Are Bots Taking Over CRE?

There have been plenty of stories circulating about how AI chatbots, or bots, are taking over  businesses and possibly even entire industries. But, until now, no one has really thought about how bot technology could impact and transform CRE. Robots, in some form or fashion, have already replaced humans in some jobs, from flipping burgers to assembling cars. But bots have no place in CRE, where human interaction is crucial and necessary… right?

Think again.

Technology, including bot technology, has found a new niche in the customer service area of the real estate industry. But keep in mind that the winning formula for this strategy still includes the special element of human touch. Industry experts agree that the key to success lies in utilizing a blend of professional CRE agents and bots or AI. This mix can help increase your efficiency and, in turn, your productivity.

Here are a few things we’ve learned about the place bots and technology have in today’s CRE industry:

Bots are already more common in CRE than you likely think

Currently, we are in the “hype” phase of implementing bot technology into CRE. Meaning, that there are tons of ideas for how this technology could possibly be used and, currently, we are in the middle of filtering through these potential uses to find the ways that bots and other technologies can best be used to increase efficiency.

One of the ways bots are really shining is in customer service — in fact, you’ve probably “talked” with a bot before and not even realized it. Bot technology is a great way to catch new potential clients as they visit your website. They can chat with potential new clients, gathering helpful information and even collecting contact info for you to follow up personally.

Real estate companies will continue to maintain human touch at certain points, even when a bot could technically take over

Considering the very nature of CRE, it seems nearly impossible that clients will ever be comfortable giving up all human touch in these types of transactions. Humans are, and always will be, the best vehicle for building and maintaining relationships — technology is merely a tool to help facilitate and assist the process. CRE professionals will be able to use this technology and the database it provides to help stay on top of who they need to talk to and when, to help maximize their efficiency.

At the end of the day, CRE is still a highly specialized industry that requires a high level of personal touch. Real estate, including CRE, is an intimate transaction — it’s likely the largest asset you will ever purchase and it adds to the livelihood of you and your family. As such, it’s almost impossible to imagine ever fully removing the human element from these types of transactions.

With that being said, technology definitely has a place in aiding CRE professionals throughout the sales process. From chatbots helping to interact with new prospects to using artificial intelligence to help with research, technology is here to stay in helping agents be more efficient in cultivating these relationships and driving sales.