Artificial intelligence - what is it, will it help sell my house and how much does it cost?
Artificial intelligence sounds futuristic. A bit 'out in space' kind of thinking, maybe even a touch of Dr. Who.
Well you'd be right on all counts. It's the latest buzz word gripping marketing entities that have moved on from traditional newspaper advertising, have used Google ads, still love Facebook paid advertising but want to go deeper to find people who have 'shown intent' to purchase real estate.
What is Artificial Intelligence Marketing (AI Marketing)?
Artificial intelligence marketing is a method of leveraging customer data and AI concepts like machine learning to anticipate your customer's next move and improve the customer journey. In real estate terms this means understanding the buyer's journey better.
Real estate agents are presented with a huge volume of data which can be overwhelming while offering both great potential and complex obstacles simultaneously. The power of AI lies in its ability to take that data and turn it into opportunities that are easier for agents to convert.
It gives agents the ability to cultivate personalised and dynamic sales campaigns for home owners, giving each prospect unique and relevant content to make the buying and selling process easier – and we all know the easier an agent makes the buying process simpler for a prospective buyer, the more likely they buy. And that's what all sellers want from their agent.
How AI can be used in marketing your home?
1. Collecting data
Most agents have some sort of a data base. This is a question all sellers should ask an agent "Do you have a good database"? Does the agent actively maintain contact with that database or is it a bit over grown with weeds' or worse still.....dead.
AI can create a database specifically for a seller's property. The campaign can have pre -determined fields to capture prospective purchasers currently thinking about real estate, their preferred choice of houses or units, distance from schools and so on.
2. Understand the customer better
With AI solutions, marketers know exactly what consumers are thinking, saying, and feeling about not only a marketed piece of property but also the agency.
Similarly, with the onslaught of social media available (and the AI to analyze it), marketers can truly understand what customers are feeling.
Savvy marketers can harness this data in real-time and then quickly modify messaging or branding for maximum effectiveness.
3. Create detailed, accurate customer profiles
This abundance of data can also help feed consumer profiles. AI solutions provide marketers with deeper knowledge of consumers and prospective clients, enabling them to deliver the right message, to the right person, at the right time
The secret to building a truly comprehensive profile lies in capturing data during every single consumer interaction. Marketers can use AI solutions to take these profiles a step further, refine marketing campaigns, and create highly personalized content.
The upside is that the seller is engaging in highly effective and cost-efficient marketing to create a quick sale with an optimised sale price.
Who should run an AI campaign? The real estate agent?
Generally, no. This type of marketing is a sophisticated, specialised approached to getting a seller's home sold. A real estate can project manage the job and offer industry knowledge though.
Such marketing id best crafted by third parties with expertise in the area. Speak to First National Hills Direct to discover their preferred expert.
Do all agencies or real estate franchise networks use AI marketing?
No. Leading agencies and brands with their eye on their customers achieving good results, do. First National Real Estate does use AI marketing.
What does AI marketing cost?
The cost of running a campaign depends on how long the marketing will go for, customer profiling, demographics and budget.
A campaign that runs for 14 days will typically be in front of 20,000 - 40,000 potential buyers and will cost around $500 - $800.
Sounds expensive? No, not yet. Not until……….
These costs will only go up as major advertisers like Myer, Harvey Norman and a like throw millions of dollars into AI marketing. At the moment it's very cost effective and should be part of a seller's marketing budget.
What's the future of AI in real estate marketing?
According to real estate commentators Business 2, AI is already powerful, and as it continues to evolve the potential applications for AI in real estate is mind boggling. Here's just a few possibilities:
Good smart, savvy real estate agencies and brands are using AI marketing. While traditional programmes involving newspaper advertising, leaflets and posters have served customers well in the past, today's marketing is taking a more digital approach.
Marketing on Facebook and real estate portals via prominent listing positioning and banners is still effective in hitting a broad market.
But to truly understand how a customer is really feeling, how to unearth their buying patterns, likes and dislike, real estate agents must go much deeper.
They have to get into the minds of their potential customers and create the 'perfect' customer profile.
Such a profile will be an invaluable tool for an agency; and it's that agency, sellers should be hiring when selling their home. (if they want a quick sale at the maximum price).
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