How to Generate Real Estate Leads Using AI

✍️ Opinions

Subham Kumar

May 17, 2024 — 4 min read

Satya S Mahapatra, Chief Brand Custodian, JUSTO Realfintech - How to Generate Real Estate Leads Using AI

This article has been contributed by Satya S Mahapatra, Chief Brand Custodian and part of the Founder’s office at JUSTO Realfintech.

India’s real estate sector is on a growth trajectory with nearly 4.11 lakh residential units sold in 2023, registering a growth of over 33% from 2022. Similarly, the commercial and retail real estate segment have also witnessed phenomenal growth with rising demand within the manufacturing sector and flexible workspace, and equally supported by the increasing number of malls and organized retail outlets in the country. It is estimated that the commercial real estate segment will continue to grow at 21.1% CAGR to reach $106 billion by 2029. It is expected that the sector will reach $1.5 trillion by 2034.

The real estate sector in India, which was largely driven by sales agents, has witnessed rapid adoption of technology during the pandemic. This trend continued to evolve over the years to provide customers a more transparent and customised service solutions.

Pro-techs leveraged technology and launched innovative solutions across property search, virtual property tours, online property transactions, real-time market data & analysis, smart home solutions, sourcing online finance partners, online property listings, and property management to help ease the transactional process across the developer, channel partners, and buyers. With technology support, any potential investor or buyer can view property, access related documents, and complete the transaction from any corner of the world. However, the biggest challenge was to identify potential buyers from the crowd of leads and connect with them in a more personalized manner.

The use of AI tools in real estate has changed the approach for the developers and the channel partners while generating, assessing, and analyzing data for identifying potential buyers. In this article, Satya S Mahapatra shares insights on using AI to assess buying probability based on multiple data points.

Market Size of the Real Estate Industry in India

The Top 5 Ways AI Has Helped to Generate Real Estate Leads

Here are the top five ways AI is helping generate real estate leads:

Predictive Analytics

AI tools are the most efficient in analyzing data based on factors like demographics, online behaviour, and past transactions to predict individuals who are more likely to transact immediately. Predictive Analysis uses historical and transactional data of the customers to make informed decisions.

AI can identify high-quality leads and help channel partners to focus on them for faster conversions.

Chatbots

Another challenge with physical contact is the numerous initial engagements with first-time website visitors and social media users, trying hard to convert them into potential buyers by confidently and convincingly responding to their every query. A lot of potential conversions are missed due to human error and negligence. AI chatbots are efficient in responding, sharing, and collating data with initial responders, and they are efficient in assessing and passing qualifying leads to channel partners for further follow-up.

Personalized Marketing

Personalization in communications is the key factor, and the right message can ideally convert a lead into a buyer. AI tools can collate and analyze customer data, and based on the preferences and behavior of potential buyers, it can tailor marketing campaigns that resonate with them.

Personalized communications across key social media platforms and emails can increase the likelihood of more generating leads, and convert the existing ones into buyers.

Prioritizing Leads

Assessing buying probability based on data points like past online and transactional behaviour is beyond normal human capabilities. On the other hand, AI tools process such data at a higher speed and assign a score to each lead indicating their likelihood of conversion.

By prioritizing leads with higher scores, channel partners can focus their attention on such potential buyers.

Automated Follow-Ups

AI can automate and streamline processes that would otherwise require continuous human intervention for seamless follow-up. AI tools can communicate with leads, and send personalized messages at periodic intervals to keep the leads informed and engaged on the various developments and schemes related to the property. Continuous communications can help nurture leads through the sales funnel until they are ready to make a decision.

The role of AI in generating qualifying leads has been one of the biggest differentiators for channel partners. As technology progresses, improved AI tools will help to further streamline the entire home-buying journey through a more data-driven approach. In the near future, salespeople will be equipped with AI tools that can provide real-time information, insights, and recommendations making them more effective and helping them to close leads faster.