How can artificial intelligence create a big impact for estate agencies in the UK?

Artificial Intelligence is now becoming prevalently used in businesses in the UK and now they are also used by estate agencies. It is creating a lot of impact in the property industry by allowing property professionals to perform work effectively as well as efficiently. 

That is why many estate agencies are investing in AI as it is offering automation to the business and even though it cannot take the place of a person, AI is helping the estate businesses to lessen their workload and save time. For instance, with the smart assistance of online valuation tool supported by AI it has become more useful to better serve potential leads. 

Do you want to know the big impact of AI on estate agencies? Have a look at the details below.

  • Accurate property online valuations 

Artificial Intelligence has lots of potential to revolutionize the estate business starting from providing the best property online valuations. It is making it more innovative and offering a great experience for users who require online valuations of their properties. As AI can learn and improve itself it can better understand the complicated matters in the property market and provide an accurate and quicker valuation. 

The user has to provide the details of their property and neighborhood for the AI-powered online valuation tool to offer the best results. Some of the details the user has to enter are the address, the date the property was constructed, the size of the property, and more to get a satisfactory valuation. 

  • Great property analysis 

The task of analysing a property is often done by an estate agent but because of the AI the job has become easy for them. The agents can make use of the data collected and stored by the AI to analyse a property and it helps them to complete this process quickly. 

For instance, if a buyer wants to know some details about a property before buying it, the agent can use AI to provide accurate information like the parking space availability, the best light during the day, annual sunlight amount, and more. 

  • Assist in finding the best locations 

The AI can also be used to know about the details of a particular location and this helps the estate agents to narrate the best features of a location to a potential property buyer. The AI can also suggest the best neighborhood by comparison and this is beneficial for home buyers looking for an ideal location to buy a property. Some of the features the AI considers about the different locations to provide results are property industry trends, future growth, best places to visit in the neighbourhood, and more. 

  • Mortgage calculation 

Calculating a mortgage can be a challenging task but with the assistance of AI, estate agents can do it easily. The algorithms are quick to detect if there are any errors when screening the mortgages and they can do various other tasks as well. The AI-powered mortgage calculator can calculate income, check the sources of income, analyse important documents, and more. So AI makes the mortgage calculator become more advanced. 

  • Easy management of customer relationship 

If your estate agency is planning to develop your customer relationship management then AI can help with this aspect too. The relationship with the customer does not end after they buy or sell a property with your assistance, so you can use the AI-powered CRM tools that will help you handle the customer relationship the right way. You can easily collect and maintain personal customer details like the time of their move, their current address if they are buying or selling another property, and more. 

  • Matching the right applicants with properties

If you are running an estate agency, you may have lots of properties in the listing and may be searching for effective ways to sell them. You can automate this task by using the AI tools that help you find the matching applicant for the properties. It considers the existing relationship of a customer with your business, their details, their property requirements, and more. Therefore you will be able to quickly find a matching applicant for the property you want to sell. 

If you want to use Artificial Intelligence to enhance various aspects of your estate agency, improve and succeed in your business, you can seek the help of the property professionals. They will give you the required training to use the AI tools and will also introduce you to the latest tools available to run your business effectively.

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