Author: Anne Ewasko

Predictive AI tools to consider in 2023

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The change brought on by artificial intelligence (AI) has begun. It has already made possible self-driving cars and voice-activated home systems; now it is changing the playing field for real estate agents, as well. Understanding the potential uses for predictive AI can result in getting more of those much-needed listings in a fraction of the time and cost of traditional methods.

What is predictive AI?

In generic terms, predictive AI is a data analysis technique that may foresee and anticipate future demands or occurrences. With the use of powerful algorithms that evaluate enormous quantities of predetermined data or user activity, it can provide precise, near-term predictions. This makes it possible to anticipate trends or identify behavioral patterns of its users.

Why is predictive AI so useful in real estate?

The real estate market is quite data-driven now, and predictive AI is being used to identify who is most likely to sell. Investing in AI technology will help agents generate new leads and gain much-needed listings in this low-inventory market. Predictive AI employs algorithms to recognize and target homeowners most likely to sell their homes soon, allowing agents to focus on these homeowners who matter most for potential listings and not on unlikely prospects, saving enormous time and money.

Predictive AI tools to try this year:

Catalyze AI

Catalyze AI is a predictive business development platform that pinpoints a targeted geographical market to help you expand your business quickly. It uses big data and artificial intelligence to assist real estate agents in finding new listings in their geo-farm.

Catalyze AI can determine which prospects have the highest probability of selling their homes due to its integration of behavioral analytics, event-driven data, and real-time and historical data.

Pros
Customizable user interface and dashboard
40% sell prediction accuracy
Targeted geographical advertising
All leads located 50 miles or less from
the agent
Exclusive leads uploaded monthly

Cons
Price is vague
Not completely available in all markets

Likely.AI

Likely.AI allows real estate agents to find and forecast their ideal clients’ buying patterns. Its algorithms analyze data from many sources and produce insights that can help agents find the right prospects to target. It can not only anticipate likely sellers, but also fix incorrect contact information and set up auto-alerts so you don’t miss out on opportunities. In other words, it will ensure that you are one of the first to know if a prospect is behaving like a potential seller. Likely.AI charges a fee “per contact” starting at $0.80 each.

Pros
Updates missing and inaccurate contact information
Automated notifications

Cons
Relatively pricy

SmartZip

SmartZip provides real estate agents with accurate listing leads in their geo-farm and has systems in place to connect with these prospects through automated marketing and follow-up. Agents can increase their chances of success by concentrating on this group of homeowners and tailoring their marketing initiatives to a highly responsive audience, saving valuable time and resources with the use of the service’s automated marketing.

Pros
Robust tools for agents to create a presence in their geo-farm
Personalized landing pages for brand-building
Adaptable, focused marketing

Cons
Prices are vague
No trial offer
Non-binding leads

Bottom line

So, is AI taking over the real estate industry? No, but it is becoming a necessary tool to win in this highly competitive arena. Let predictive AI take the guesswork out of prospecting and lead generation to save you time and money. The data will drive you to that most likely prospect, and you can be the first in line to win that listing. Winning more listings will increase your bottom line, and who wouldn’t want that?

Anne Ewasko is a veteran Realtor in the Chicago area and a longtime techie. Visit her at anne.luxhomechicago.com.

3 social media apps made for real estate that luxury brokers love

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Agents now have apps specific to the real estate industry that mimic social media platforms like Instagram, TikTok and Facebook. Luxury brokers have already jumped on this wagon, and you should, too.

Building and managing relationships is a crucial component of success in our business. These real estate-specific apps skillfully combine social media and property searches while building relationships with current and new customers. It’s another way to get your listings seen and for you to be seen as the go-to agent for your area.

REAL Messenger, 1060 and Ri.la are the trending real estate apps to keep your eyes on in 2023.

REAL Messenger

The REAL Messenger app is one of the hottest developments in real estate technology, and luxury agents are salivating. The platform offers a private community where buyers, sellers and agents can connect over exclusive pocket listings.

Users of the REAL app spend an average of 41 minutes perusing properties. The app feeds high-end properties based on location, and users can examine properties anywhere in the world. This allows luxury brokers to showcase their properties to a broader audience, which increases their clientele and sells their listings faster.

Pros:

• Free
• Self-branding
• Available on iOS and Android
• Search for specific amenities (for example, only kitchen pics)
• Includes a variety of listing ratings: value for money, quality of the home, and quality of location.

Cons:

• Can use only one filter at a time
• A limited number of locations
• Not user-friendly (no tutorial or user instructions)
• Search returns sometimes with unrelated results (ex., select bathroom pics and get a few plus unrelated pics).

1060

The 1060 app is just getting started and is one to keep an eye on. The app lets you view an infinite stream of properties in short-form video content. By resembling the video-sharing website TikTok, 1060 advances the concept of the high-end mobile listing beyond Real Messenger. The 1060 videos are brief like those on TikTok, under 60 seconds — just enough to provide a private preview of an exciting new property.

Real estate agents wanting to appeal to a younger, more active audience will find this platform helpful and exciting. The app enables agents to be more effective by providing a dynamic algorithm and system for generating leads through interactions with uploaded content. The app also is intended for zero-effort content, with agents able to capture videos on the spot, add music and post.

Pros:

• Free
• Includes property search
• User-friendly, with a TikTok-like interface
• Multiple search filters, such as number of rooms and price
• Available for Android and iOS devices

Cons:

• Does not have a website version

Ri.la

Ri.la makes promoting a property and finding a property as simple as browsing Instagram. The platform is user-friendly, informative, engaging and a great lead-generating tool. It encourages interaction, networking and lifestyle matching, while providing a range of crowdsourced on-market and off-market listings.

Verified agents can post their properties on Ri.la in minutes by uploading pictures, sharing content and establishing free connections between buyers, sellers and renters.

Pros:

• Free
• Realtors are verified for added security
• User-friendly, with an Instagram-like interface
• Crowdsourced content
• Browse for homes by neighborhood

Cons:

• Available only on iOS

How are luxury brokers maximizing these tools?

These real estate apps serve as private clubs where luxury brokers and agents showcase exclusive pocket listings to their high-paying clients and reach new customers. Agents can easily create captivating and effortless content showcasing their properties, share upcoming events and open-house dates, and generate leads from curated posts on these platforms.

Bottom line

Using real estate-specific social media apps can boost your business by expanding your market reach to sell more properties and engage new customers. Building these relationships via a social media platform can turn these new customers into lifelong clients. More sales and more clients means a better bottom line. Check them out and see how far you can take it. The sky’s the limit with these apps.

Anne Ewasko is a veteran Realtor in the Chicago area and a longtime techie. Visit her at anne.luxhomechicago.com.