In this article we cover 4 ways AI is improving the viewing experience in the real estate and hospitality industry:
- Fetch a higher price with 3D immersive virtual tours anywhere, any time
- Qualify leads automatically and increase conversion rates
- Manage appointment bookings, complete transactions and gain insights
- Buyers, sellers and renters can access FAQs while on the tour
Covid-19 hits the property market hard
The Real Estate industry has seen much changes over the years and yet again. Realtors are facing challenges that they will need to adapt to. Before Covid-19, the sector was grappling with multiple headwinds of customer reluctance, inventory overhang and half-baked projects across the country. Now, the global pandemic has caused a real hit on the industry. According to Aberdeen Standard, total returns in the global listed market have fallen by 20% year-to-date. Aberdeen Standard commented that “the 2020’s global economic contraction is still set to be deeper than any post-war recession”. Commercial and residential property transactions have also declined in Asia. Commercial property investments in Singapore, Hong Kong, and mainland China were the most adversely affected last quarter, with activity declining by at least 60% year-on-year, according to JLL. Residential transactions in Singapore have slowed down from a growth rate of 7.86% in 2018 to 2.67% in 2019 according to Urban Redevelopment Authority (URA).
Halting the downward slide with technology to stay competitive
The real estate markets, both commercial and residential, will be more competitive than ever. With the pandemic restricting real estate tours, realtors and developers will need to embrace technology to reduce the friction in searching and enquiring about a property, and ultimately drive a more experiential and convincing sell.
Here are some ways AI can drive a more personalised viewing experience:
Fetch a higher price with 3D immersive virtual tours anywhere, any time
Companies are leveraging AI technology to create a 3D digital twin so realtors can share the 3D virtual tour with prospects anytime, and for viewing anywhere. With prospects having a busy schedule, a virtual tour allows them to view the house at any time of the day and from the comforts of their own homes or even on the way home from work. 95% of people are more likely to call about properties with 3D virtual tours. Both realtors and leads thus save time, and physical viewing of the property would likely be for quality leads that are most serious in making a purchase.
Virtual tours have been around for awhile now and Matterport for example now makes it simple with their mobile app which is available on the App Store. Their modern, immersive and personalised viewing experience helps prospects better visualise themselves living in the home or working in the commercial space, increasing their desirability for the property. This would induce a higher willingness to pay among prospective buyers. An academic statistical analysis of MLS (multiple listing service) transaction data from four markets across the United States revealed that an average listing with a 3D tour closed at a 4% to 9% higher sale price and up to 31% faster.
Qualify leads automatically and increase conversion rates
Chatbots are another example of helpful technology to qualify leads. With a virtual assistant, realtors can focus their attention on business development and closing deals. Upon assessing that a lead is seriously considering a purchase based on a set scoring system, the chatbot can automatically alert the realtor via a mobile notification. With a customer service that allows viewing anytime and anywhere, and a virtual assistant that qualifies leads for realtors, conversion rates will exponentially improve.
Manage appointment bookings, complete transactions and gain insights
Some chatbots are rule-based while others are AI-based. The latter type has the ability to manage realtors’ appointments by syncing to their calendars and suggesting optimal appointments slots to prospects. If hassled by the settlement of paperwork which obligates realtors to spend valuable time travelling to meet prospects, these chatbots can get the job done seamlessly. Intelligent chatbots easily allow transactions and exchange of various multimedia formatted documents such as seller disclosures, home inspection reports and so on.Moreover, with all these bookings and transactions happening through a chatbot, patterns can be detected through the high influx of user demographic and psychographic data, arming real estate organisations with the knowledge to make informed critical decisions like the creation of new services and departments, optimisation of services processes and retraining and upskilling of realtors.
Buyers, sellers and renters can access FAQs while on the tour
Let’s not take for granted the most fundamental capabilities of chatbots when integrated with virtual tours. Prospective buyers will have questions about the house during the virtual tour and will leave the platform once they are dissatisfied with the platform or have questions unanswered. With a built-in chatbot that can address any concerns 24/7 while prospects are immersed in the tour, prospects are better retained on the platform, and further engaged through tailored recommendations of similar property listings based on their preferences. Should the chatbot be unable to answer a specific query, the bot will know to alert realtors to reach out to agents via a live chat. Furthermore, higher engagement induces a higher influx of user demographic and psychographic data, which will allow realtors to meet specific individual needs with better precision as well as detect patterns to emerging needs.According to HubSpot, 60% of millennials are already using chatbots regularly and many customers prefer the ability for self-servicing their queries instead of having to hop on a phone call. With an improved engagement comes greater retention. This, although seemingly simple, hasn’t been seen in many providers. Matterport and TAIGER have thus collaborated to provide this service to realtors. Combining our AI expertise in 3D virtual tours and humanistic chatbots, realtors can now provide a more personalised experience for prospects and close more deals.
Transform with TAIGER and Matterport today
According to Gallup, fully engaged customers represent a 23% premium in terms of wallet share, profitability, and revenue as well as relationship growth over average customers. Customer experience is the key to helping realtors achieve success in the industry and with TAIGER’s Omnitive Converse and Matterport’s AI-enabled 3D technology, that can be done. Not only does it increase prospects’ desirability for a property, willingness to pay and conversion rate, but also achieves all these while helping realtors be more efficient with their time.
Get started on your AI journey with us now!