How to Develop a Custom AI Chatbot for Real Estate Business?

When it comes to real estate, the marketplace is incredibly competitive. There are a ton of agents fighting for clients to earn as much money as possible, which means competition is fierce. If you need your business to stand out among the competition within this saturated market, you can consider developing an AI chatbot to do all of your sales and marketing work for you. You may be wondering; how would this help me with my sales or promotion efforts? Well, there are many ways in which chatbots can help improve your bottom line. One of the ways they can really make a difference is by improving conversion rates while boosting customer satisfaction rates at the same time. Many successful real estate businesses are seeking chatbot development services to enhance their consumer experience and increase revenue.

AI Chatbot: What Is It and How It Works?  

An AI chatbot is a software application that is used for the sole purpose of delivering relevant information to the visitors of a website or an app. It can either deliver pre-recorded answers, or it can learn the language outside of pre-programmed commands. An AI chatbot is known to learn independently with the help of data present on the website, applying algorithms, and utilizing various results to generate a relevant response to the users. Learning of a chatbot is a continuous process; it keeps on learning during new interactions with different users. With sufficient data sets, it can develop a pattern to answer a certain query with accurate data. 

The working of any AI chatbot is simple to understand; however, the internal process is completed. If your AI chatbot is fully trained as per your business, it can operate independently with the utilization of machine learning and natural language processing (NLP). NLP combines language rules with language context to interpret what is being communicated. With practice, AI chatbots in your business learn to understand the verbal cues and the question’s intent to better serve the users. 

Over time, these chatbots develop various innovative ways to respond to queries. You always have the answer to train them as per your niche and in a certain way in which you want to reflect the values of your business. 

Why Should Real Estate Businesses Invest in AI Chatbot Development?

Emerging technologies, like AI-powered chatbots, are revolutionizing the way businesses interact with their customers. Every real estate agent needs to capitalize on this trend in order to stay relevant and competitive. 

The main challenge for many real estate companies today is that they only deliver written text. However, consumers prefer more human interactions than ever before; therefore, it’s time for the real estate industry and its agents to shift focus towards chatbots as a medium of communication with potential buyers.  

In order to do this successfully, first, real estate agents need a firm understanding of what makes a chatbot different from other forms of communication, whether it is interactive voice response (IVR) or text-based, and how AI can be leveraged in these different mediums. The use of Artificial Intelligence (AI) in the Real Estate Market is increasing every day. Customers love those websites that offer them something innovative. The AI-enabled chatbots that are used in the real estate business comprise 29.98 percent of the overall market. A virtual can take your real estate business to great heights. Let’s look at certain benefits that come with custom AI chatbot development. 

Benefits of AI Chatbot Development in Real Estate  

Real estate is a vast sector with numerous opportunities. A number of people look for their dream home online every day, and they present a diversity of requirements. Chatbot development comes with a wide variety of benefits that helps in handling every type of customer and fulfilling their varying needs. Here are some of the benefits your business will get with AI chatbot development. 

Real-time Enquiry: Your userbase doesn’t have to wait for hours to get a reply to their query. With these innovative chatbots, you can deliver them instant answers and enhance the chance of a conversion. 

Round-the-clock availability: In the real estate business, the agents have multiple tasks assigned to them, making it hard to be present for every customer’s query. That’s where your virtual assistant comes in and delivers the solution to the users regardless of the time. 

Custom Solutions: Every user does not have the same requirements, and to serve them better, these AI chatbots ask them a series of questions to determine their exact need. After it knows their requirements, it delivers them the exact solution they were looking for. This process increases your engagement and the client satisfaction rate. 

Enhanced Engagement: With a custom AI chatbot, you can get the exact preference of the users based on their browsing data on your website. The chatbot studies that data along with their interests as displayed in the conversation’s initial questions and delivers them exactly what they need. 

Fast Browsing: Your user’s time is as much value as yours. With the help of chatbots, they can save a lot of time in finding their dream home. They can simply answer all the questions asked by the AI, and it will show the results as per their preferences. 

360 Degree Virtual Tours: Everybody wants to get a glance at their homes or property before they visit in person. You can train your AI chatbots to deliver a 360-degree virtual tour to the users and enhance their understanding of that specific property. 

Custom AI Chatbot for Real Estate Business: Development Process  

AI chatbots are extremely beneficial for the real estate business, and their development process is not as complicated as you think. There is a sequence of steps that you need to follow, and at the end, you’ll have an intelligent result-oriented virtual assistant for your business. The first step that you’ll need to take is to define your niche, what you want to achieve with your AI chatbot development.

1. Define Your Niche  

An AI chatbot has several applications and benefits. You’ll need to decide which benefits you want to reap. This step will help you in getting a clear picture of what your chatbot will deliver to the customers. Your expectations will determine the complexity and the features it would perform. AI chatbots are developed to fulfill various aspects of businesses, such as enhance customer engagement on the platform, generate more qualified leads, automate lead generation, and validation. However, sometimes users want all to reap all of these benefits through their chatbot. These factors will decide a number of factors for your chatbot, such as complexity, cost of development, etc. Now that you are aware of your requirements proceed to the next step. 

2. Research & Planning  

Any project development needs thorough research of the market and the competitors. You’ll need to determine the number of things about your fellow businesses. Conduct thorough research and find out the technology your customers are using and their business strategies. Conduct surveys to get a clear idea of the customer’s expectations and what they want from a new real estate chatbot. Find out all the factors that need improvement to attract a massive user base. 

After you have accumulated all the facts, you need to analyze those data points and carve a functional road map to supervise the development process. It helps you determine the overall budget and the number of functions your chatbot will need. You always have the option to customize the project as per your expectations. The chatbot development process is different from any other app’s development hence. You’ll have to hire a reliable development partner that has qualified experience in the same genre. 

In this step, you’ll have to decide on an estimated budget for your project. In case your budget is small, you can still proceed with the chatbot development with options like Flow XO, Chatfuel, MobileMonkey, ManyChat, etc. On the other hand, if your real estate company has a significant budget for full-fledged AI chatbot development, you hire chatbot developers that are highly experienced and skilled. You can use numerous chatbot-building platforms like Semantic Machine, IBM Watson Assistant, Microsoft Azure, Wit.ai, Dialog Flow, etc.

3. Design Conversations for Your Custom AI Chatbot  

Until now, you would have a clear idea of the functions and services your chatbot will deliver. The next step is determining the way it will interact with the potential prospects. You can always take the help of various companies that deliver chatbot development services. They will assist you with the complicated process of chatbot development. 

There are two ways in which the conversations of a chatbot can be designed. One is structured, and the other one is unstructured. You can ask your chatbot developer to design the flow of the overall conversation based on the functions of the chatbot. Structured chatbot conversations are the ones in which there are integrated menus, forms, and choices. On the other hand, if you prefer things to be a little casual, you can go with the unstructured format. Please ensure the conversation should have a decent flow and relevant questions and answers. Creating a directory of various possible questions and answers associated with the genre can help you in delivering an amazing browsing experience to your users. 

4. Tech Stack to Consider  

A well-structured technological stack is always helpful in delivering the desired functionalities. Various chatbot developers prefer to use a full-fledged tech stack for their projects. In contrast, others prefer to use the help of various non-coding platforms that are available online to develop a chatbot. 

These platforms cater to the varying needs of a customer and develop a custom chatbot. Every single platform has its unique USP and a set of functionalities. Some of the most popular platforms are Motion AI, Flow XO, Botsify, etc. 

However, approaching a chatbot development company to develop your virtual assistant as per your exact requirements has proven to rapidly enhance the business in terms of qualified leads and revenue figures. The qualified developers of these companies prefer to integrate a full-fledged tech stack to achieve better functionalities.  

Programming languages are the base of any app or website development. The best programming languages to develop an AI chatbot are Python, Clojure, Ruby, Lisp, Java, etc. Along with the programming languages, the frameworks are equally important. Some of the most used frameworks by the AI chatbot development services delivering companies are Microsoft Bot Framework, Wit.ai, Dialogflow, IBM Watson, Pandorabots, Botpress, Botkit, RASA Stack, etc. APIs are important for these AI chatbots to deliver an outstanding conversation with accurate information. You can use these most common APIs that are used for the chatbot development, such as Facebook Messenger API, Slack API, Telegram API, ApiAI API, ChatBot API, Hangouts Chat API, Wit.AI API, Botometer Pro API, etc.

5. Design, Test & Launch   

Before proceeding to the next level, you have got all the necessary facts and information for the development of a functional custom AI chatbot. When a customer visits your website or an app and uses the integrations of your platform, the first thing they notice is the UI/UX design. You’ll have to focus on the user interface of your AI chatbot; it should be elegant and simple at the same time. Don’t overdo the design; excess of anything can be fatal for your project. Hire a designer that will develop the design as per your expectations. 

Integrate a flawless technology stack as per the functions of your custom chatbot. Along with a proficient technology stack, you should consider integrating various integrations that are required. A chatbot is capable of performing several functions, but it requires a set of integrations to perform flawlessly. Some of the most common chatbot integrations in the real estate genre are SharePoint & Office 365, Open Authorization for SharePoint, CRM Applications, Enterprise Content Management, ERP Systems, etc. 

In the next step, ask your chatbot development company to deliver a working prototype of the project. Perform vigorous testing on the prototype for any errors or bugs. Test all your designed conversations to ensure the efficacy of the project. Testing in an early stage will save you time and money. Determining a bug or error at an early stage will allow you to correct it before it gets to the users. 

If your projects have achieved significant results in the testing phase, you can proceed towards the launching phase. Integrate it into your website and allow the customer to leave feedback for further improvements. An AI chatbot will help you keep records and data of a customer for future references, which is a puzzling task if done manually. With an efficient chatbot, your lead generation figures will boost dynamically. In case of any error or breakdown, you can contact your development partner to make it right. Various companies deliver a 30-day free maintenance period after the delivery of the project. 

The Bottomline  

The majority of real estate businesses are adapting to the AI-based chatbots in their current business practices to ensure a high rate of customer satisfaction. The market of AI in real estate is projected to increase rapidly with a significant rise in user base and revenue figures. If you are planning to develop an AI chatbot, it is the right time. The market is brimming with a number of opportunities. You can achieve significant success in your real estate business with a chatbot as long as you comply with your state’s specific guidelines. 

Matellio can help you develop your chatbot for real estate with its team of proficient engineers and experts. We have delivered several flawless AI chatbots with excellent feedback and great ratings. Our engineers are highly skilled and are well-rehearsed with the technologies being used in the real estate industry. Book a 30-minute free consultation call with our experts to know more. 

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