The Benefits of Embracing AI in the Real Estate Industry

Real estate goes back as far as we can remember; and Andrew Charlton insists that “as long as houses have existed, there are people who helped others fill the properties up.” We are not sure if there were real estate agents in the pre-historic times, but we won’t be shocked if it gets discovered, there has to have existed someone who discovered caves and helped other humans settle in. Although it is an ancient profession, real estate is always changing, and one of the biggest changes we are seeing is happening as we speak.

Technology has brought in a new wave of developing chatbots using artificial intelligence to improve the real estate industry. Artificial Intelligence has brought in tremendous improvements in the industry of real estate, and there are several ways in which AI benefits this industry.

Chatbots provide a support service for brokers and real estate agents

The busiest people in the real estate industry are real estate agents and brokers. It is easy for them to get lost in customer requests and support, and that makes them miss to focus on their jobs. To fix this problem, a chatbot that has artificial intelligence capabilities offers the clients the needed support and allows the real estate agents to focus on their jobs.

For it to work, someone has to connect with the chatbot, and the chatbot will ask the customer on the property that he or she is trying to get. The person will respond and then the chatbot will ask some followup questions to find the ideal property. The chatbot which has access to the database will cross-reference the information in the database very fast and send some suggestions to the customer.

Once the customer is interested, the details are sent to the broker or the real estate agent. Now, the broker or the agent has qualified the lead. He or she will know what the customer wants and is able to fill a piece of property with that information. The broker or agent might show the potential client more properties, or a walkthrough might be set up. Either way, the broker or agent will focus on the real aspects of the business, thanks to the chatbot which assists in qualifying leads.

They store vasts amounts of data

It is very tough to remember a conversation that happened with a particular customer when the client calls back and starts off from where they left. You will need a brief about the precious conversation in order to remember the person. In some cases, you will get digging into the files as the client is speaking. When you remember the conversation, you get lost because you can’t remember what the client was saying.

To avoid this problem, you can use a chatbot; chatbot stores each clients information every time an interaction is taken, the client can pick up where they left off when a message is sent to them from a client.

This is a great way to improve customer support and to close deals easily. When the chatbot asks the client if they are still looking for a rental in San Fransisco, the customer is more inclined to respond positively. In real estate business, a positive response usually leads to the sale of a property.

AI works to provide up to date and accurate information

There is a great deal of pressure for people in the real estate industry. There is constant information update, and if brokers are not updated as regularly as possible, they will provide inaccurate information about potential buyers and renters.

Since a chatbot is a specialized software, it is connected to different property and MLS databases, which allows them to provide renters with current information without bothering checking for updates. The brokers will access the recommendations of the chatbot, and build on that information. This makes it easier for agents to have a starting point because they know they have accurate information which gives them great confidence.

It helps clients who prefer to use messages

Most people prefer to use messages over calls in making conversations. In the pasts, in-person visits and voice calls were the best ways to interact. Now, people are able to chat easily with chatbots as they stay put in their comfort zones.

Chatbots work the same way Short Messages Service works. People send messages and get feedback from their messaging apps, and they do not have to dial any number. In fact, people don’t even get to interact with a real human until the point they want to tour a property.

Andrew Charlton knows that as much as chatbots are present, there are still people who enjoy the traditional form of communication. People can also pick up the phone and converse with a real agent. When the real estate agency offers both options, they can easily serve a large customer base in a great manner.

How Blockchain Technology Threatens the Middle Man in Real Estate

The automated workforce has been a thing ever since the first digital computer, which was known as ENIAC, came out in 1946. Long assembly lines have slowly been replaced by hefty machines that increase productivity and almost every step of the manufacturing process is now streamlined. Following this trend, it seems that blockchain is moving towards replacing a lot of middlemen from various industries. One of those is the complex world of real estate.

What is blockchain technology?

In the words of an expert on blockchain technology, Mark Polelle, this invention operates in form of a simple ledger that records transactions. What sets it apart, however, is the fact that it is a decentralized system where all the registered users will be able to witness the new blocks of transactions added to the network. Blockchain first gained momentum when Bitcoin started booming a few years ago. In 2017, with the unprecedented rise of cryptocurrencies, experts from various industries started asking questions that pertain to possible usage of blockchain in other fields. It did not take long for many individuals to find potential applicability to healthcare and even military. More importantly, some have noticed that the so-called “real estate middleman” is severely threatened by these developments.

Who is the real estate middleman?

Anyone who ever had to purchase or sell a home may probably be familiar with this concept. Essentially, real estate does not function in a way that allows people to simply gather their capital and purchase or sell a property. With complex paperwork and lot of offers to go through, most individuals hire real estate agents. These relationships tend to be contingency-based as the agent will only get paid after the property is sold. Commonly, their fees range anywhere from 3 to 6 percent of the cumulative selling price. Considering how high the cost of some homes is, that flat fee can turn into a semi-annual payment of an average working family.

Enter Blockchain

Although it is impossible to predict how fast these changes will affect the real estate, blockchain’s ledger of transactions could cut out the middleman and reduce costs significantly. The simple explanation to this can be given in a single word – access. As described in one of the most recent reports by Deloitte, one of the four biggest accounting firms in the world, what allows real estate agents to charge high fees is their input based on historical data. Meaning, they have access to thousands of previous transactions, records of sales in the area, complex algorithms to calculate potential selling prices, and more. With blockchain technology, everyone who is registered to the network would be able to gain this insight as all of the aforementioned information would be available to them. Thus, accessibility would completely undermine the bottom line of real estate agents’ function.

Real Scenario

An easy way to explain this is to describe what is a very common scenario in the real world. Consider, for example, a married couple that is attempting to sell a 3-bedroom house on the outskirts of Houston, Texas. Upon doing some research, they decide to hire a real estate agent that will help them find customers and set a proper selling price. After accepting the engagement, the real estate agent discloses that he will charge them 5 percent of the selling price. A few weeks later, this middleman finds the buyer who will pay $300,000. After agreeing to sell, the married couple now owes the real estate agent $15,000. With blockchain, these sellers could have researched the market on their own. That would have helped them set a selling price based on the same data that the agent utilized. Moreover, blockchain could have made it easy to connect with potential buyers. Final result? They would have saved $15,000 and a lot of time that it takes to hire an agent.

How realistic are these changes?

As noted by Mark Polelle, predicting anything related to such a volatile field is impossible. After all, blockchain technology has only been in the mainstream media for a little over a year. Most of the upcoming changes will be closely related to the way that cryptocurrencies are doing. Meaning, as long as Bitcoin is making headlines, one can expect blockchain technology to closely follow. Furthermore, if there is a sudden downturn that causes all of the crypto companies to go out of business, which is highly unlikely, blockchain technology will equally suffer. Nevertheless, many real estate agents who are stressing over the new technology that may undermine their services are in the right to do so. The only thing that may give them a peace of mind is the fact that, even if everything described here was to happen, these changes will need at least a few years to take effect.

Embracing the Benefits of Virtual Reality In The Real Estate Industry

The real estate industry has undergone many changes over the years that have allowed companies to get better ways of dealing with the challenges present in the market. Among technologies that have come up to transform the industry is virtual reality, which was first introduced in 2010. All the way from the design process to the presentation stages, virtual reality is aiding the real estate industry to access an easier way to deal with the challenges that come up while developing a project. The technology is designed to offer convenience to both the developer and clients, so you will find it easier to engage the market when you capitalize on harnessing the benefits of this technology.

Give clients the full picture

It is not easy to sell property that is not developed or one that is mid-developed as there are many technicalities involved that one must work around. Even the most experienced agents will find it challenging to release such property to the market, and it could take a long time to get the first buyer, which is not a good sign for the business. If your focus is selling as much as possible, you need to focus on offering buyers a good way to see how the property would look once completed, and nothing plays this role better than virtual reality.

With virtual reality software like Renders 3D Quick, you are able to give buyers a virtual presentation that allows them to understand the different parts of the project that they would like to view. Giving them, a clear picture will make decision making easier, and most of the time the inclusion of unique features fascinates them.

Allow long-distance clients to see features

Another beauty about virtual reality that you will enjoy is the fact that you can show your project to clients based many miles away. At the comfort of their offices or homes, they are able to access details about the project and they can do virtual tours through the various parts of the home they need to know about. Most clients will respond positively when they conduct virtual tours as this allows them to have a picture of what is available, and to make the tours more inclusive you can allow virtual customization that will give the client a chance to make changes and additions to the property in a bid to mold it into what they would like to have.

Virtual staging

One of the processes in real estate that is time-consuming is property staging, which is simplified when one uses virtual reality. Hiring a professional stager comes at a cost and this cost varies from one professional to the other. Additionally, the costs can accumulate to unmanageable levels if the property is left in the market longer. However, virtual reality gives customers a chance to see for themselves the furniture and amenities included in the home, so you will not need to hire anyone to make this possible as the technology takes care of everything.

Tips for Purchasing Real Estate Management Software

Real estate is among the world’s most lucrative businesses. If you’re a realtor, then you need to consider using real estate software for your business. Having the best real estate tech solutions is imperative. The programs should have the right features. These apps should also include exploratory testing tools. Real estate applications are a must-have for both full-time and part-time real estate investors. Here are a few tips to help you choose the best software for your real estate business.

Before you start looking for an ideal program, you must first evaluate your needs. This is a vital step because it will allow you to find software based on your criterion. There are different types of real estate management software out there. So, assessing your options will help you narrow down the options you have.

Create a budget. Think about the amount of money you’re willing to spend on real estate apps. Some software providers offer trial versions for their products. It’s advisable to try out free software before purchasing a program. This will enable you to determine whether the program meets your standards and needs. Only pay for an application that suits your nature of business as well as the needs of your company. Some programs are easier to learn than others. If you pick complicated software, you should be willing to learn the features and functions. Since this will cost you a lot of time, you should consider simple, user-friendly apps.

The majority of software developers have easy-to-use websites. When finding real estate management software, visit the developer’s website to understand more about their products. If the site offers customer support, you should contact the company’s representatives to ask any question regarding the software. Additionally, you can look at some testimonials from clients.

Customer support is an essential business aspect. You might need some help during the buying process or after buying the product. The customer support team will help you install the software and resolve any issues you may have with the product. Hence, ensure you buy your real estate software from a reputable company with a dedicated customer support team.

Consider the developer’s experience. The developer must have adequate experience to create good property management software. To find out about the experience of the developers, you can check on their website. If the info isn’t on the site, you can email, SMS or call the developers to get the information you need. You can also look up the programmers on review sites or forums to get genuine info about them. Anything over five years is a good amount of experience for a software developer.

Lastly, take into account the availability factor of the app. How will you get the software? Will the program come in CD format, or is it downloadable? It’s always wise to go for a program with a link to the download page. These types of software will save you a lot of time. Be sure to ask the vendor to provide you with a link to download the application.

Marty Stallone

Marty Stallone is an amazing individual with a fascinating biography that everyone would love to listen to anytime, any day. I have keenly followed his story, his school and career life. Be keener on his first interview that is much interesting to read through. He has such an amazing bio. Here is a glimpse of who Marty is, what he has done and what he is up to in the future. Give me your ear.

Marty Stallone has a load of professional achievements in all almost every sector of life. In one word, I can say Marty Stallone is an all-around man. He has taken a clear lead in the management of corporate functions, an innovative approach to fiancé, risk management, and cash flow analysis. All these was easily achieved when he was the vice president of executive land development for the metropolitan development group. Stallone is an essential part of a land development company, and he has ensured continuous and sustained success over the years. His strong background in an Ivy League education and diverse experience is believed to ensure continued growth in the years to come.

Marty Stallone graduated from Cornell University and was highly recognized as a national top merit scholar. He then immediately began his professional career in the in-Hamilton consulting and Meridian capital markets in the finance department. While there, he served as the founding partner and president in Pennsylvania. Other than this title, Stallone had previously been the vice president of Meridian capital markets corporate and municipal finance department. His earlier career positions that he held provided him with compelling experience in the structuring of equity finance transactions. They also did provide significant insight into commission issues faced by corporate, nonprofit organizations and governmental agencies.

While studying at Cornell University in Ithaca, Marty developed economic principles and philosophies. Stallone’s analytical approach in business finance and strategic business development was also very evident while in New York. Marty Stallone has worked hard and diligent to make the metropolitan development group an able and admirable land development company. Stallone has over the time utilized some strategies that he has borrowed from his vast professional experience and background of capital markets. Currently. Marty Stallone works outside the development group offices in Pennsylvania, and he has the land development company grow and prosper to attain a stellar reputation in the lands industry. That is of course so commendable of him.

In a position of an interviewer, I would ask Marty Stallone the following questions, and I think he would have this to say; tell me more about yourself, Marty. I suspect he would say he is a humble, young, educated and successful financial analyst in a land development company. While studying in both high school and college, what did you love reading most? In high school mathematics while in college microeconomics and econometrics his best due to his career life. To my next question, are you single or married and do you have kids or not. I believe Marty is a family man and maybe he is blessed with one or more kids. As to why and when he got to the industry that he now works. I believe as he thought of taking his undergraduate course, he had an idea of his preferred career path. That could be the sole reason why he specialized in the management of corporate functions, risk management, and finance.

What are Marty Stallone’s strengths? His strong academic background especial from Ivy League and Cornell is a strength. His ability to cope and work with everyone and every organization is a strength that many lacks. What gives you so much confidence in your daily work? I believe he would say that it was incredibly valuable to have an exposure and a clear focus at such an early age. This is because it is clear that he has gained incredible and insightful experience in every sector he has worked for. He has worked with government agencies, corporate businesses, and nonprofit organizations all of which he has acquired numerous experience and have obviously gathered confidence.

What gives the morale to keep going in this profession? His possible answer would be that he finds economics interesting and that the desire to understand the current and future trends motivates and drives him. His ability to recognize upcoming issues long before they occur must be a source of Marty’s motivation. What are your weaknesses? I suspect that his weakness is that he cannot be able to do without working out mathematics. He must be analyzing finances and managing risks for to balance his life. Being a workaholic could be his weakness. How well do you handle change? I believe he would say that his ability to recognize a shift long before it happens enables to be ready for the change and with measures on how to handle change. Do you work well under pressure? I believe Marty Stallone works well under pressure.

Luigi Wewege on the Impact of Startups on Real Estate Industry

One of the principal benefits of the speed with which technology has advanced in recent years is the increased accessibility to all kinds of varied financial opportunities. According to Luigi Wewege, the real estate industry is one of many industries that has experienced significant benefits as the result of technological advances, with the ease of access generating substantial increases in property investment.

In 2015 alone, technology principally designed for the real estate industry saw impressive funding exceeding $1.7 billion over close to 200 individual deals. This increased funding for real estate technology has dramatically increased foreign investment in properties all over the world and has given investors the opportunity to truly diversify their property portfolios with options to which they may not have previously had access.

Given that the real estate industry is legitimately worth trillions of dollars, it should not come as much of a shock that so much funding has been secured by startups creating real estate technology that increases access to such a massive market. It seems likely that this level of investment will only continue to rise in the future as investors continue to seek ways to access valuable investment properties to add to their portfolios.

Randi Glazer on Evaluating Risk in Real Estate Properties

Prospective homebuyers entering the real estate market rarely do so based purely on impulse, but there is still the very real possibility that emotion can find its way into the decision-making process and potentially have a negative impact on the ultimate outcome. Randi Glazer understands this possibility all too well, and she has consistently cautioned potential homebuyers to do everything possible to take emotion out the process with the goal of ensuring a more thoughtful and accurate evaluation of both the risks and the rewards of a particular property.

According to Glazer, the most critical decisions regarding a home purchase should be made long before the prospective homebuyer begins looking at properties in person. This may sound counterintuitive to some, but the fact of the matter is that it is very difficult to accurately evaluate a property at first glance. Instead, features should be evaluated according to the needs outlined before any property is visited.

This is not always particularly easy for some to accomplish, but it is worth reiterating that homeowners should clearly understand what features they are looking for in a home and what features represent nothing more than a nice bonus. Without advance preparation, it is quite common that prospective homebuyers are not able to effectively differentiate between the two. Given the fact that real estate is not exactly a minor investment for most, making a mistake carries a fairly sizable cost and is certainly not easily corrected. It is simply most ideal to do the evaluative work in advance to ensure the best possible choice is made with regard to a real estate property.

Consider Consulting a Professional Before Making Changes or Upgrades to Real Estate Property

With entire television networks dedicated to home renovations, overhauls and improvements, it should not be all that surprising that more and more homeowners are looking for ways to increase the value of their home through projects they complete with their own two hands. While these projects are certainly an enjoyable way to spend a weekend and represent a great way to instill a sense of pride in any homeowner, projects that are undertaken with the goal of adding significant value to the home should most likely be left to a professional.

As Ken Fisher might suggest, many homeowners are quite capable when it comes to home improvement projects and can complete any number of jobs without the help of a professional. For the novice homeowner, however, it is almost always preferable to at least consult a professional on any jobs that require a lot of materials or expertise. It is often the case that the cost of materials alone will be commensurate to what a professional might be able to quote for the same job, as a pro is able to buy materials in large quantities directly from a wholesaler.

It is also worth noting that an inexperienced homeowner might make a small error due to a simple oversight that will require the work to be corrected at a later date, leading to increased costs and the potential for damage to other parts of the home. For smaller projects that do not represent a sizable investment of time or money, novice do-it-yourselfers should feel confident in trying their hand at doing the job and should feel little or no worry. For a larger job such as an addition, however, a professional contractor is simply the smarter choice.

Creating Income on a Property Investment

When thinking about how to create income from property investment, there are two ways to go about this. The first and most common way is through rent. Rental income is money that goes into your pocket, but for this to happen, the income from the rent must be greater than the costs of the property after money is invested which gives us what is known as ‘cash flow positive’ properties. This means you’re in the green, literally. You are making income! You have a property that is making money rather than not.

The second and more time consuming way of creating income on a property investment is to trust that the property will (hopefully) increase in value. If you want to go with a property investment, choose a residential property rather than a company. The reason why is because a company can go bankrupt unlike a residential property. A residential property is considered more of a secured investment.

Parviz Khosrowyar Has Real Estate Tips For You

Hey, want a tip? A secret to a shortcut for success in real estate? Real estate guru Parviz Khosrowyar has a few that you just might could put to good use, but first, be sure that you are getting success tips from Parviz Khosrowyar and not his twin seen wondering around in Los Angeles.

The first tip is to invest in real estate that is undervalued. To some, this might seem like a no-brainer, but to others, they are scratching their head and wondering how does this make any sense? Because what you’ll most likely be doing with it is turning around and selling it for a profit. It’s all about the supply and demand. People will buy what they need when they need it bad enough. Just keep your cool and follow through.

You’re going to find that getting your target might seem like the most difficult and complicated thing you’ve done in terms of the investing process. For most, it is! Here’s the good news. Once you start gathering different real estate possibilities that are promising, it will help teach you what to look for. Pretty soon with practice, you’ll be spotting undervalued real estate and selling them quickly.