Real Estate Agents Are Using AI to Boost Listings and Sales
Key Takeaways
- Artificial intelligence is revolutionizing the real estate industry, offering powerful tools for listing agents and sellers to enhance property presentations and increase sales.
- AI can be used to improve photos and videos, write compelling descriptions, and optimize listings for search engines, all leading to faster sales and possibly higher prices.
- Real estate agents must be tech-savvy and incorporate AI tools into their operations to remain competitive in today’s evolving market.
AI Is Transforming Property Marketing
Michael and Patty, hosts of the popular real estate podcast, “The Michael and Patty Show,” discuss the growing role of AI in their industry, highlighting its potential to boost listings and sales. “AI has been the biggest thing that’s come along in real estate since sliced bread or digital cameras,” says Michael. “It is just such an amazing, incredible tool.”
Their podcast offers a practical guide for anyone involved in the business of buying or selling real estate. They delve into the specific tools and techniques they use to leverage AI, breaking down its benefits and providing valuable insights for real estate agents and sellers alike.
Improving Visuals With AI
The most obvious application of AI in real estate is in the realm of visuals. Michael and Patty use AI to enhance photos and videos, making properties look more appealing to potential buyers. “We can do an AI with a single command in a fraction of a second,” says Michael, “for instance removing garbage cans, vehicles, dogs…You could take the front of a house and process it through AI to bring it all up to date, and had a picture of that either online indicating that it’s been enhanced with AI, and it’s a conceptual drawing or photo…”
Virtual staging is another powerful AI tool that allows agents to add furniture and improve the visual appeal of empty spaces. “There’s a bunch of different platforms that you can use,” says Patty, “However it really does enhance your property if it is um, empty if it doesn’t have furniture or if let’s say you have tenants in the home and it doesn’t show well. AI technology goes as far as to remove the content that is in the in the room and will put in newer nicer staged, you know more modern furniture.”
They also discuss the importance of understanding local rules and regulations regarding AI use in real estate. “Your real estate agent does have an obligation under local rules and regulations typically inserted by their associations,” cautions Patty, “as to what you can do with AI in some markets, in some boards in other provinces they say you can use AI but you have to have a real picture that hasn’t been touched as well.”
Crafting Compelling Descriptions with AI
Beyond visuals, AI can also be used to create compelling property descriptions that resonate with potential buyers. Michael and Patty use AI to generate detailed descriptions that highlight the property’s features and create a sense of place. “I’m looking for a description that’s intriguing and it strikes that emotional and lifestyle chord,” explains Michael. They use chatGPT, a powerful AI language model, to gather information about the property’s history and neighborhood, adding context and depth to their descriptions. “We ask it to create or add facts about the history of the area and the background of the area,” says Michael. “So if it’s in a subdivision, when did it start, what was it based on, what’s unique about it? Is there a stream behind it, a river, mature trees?…It’s nice to have those little details, because now you’re turning what was a commodity, a three-bedroom bungalow with two bathrooms, into a story with historical value.”
They also stress the importance of tailoring descriptions to different buyer personalities, using tools like DISC to understand their motivations and preferences.
Optimizing Listings for Search Engines
Finally, AI plays a crucial role in optimizing listings for search engines, ensuring that properties reach the right audience. “It’s search engine optimized, you code it for Google and other search engines,” says Michael. They use keyword tools like Google Keyword Explorer to identify relevant search terms, incorporating them into their property descriptions and website content. “That’s why a lot of times with Patty’s descriptions and mine, you’ll see ‘welcome to your new home,’ and we’re putting it, we’re phrasing it in such a way,” explains Michael. “We’re not saying ‘here’s a home,’ we’re saying ‘welcome to your home,’ in XYZ, Prince Edward Island, Canada, because Google’s going to pick that up on SEO with better, yeah, there’s a sense of ownership right from reading the description.”
The Importance of Choosing Tech-Savvy Agents
Michael and Patty emphasize the importance of working with real estate agents who are not only knowledgeable about the market but also tech-savvy. “Really what you are doing when you hire a realtor, you are hiring a marketing company,” says Michael. They argue that real estate agents need to embrace AI and other emerging technologies to stay ahead of the curve and offer clients the best possible service. “Every little tiny detail matters,” Michael says. “There’s a reason why McDonald’s will spend three weeks making one photo of that Big Mac because they know how impactful that photo can be on their potential audience.”
Conclusion and Summary
The rise of artificial intelligence is having a profound impact on the real estate industry, offering powerful tools that can help agents and sellers stand out from the competition. AI can enhance property visuals, create compelling descriptions, and optimize listings for search engines, ultimately leading to faster sales and higher prices. It is clear that real estate agents must embrace AI to stay competitive in today’s evolving market and provide their clients with the best possible experience.