Words by: Fadi Nwilati, CEO, Kaizen Asset Management Services
Chatbots are changing the way that businesses handle customer service issues. In recent years, chatbot technology has been implemented across a number of popular platforms including Facebook Messenger and Skype. You may have even interacted with a chatbot without even being aware of it. In the real estate industry, chatbots are impacting the way we buy, sell and rent properties, but most noticeably, they are changing the way sellers interact with the end-user.
After the launch of AI-powered chatbots from Facebook, Microsoft, and Google in 2016, the technology began to be implemented rapidly in customer-facing businesses. Already the technology has seen a great deal of success in industries like healthcare and e-commerce, raising the ROI on customer engagement significantly. As chatbot and AI technology progress, businesses are leveraging this emerging technology to enhance their customer services. There are a wealth of queries, particularly in the real estate industry, that is repetitive and do not require human engagement. Here are five reasons why you should welcome chatbot technology into your real estate business model.
Chatbots don’t sleep! They don’t need holidays or take sick days. Having a chatbot to address frequent queries means that your customer service is available 24/7, 365 days per year.
Improve customer satisfaction
Customers these days have incredibly high demands when it comes to response timing. You want to be able to answer your customers’ questions immediately, giving them instant gratification, and reducing stress on both sides. Getting stuck in a phone loop, or having them wait days for a response will do nothing to support your user experience, and may reflect poorly on your business. Real estate chatbots can address frequently asked questions and common concerns immediately. They can process relevant data and perform calculations allowing them to provide support customized to your customers’ issues.
In the cyclical real estate market, there are times of the year where queries reach a high volume. For the industry that means longer man-hours and rising overhead costs. Chatbots can handle fluctuating loads without increasing labour or training costs.
This next generation of customers expects their customer service to be as mobile as they are. From emails to social media and message reminders, companies need to meet the customer where they are and have a presence across platforms. Chatbots can help stitch these platforms together seamlessly to integrate the customer experience.
Chatbots take human error and limitations out of the equation. Whereas a human may forget, or calculate something incorrectly, chatbots simply will not. Chatbots have access to libraries of information and can improve their responses as customers interact with them.
Chatbots can save time and money for stakeholders across the real estate industry ecosystem. With the ability to address thousands of enquiries, a single chatbot can keep overhead and labor costs down, while improving customer service. In the US, chatbots save USD $23 billion in the customer service industry, and the UAE is making strides to do the same. Customer service AI implementation in the UAE could mean big business for the real estate market. Traditional customer-facing roles will always be there, while chatbots can take care of some of the more tedious tasks so that you can take care of your business.