful blend of comfort and convenience.
As you approach the front of the home, you’ll be greeted by picturesque flower beds that add a touch of vibrant color and curb appeal. Step inside, and you’ll instantly feel a sense of warmth and tranquility throughout the living space.This home boasts three bedrooms which are versatile and can be customized to suit your needs, whether it be for a home office, gym, or guest room.
Step outside onto the deck and discover a private oasis perfect for hosting summer BBQs or enjoying your morning coffee in the fresh air. The expansive backyard also offers a practical storage shed, providing additional space for all your tools and outdoor equipment.
The suburban neighborhood provides a tranquil setting while being conveniently located to nearby schools, parks, shopping centers, and major commuter routes. With its proximity to various amenities, this home strikes the ideal balance between suburban escape and urban accessibility. Don’t miss the opportunity to make this charming 3 bedroom, 2 bathroom ranch your new home. Schedule your showing today and experience the beauty and convenience that this property has to offer!
From here, you can edit the listing AI made to better suit your needs, or keep everything if it works – making the process of writing listing descriptions much more efficient. This same process can be done for email campaigns, social media captions, or just about anything else!
Another way AI can help generate listing descriptions is with Image and Video Recognition. With new AI software, you can upload images and videos of the listing and AI will compile a list of features of the property. This makes coming up with what to say in your listing descriptions a breeze!
Enhancing 3D Virtual Tours of a Property Using AI
Virtual 3D tours of a property can make or break a listing. Results from a Matterport research study show that homes with a virtual tour sell 31% faster and for more money – but with the widespread use of this technology, how can an agent stand out among the crowd? AI technology can enhance your 3D tour rendering and get your listings sold quicker, easier, and for a higher price!
A common problem with virtual tours is that the transition between images is not seamless. This problem is solved with new AI technology, which can fill in the blanks and sharpen the images, making it much more realistic for potential buyers.
AI Virtual staging can also help with realism in your virtual tour. Where normal virtual staging requires extra knowledge of the layout of a property, AI can determine the measurements accurately and design the space based on the overall aesthetic, creating a more immersive experience for a client. You can learn more about how to prepare for virtual or regular staging at sellvp.com/staging.
New AI technology has created a plethora of opportunities for the Real Estate industry. With the new tools available, you can create more descriptive listings, aesthetically pleasing virtual tours, and streamline your appraisal process in a much more cost-effective and efficient way.
The Future of AI at VP Realty
VP Realty is excited to explore AI as we grow and learn more about it within the industry. We currently utilize AI features on MLS Now (where we list and search for properties). Read about our growth and progress at sellvp.com/about.