How to Use AI in Real Estate: A Guide to Modernizing Your Business

Imagine a world where a virtual assistant schedules property viewings, be it in person or virtual tours. Machine learning algorithms analyze your data to predict the values of property listings and generative AI writes property descriptions – all with a few clicks. 

That world isn’t far off. It’s here now and transforming the real estate industry. 

According to McKinsey, AI adoption has soared across industries with over 65% of companies implementing AI to improve operations – including real estate.

The real estate industry is changing and AI is at the centre of it. From searching properties to valuing properties, real estate artificial intelligence technology allows real estate professionals to modernize their business and get an edge.

Artificial intelligence (AI) means using machine learning, natural language processing, and other advanced technologies to perform tasks that typically require human intelligence. 

In real estate, AI tools and algorithms provide insights, automate workflows and improve customer service. Common uses of AI in real estate include virtual property tours, predictive analytics, and AI powered chatbots that simplify property enquiries.

In this post, we’ll cover how to use AI tools like Blooma’s platform in real estate to modernize your business so that real estate agents, property managers and investors can make the best of it. 

Key Use Cases of AI in Real Estate

Here’s how AI is changing the real estate landscape.

Accurate Property Valuations

AI powered software has automated the process of valuing real estate properties using historical sales data and predictive analytics.

• Automated valuation models: AI algorithms analyze data from multiple sources including property information and features, market values, and historical data to produce property valuations.
• Accurate pricing: AI tools allow a real estate agent and property owner to price competitively and in line with market trends.
• Better investment decisions: Real estate investors can use AI powered tools to find the best investment opportunities by predicting property values and evaluating risk.

Market Analysis

Knowing the market trends and conditions is key to success in real estate. AI helps professionals stay one step ahead in the following ways: 

• Trend spotting: Machine learning and deep learning models analyze market conditions and property details and data to reveal valuable insights on upcoming trends.
• Forecasting future market conditions: AI allows professionals to predict changes in the real estate market. This includes property value fluctuations or demand for specific property types.
• Investment strategy optimization: AI powered commercial lending software helps real estate investors make data driven decisions by finding opportunities and reducing risk.

Customer Relationship Management (CRM)

AI has changed CRM for real estate businesses by evolving how agents and property managers interact with clients. The main impact it’s had includes: 

• Personalized customer experiences: AI chatbots and virtual assistants use natural language processing to tailor interactions and the answering of property inquiries to individual client needs, enhancing customer service in the process. 

Source: 3DVista

• Lead generation and nurturing: AI algorithms find potential clients, match them with properties, and automate follow ups to keep them engaged.
• Client retention: By analyzing client preferences and market data, AI helps real estate agents build stronger relationships so clients stay with them through enhanced customer service during the selling process.

How Blooma's AI-Powered Solutions Can Transform Your CRE Business

The commercial real estate industry is adopting AI and CRE solutions to be more efficient and innovative. 

Blooma is ahead of the curve by offering AI solutions specifically designed for real estate professionals. 

Here’s how Blooma can modernize your CRE business and give you an edge.

Streamlining Loan Underwriting

Blooma’s AI and mortgage tools simplify the time consuming loan underwriting process.

• Automated Document Analysis and Verification: Review and verify borrower documents with AI speeding your processes and saving hours of manual work.
• AI Credit Risk Assessment: Assess creditworthiness with machine learning algorithms. Say goodbye to bias and errors.
• Faster Loan Approval Process: Automate repetitive tasks so that lenders can close deals faster and client satisfaction improves.

Optimizing Loan Monitoring

Blooma’s AI solutions optimize loan monitoring processes.

• Real Time Portfolio Monitoring and Reporting: Monitor loan performance and portfolio health with live updates, you’ll be in the know.
• Automated Fraud Detection and Risk Mitigation: Use AI to detect anomalies and mitigate risks before they get out of hand.
• Proactive Portfolio Management: Use predictive analytics to foresee challenges and make data driven decisions to protect your assets.

Enhancing Property Management

Blooma’s AI solutions are changing property management by automating tasks and providing insights.

• Predictive Maintenance and Repair Scheduling: Predict maintenance needs with AI ahead of when it’s required. With this, downtime and costs will be reduced.
• Automated Tenant Screening and Lease Management: Onboard tenants with automated background checks and efficient lease management.
• Property Performance Analysis: Analyze property performance metrics to find opportunities for operational improvements and maximise ROI.

How to Use AI in Real Estate: A Practical Guide

AI is changing the real estate landscape but to get the most out of it, real estate professionals must approach AI adoption strategically. 

Here’s a step by step guide to integrating AI into your real estate business.

Identify Pain Points and Potential AI Solutions

Start by identifying specific areas of your business that need improvement. This could include:

• property management inefficiencies
• pricing inaccuracies
• delays in real estate transactions

From there, explore AI solutions that address those issues, like predictive analytics or AI chatbots for better customer service.

Choose the Right AI Tools and Platforms

Research and choose AI tools that fit your business goals. Look for tools with machine learning for valuations, natural language for virtual assistants, or AI for market trend analysis.

Pro-Tip: Explore Blooma for customized solutions to your real estate management models. 

Train and Implement AI Models

Get your team AI ready by training them to use the new tools. 

Implementation should include integrating AI with your existing systems so data can flow and workflows can be optimized.

Monitor and Optimize AI Performance

AI needs to be monitored to be made the best of. 

Check how AI models are working to streamline operations and adjust as needed to get the most out of property searches, investment opportunities, and lead generation efforts.

Best Practices for Successful AI Adoption

As you get started, here are some tips to keep in mind: 

• Data Quality and Preparation: Make sure your data is accurate and clean as AI relies on verified and accurate data to give you good insights.
• Ethical and Bias: Address biases in the AI algorithms to ensure fair and equitable property evaluations and tenant screening.
• Continuous Learning and Improvement: Stay up to date with AI technology and adjust your strategy to stay ahead in the rapidly changing real estate landscape.

The Future of Real Estate with Blooma

Artificial intelligence is changing the real estate game, delivering solutions for efficiency, accuracy and growth. 

From loan underwriting to smart property management and customer relationships, AI powered tools are changing how real estate professionals work.

Blooma’s AI solutions give your commercial real estate company data driven insights, predictive analytics, and automated workflows. 

As AI for real estate continues to advance, the real estate sector will see even greater opportunities for innovation and growth. 

By embracing these advancements today, real estate agents, investors, and businesses can position themselves as industry leaders tomorrow.

Discover how Blooma’s AI-powered solutions can transform your real estate operations and start modernizing your real estate business with Blooma today! 

Schedule a demo now.