Is AI expensive? Not anymore.

Artificial intelligence defines modern real estate. In this article we explore how much it might cost in your agency (spoiler alert: it's from $1 per property), and what ROI to expect.

How much do you think adding #ArtificialIntelligence under the hood of your agency right now might cost?

Tens of thousands of dollars a month?

Quarter million? We’ve heard worse.

Propic is all about raising the next generation of modern real estate agents to be intelligently connected to people, properties and services using AI technology.

To achieve generational change the technology has to be accessible.

Like, Netflix accessible.

How about this for more affordable access to extraordinary data for agencies:

  • AI-driven predictive intelligence prospecting tool subscription from $120 per agent per month, or
  • Conversational AI virtual concierge service to serve potential buyer or tenant inquiries 24/7 from only $40 per listing, through to
  • Automate maintenance and rental arrears from $1 per property
  • One incremental listing per year and Insights pays for itself.

…all right now?

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That’s real. Today. Courtesy of #propic  

Early adopter agencies are running ahead with AI solutions specifically designed for the real estate industry - automating manual tasks, prospecting for clients, managing routine enquiries, converting listings - and for much less than you might think.

And more measurable returns within 90 days than you might think.  

This isn’t the future, it’s now

Artificial intelligence is a game-changer for every industry. The way some media and commentators cast it with connotations of deep data science, genius hidden beyond the depths of your database, and unattainable intrigue, makes it sound complicated and expensive, right?

Well, for good reason, to a point.

The truth is data scientists that build AI tools do cost a lot. After all, they’re highly skilled, highly educated specialists at the forefront of their industry. A senior data scientist costs around $250,000 a year and a data engineer around $170,000 a year - if you can even find and hire them.

That’s not the kind of money most real estate businesses can invest. So Propic is investing literally millions in such experts with specialist skills to build AI-powered proptech. And like Netflix has a model for making that back-end investment affordable with a subscription model, so have we.

We believe AI is so urgently required to raise the next generation of modern real estate agents that we’ve made it possible to get affordable access to extraordinary data with a proptech subscription model.

We have pioneering customers right now getting access to industry-specific platforms that embrace the power of data and AI to drive sales, accelerate growth, and improve productivity of their agents for a lot less than you might think. The best bit? They’re seeing rapid return on investment.

Like Netflix is to entertainment, Propic is to real estate

Think about Netflix. Netflix spends a phenomenal amount on AI technology to grow and develop its product. It can anticipate what you want to watch next. It predicts what will appeal based on past streaming behaviour. If you want more insight about a particular actor or moment in the episode, you’re invited in. All that requires extraordinary levels of data science and intelligent connections. But as a consumer, we pay around $14 a month.

The smart way to get affordable AI-powered tools for your real estate business is the same: a subscription-based model that scales based on the number of agents you have using the system and the size of your property portfolio under management.

And unlike Netflix, Propic AI tools will help you actually save and make money, and give back your time!

For around the cost of a floor plan

If you get an enquiry at 10pm (which our conversational AI tools show is a peak time that people actually want to talk about property), an AI-based Concierge by Propic can instantly respond to their immediate questions, and anticipate their next question by directing them to relevant other sections on your website.  

Imagine not waking up every morning to an inbox full of questions like,

  • “What are the strata fees?” (when it’s a free-standing house)  
  • “When is the open time?” (when it’s in the advertisement)
  • “Can I get a copy of the contract?”
  • “How do I make an offer?”

The prospective buyer is happy their questions are answered in their time. And you’re happy with a reduced menial work load to focus on the serious buyers for the property or for a leasing agent to never have to respond to a leasing enquiry again.

For agents and property managers, it means you can get out and about building rapport, growing business, making connections with people ready to take action.

It also means your team can manage an increased number of property listings without having to hire more people. Win-win.

An investment in business growth

As another example, our tool Insights is an AI-powered automated sales prospecting tool that boosts efficiency by a factor of 10. Using AI, we’re able to predict potential vendors and properties based on the market, your data, competitors and the consumers online activity, and connect you with them. It’s an autonomous platform that contacts the consumer on behalf of the agent, gathers information about their home and books an appraisal with the agent. And unlike your typical real estate office, it’s able to operate on a national scale, 365 days a day, 24/7.

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(Here’s a bonus benefit: Insights by Propic also tracks every property, listing and agent across the country to give incredible insights on market conditions – and your competitors.)

Instead of a ‘spray and pray’ approach where you might get one listing from 100 cold calls, customers are seeing an 8.5% to 10% conversion rate from prospect to listing over a 90-day period.

And what does it cost? Only around $120 per agent per month. If you have an average house price of $860,000 with a gross commission of around $15,000, it’s pretty clear to see that with only one incremental listing per year Concierge is paying for itself.

"...with only one incremental listing per year Insights is paying for itself." #propic

AI is not a cost to your business. It’s a genuine investment in your growth, that boosts the productivity of your people and improves their wellbeing with more time for the activities that matter instead of time-consuming administrative tasks.

AI isn’t a silver bullet, but it is an incredibly powerful tool

AI can help create more fulfilling careers for people in the real estate business. By automating and taking away the mundane aspects and creating more time for the meaningful interactions that develop strong relationships, it improves things for everyone.

A tool like Insights that automates sales prospecting means that potential vendors are only being approached if they’re showing signs of being likely to sell. This means less wasted time on cold calls, but from a potential vendor perspective, it also means a reduction in frustrating calls from agents when you just aren’t interested. Think about the reputational damage of repeatedly contacting people who don’t want to hear from you. It might keep your name top of mind – but there’s also a significant risk they’ll put you to the top of the “I’m never going to use them” list.

Of course, real estate professionals still need to put in the effort to develop meaningful relationships with vendors, buyers, landlords and tenants. AI just helps streamline some of the processes to create more time to invest in those critical relationships.

The world is moving fast, don’t be left behind

AI is a rapidly advancing area of technology and while it can sound a bit scary, there are exciting opportunities. We’re already interacting with AI – knowingly or not – in every aspect of our lives, and real estate is no exception.

Start small, but be ready to move fast as you get more comfortable and see the benefits. The early adopters are already using these tools to gain a competitive advantage. With a low cost of entry, the time is ripe to experiment with AI in your business and see for yourself the impact it can have.

The industry is past the point of no return. We owe it to our people to use technology in smarter ways to make their work conditions better and we’re looking forward to guiding our customers through this revolution. Let us know if you have questions about how AI can help you work smarter or if you want to book a demo.

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