1. The housing market is at a boom after a year of great success during the pandemic.
The global pandemic has disrupted world order and the US economy suffered the biggest blow since the Great Depression in the second quarter. Although the housing market has briefly halted in the spring due to uncertainty and widespread housing orders, 2020 remains a record year for the residential real estate market. Despite the pandemic-induced recession, housing prices in all major markets continued to rise. According to economists and market watchers, so far, the residential real estate sector is very well operating for the economic recovery of the country. It has emerged as a pillar supporting the economy. Even though millions have been fired or given discounts, that hasn’t stopped home hunters from buying homes across the country.
The housing market has been on fire this year with record low mortgage rates and a sudden wave of relocation made possible by remote work. Meanwhile, as the demand continues to tick up, the home price has been virtually reaching a peak. Over we close to the end of 2020, here are the real estate professionals’ expectations for 2021.
Danielle Hale, chief economist at realtor.com: We expect sales to grow 7% and prices to increase by 5.7% from already high levels in 2020. While we expect returns Mortgage rates will gradually increase, sales and price growth will be driven by demand remains strong, the economy is recovering and mortgage rates remain low. High buyer’s demand and supply that is still lagging will cause prices to rise, but at a slower rate than 2020 as buyers face mortgage rates and price increases create a solvency challenge.
Lawrence Yun, NAR’s chief economist, said at the time: “The sales recovery was strong, as buyers were eager to buy homes and assets they had been keeping an eye on during the downtime.” . “This resurgence is likely to be sustainable over the next several months as long as mortgage rates remain low and jobs continue to rise.”
2. Challenges faced by the real estate industry.
Until a few years ago, buying a real estate or a home used to be a manual and offline process. Usually buyers prefer meeting brokers, visit different websites for options, then pick out the best site. This approach is time-saving as well as low cost. In addition, continuous monitoring activities must be done to update and notify dealers of purchasing decisions. These can cause too much trouble for today’s buyers. And so such old approaches are not followed at the present. That’s because most buyers of these eras prefer quick and accurate services with minimal manual interaction.
In addition, along with the need for high quality services, buyers expect real estate companies to keep prices low. However, while trying to maintain the quality of service, real estate companies may often incur increased costs. Harnessing the potential of digital transformation is one of the best ways that real estate companies can achieve better quality of service at minimal cost. Following the latest technology trends will help real estate companies achieve increased levels of customer satisfaction. One great opportunity real estate companies can seize to meet the ever-increasing needs and expectations of customers is to use an AI-powered smart real estate chatbot.
3. Why Does The Real Estate Business Need A Chatbot?
Availability round the clock
When a user visits your website, they can immediately receive the responses of the chatbots. They do not need to wait for assistance from employees to find answers about the properties they are interested in.
Since real estate agents have time restrictions such as meeting deadlines and variable times, they cannot be available to users throughout the day. With real estate chatbots available 365 days a year – your customers’ inquiries can be resolved even out of working hours.
Better Engaging Acquisition From Consumers Into The Communication:
Not everyone is looking for the same apartment or property type. Thereby applying chatbot can help to specify the need of each customer by asking them a series of relevant questions and offer the appropriate service. This makes users involved in the communication and keeps them engaged until the end.
Furthermore, In the past, we’ve given real copies of forms to let people capture the type of product they’re interested in. But, truthfully, most of those forms are in the trash. They were gradually replaced by online forms, which proved to be better than previous ones, but in the end, they were still forms that required a lot of input from the client.
Forms are less interactive and are not much effective at capturing the attention of customers. Even if a prospect fills out a form, they’re just giving you information but not getting any of the information they’re looking for. With chatbots in the real estate sector, customers can participate in real time, answer their questions and simultaneously collect information about their preferences.
Schedule Meeting And Property Tour
A good customer relationship is one of the factors that makes a successful sale. Calls, face-to-face chat, and meetings are crucial in building relationships and understanding customer needs. The problem is that you can’t engage with all of your leads at the same time. You need to schedule a meeting. And a chatbot can help do that effectively.
After presenting your rental list, a chatbot can display your calendar and allow potential customers to schedule meetings at a convenient time. As a result, you won’t need to worry about getting new contacts. Chatbots will do it for you and allow you to focus solely on nurturing quality leads.
In addition, the real estate chatbot can schedule calls with you or even allow a user to call your team directly from the chat window. With ChatBot, all chats are stored in an archive so your team can easily catch up with the customer case and deliver personalized service from the beginning.
Better Time Management
The biggest plus of any robot is the time savings. Chatbots are no different. As a real estate agent, you won’t waste your time on queries that don’t show up. You and your sales team will deal with a narrower, pre-filtered & pre-qualified lead base, which will save you time and effort.
As a broker, you can access the database which chatbot automatically saves and have all the information about what the client wants, before making that first call. This way, you are only interested in closing the transaction and do not spend time searching or answering FAQs.
360 Degree Virtual Tour
With potential clients too busy to view properties live, real estate chatbots can offer potential clients a quick tour on site through the bot itself. That tracks the customer virtually real world of what the property will look like before scheduling an appointment.
4. Free – No Coding Skills Required Chatbots.
At BotStar, you are very welcome to build a Real Estate chatbot in a short period of time – for free – no coding skills required. If you are not interested in building a bot from scratch, let’s check out the real estate free live chat templates right here. With just clicks, you could clone a template and start to edit it to have your own chatbot.
1. Click Create a New Bot.
2. Choose a template you need.
3. Select Preview to preview the template before you decide to use it.
4. Click on the Clone This Template button and start setting up the bot. You can name your bot, select the primary language, bot timezone and greeting Message.
5. Click on the Create Bot button to start editing the chosen template.
After that, you may follow steps from this doc to publish the bot on a website or Facebook page.
Keep in mind that the best chatbot is a simple one that is useful for customers and allows you to automate repetitive tasks, so you and your team could focus on scaling the business faster.
Danis Do is the SEO Specialist at BotStar. His experience ranges from giant hospitality brands, famous health-care centers to tech startups. When not doing digital marketing, he’s sure to be enjoying some kind of nerdy time.