Online auctions saw a remarkable 35% surge in property sales last year. Check out more of our Auction Success stories in our yearly round-up.
Tech of a Life Edition 4: A new era of AI in Estate Agency
Artificial Intelligence (AI) capabilities are constantly developing, faster than we could have ever imagined. Almost overnight, we have been given the power to compile research and create content in minutes rather than hours or even weeks. How is the property industry set to develop alongside, now Estate Agents have the power of AI?
To shed some light on the evolving landscape of AI and automation, we caught up with two leading tech experts from the residential property world. Simon Whale, MD and Founder of Kerfuffle and Neil Hope, Chief Technology Officer at iamproperty, both deal with tech that incorporates AI and automation every day. Simon brings his insider knowledge of property technology to explain what AI and automation mean for Estate Agents and consumers, while Neil shares his background in software development to explore the benefits that AI and automation powered tech can have on Estate Agency branches in the UK.
Simon Whale, MD and Founder of Kerfuffle:
The differences between AI and automation
“Automation has been around for a long time – if we look right back to an early laptop or even a typewriter, automation has always helped us to do more in less time. A lot of the early Estate Agency software systems, which we now recognise as CRM, used an automated workflow to support agents with tasks – from helpful reminders, mail merging of letters and emails, and making daily processes more efficient.
“Today, automations massively increase productivity levels in agencies and can even automate full admin processes. While automation is something we are already familiar with, AI is a genuine disruptor.
“AI can already be used in many ways, such as helping agents generate content quickly and accurately or help make sense of data and identify trends, often pulling out interesting angles and patterns that might take a person hours to identify. But AI has so much more potential yet to be tapped into.
“Many suppliers have already implemented AI in their software for Estate Agents, such as being able to use AI to write a compelling prospecting letter, while others have new projects underway that revolve around AI. There’s more to come, and it’s an exciting time for the industry from an innovation perspective.”
The influence on property technology
“Single sign on and integration between different software is improving thanks to AI’s ability to link things together and support in passing the digital baton from one provider to another. This will be brought to life by the iamproperty ecosystem, which will combine auction, onboarding and CRM solutions in one place, with one central login.
“AI will also become more accessible in the same way that technology generally has. It wasn’t long ago when you could get completely lost by technological jargon which made software in business difficult to understand. Now, people without technical skills can use technology freely, evolving as far as software like Chat GPT, where anyone can use AI.”
Neil Hope, Chief Technology Officer, iamproperty
“Our core aim is to develop tech solutions for Estate Agents that make their lives easier and free them up to do what they do best. Here are some of the key benefits of AI and automation powered tech:
Offering a more personalised experience
“AI can quickly read data to understand and segment clients – knowing someone’s occupation and income level can help you suggest properties that would suit them – giving you a bigger picture of their needs so that you can officer the best possible service. With these insights, AI can create automations within your CRM to offer clients greater personalisation by sending emails and reminders at the right times and in the most appropriate tone for your contacts.”
More time with clients
“Automations streamline your processes, reducing the time you need to spend on admin to free you up for parts of the job that add the most value to clients, like having face time with them and progressing their transaction. More efficient processes also increase productivity, giving you time back to spend on ideas and activities that grow the business and drive positive change.”
Speed up sales
“Speeding up sales is in the interest of your team and your clients, so that you can secure your fees and clients can get moving faster. Research from McKinsey estimates that a third of all sales tasks can be automated, which means that tech has the potential to make significant cuts to your transaction times.”
“At a most basic level, automations reduce natural human errors within businesses, so can support from a client service and compliance point of view. There are many other ways that AI and automations can power up the service you give clients, including faster responses to client enquiries and better understanding of your client base for well-targeted marketing.”
“AI and automation powered software is designed for ease of use and accessibility for all, to make sure your whole team can use tech to spend more time with each other instead of buried in lengthy admin processes.”
You can real the full article here: https://iamproperty.com/tech-of-a-life/tech-of-a-life-edition-4/