Within the past year or two, AI (artificial intelligence) has taken the world by storm with chatbot & media generation tools (among other popular uses) like ChatGPT, Claude and Google AI — and has become a part of the everyday lives of countless individuals around the world.
AI’s transformative impact can be felt keenly in many industries ranging from manufacturing to teaching, and it has become an integral part of our digital ecosystem. The real estate industry has also not been left untouched by this technological revolution and AI has left its mark on many aspects of the property market. AI tools have been developed to help buyers and sellers optimize their experiences in the property market, and this trend doesn’t look like it’s going away anytime soon.
In this post, we take a closer look at how AI has transformed the property market and in particular, how you can leverage it to help you sell your property or to get a better sale price for your property.
How to Use AI in Real Estate?
The AI revolution has brought about many significant changes to the real estate industry, greatly improving the way the properties are bought and sold.
Some of the ways that you can use AI in real estate to help you get a better sale price on your property or get a good deal when buying a property include:
Using Generative AI in Real Estate Marketing
According to research by the McKinsey Global Institute, generative AI is projected to provide up to $180 billion in value for the real estate industry. Real estate marketing tools that are powered by generative AI are thus especially useful in helping homeowners and property agents create marketing content and materials to help them market the properties that they are looking to sell.
For example, generative AI tools can help to create virtual staging for properties, enabling each potential buyer to visualize the property based on their own design styles and preferences. This can remove the need for physical staging, which is often one of the most time consuming and tiring aspects of selling a home and which is also limited to just one design style.
Additionally, generative AI can also help property owners and agents craft detailed descriptions for the properties they are selling, saving them significant time and effort.
Streamlining the Selling Process
Other AI tools that can help to streamline the selling process include tools that help to automate mundane or routine tasks such as scheduling appointments and answering questions from potential buyers. While individual homeowners may only have to deal with a handful of potential buyers, realtors who are selling multiple properties may deal with hundreds of potential buyers and responding to all of their queries can be a time-consuming and sometimes overwhelming task.
PRO TIP: to get an idea of how a cash home sale with HomeBuyers of Pittsburgh can make selling your Pennsylvania home truly hassle-free, see our ‘3 Steps to a Cash Home Sale’ process. Compare our free consultation to the efficiencies you get with technology.
AI-powered tools such as AI chatbots can be used to help to automate this process by scheduling viewings with potential buyers and answering common questions that may be shared by many buyers. This can help to create a more positive experience for buyers as well, who will not need to wait long for a response to their queries.
Providing Data Driven Property Insights
The development of automated valuation models (AVMs) in the property industry has also proven to be a game changer. AVMs use AI to process large quantities of data including data on recent sales, market trends as well as neighborhood data to provide accurate estimations of a property’s value. This can enable both buyers and sellers to access market data quickly and effectively in situations where they would traditionally have needed to engage professional property valuers.
Moreover, AI-powered search tools also enable buyers to quickly streamline their search by filtering properties based on their needs and preferences. This data can also then be used by realtors to tailor their property listings to cater to the needs of buyers in the area, enabling all parties involved to have a better experience.
Negotiating and Closing Deals with AI
In a traditional property sale, the negotiation and closing process can typically take up to several months due to manual paperwork and prolonged communication between the parties involved. Tasks such as reviewing contracts, scheduling inspections, and verifying loans and other legal documents can all take significant amounts of time and can make it a time-consuming process to reach an agreement.
AI can significantly reduce the amount of time that is needed for this stage of the property sale process by synthesising useful market data and speeding up the negotiation process. AVMs that provide accurate property valuations can help to reduce the time needed for negotiations as both the buyer and seller will have a clearer picture of the value of the property, making the closing process more efficient.
Furthermore, legal AI software can also help to generate and review legal documents for the closing process that contain the necessary terms as indicated by the parties, saving time and legal fees for all parties involved.
Maximize the Value of Your Home Sale with HomeBuyers
It is without a doubt that AI has fundamentally changed the way we buy and sell properties. However, despite the numerous benefits that AI can bring, AI tools may not be for everyone and there are still many who prefer to sell their homes in the traditional way — be it seniors who may not be able to effectively use AI, or those too busy to invest their time in learning how to use various AI tools.
Regardless, if your home is in the greater Pittsburgh metro area and maximizing the value of your home sale is your priority, then Homebuyers of Pittsburgh should be a top consideration. Get a free home sale consultation to see how we stack up!
We are the #1 professional home buying company in Pittsburgh and we specialize in buying and selling homes. Whether you’re preparing to move to assisted living or selling an inherited home, selling your home to us is a breeze and all it takes is a short 20–30 minute at-home evaluation for us to make you a guaranteed cash offer.
Reach out to our team today, and our home buying experts will call you to arrange your free property evaluation.