CHATBOTS FOR REAL ESTATE — AN ULTIMATE GUIDE ON HOW TO BUILD AND USE
Mar 06 2020
Building a real estate chatbot isn’t only about keeping up with the latest trends. First of all, it’s about reducing costs, increasing conversions, and improving customer experience. Hundreds of companies in the field do their best when it comes to the abovementioned goals. And to achieve them, you need bots as the number one tool.
According to chatbot statistics 2020, real estate is the top industry profiting from chatbots (28%). Then comes travel (16%), education (14%), healthcare (10%), and finance (5%). The reason for such popularity is obvious: agents realize that bots for real estate can effectively handle most of the routine tasks, saving their time, resources, and, eventually, money. Are you, too, considering how to use bots in your real estate business? We applied our vast experience to prepare an ultimate guide for you on how to develop a real estate bot in the best possible way.
Table of contents
Benefits of Building a Chatbot for Real Estate
What to Consider When Building a Real Estate Chatbot
Case Studies on How to Use Real Estate Bots
BENEFITS OF BUILDING A CHATBOT FOR REAL ESTATE
In terms of real estate, lead generation becomes more difficult due to the complexity and specifics of the industry. Since agencies started work online, the competition is tougher than ever before. Houses and apartments are not something you can find on Amazon and order after reading descriptions and user reviews. Prospective buyers demand 3D tours, super precise answers, and personal assistance. Realtors can’t process tons of data in various databases because of the limited human resources. And this is where real estate chatbots step in.
Below you may find the main benefits of using chatbots for websites, social networks, and messaging apps.
Chatbots don't need a salary, bonuses, insurance, sick, and maternity leave. Once implemented, they just work without any additional money input. Of course, you may spend some budget on developing new features in the future, but overall, the costs would be much lower than the support or consulting team.
One of the main bots’ tasks is to define clients’ needs and interests. Each potential buyer is interested in different apartments, houses, prices, locations, conditions, etc. With the help of a series of questions (and answers analysis), chatbots can easily figure out what exactly a customer wants and offer the most relevant objects to consider. Since all of this is done interactively without any tedious forms to be fulfilled, customer satisfaction would be higher than you might have previously experienced.
Chatbots respond to customers’ queries immediately, thus increasing client satisfaction and bringing new leads. AI-powered solutions do this not only faster, but also smarter. It takes seconds or minutes for support or consulting manager to form an appropriate answer; bots do this within milliseconds.
With a real estate bot, you guarantee your business’s constant presence for current and prospective clients. Your clients will get answers to their questions any time of day, leave their contacts and feedback for you to process during the working hours.
Bots for real estate guide customers through all the stages until they appear as close to the deal as possible. In such a way brokers spend time and resources most efficiently working with the MQL. After you’ve determined clients who are considering the most relevant options on the market, the chances are they make a purchase just after seeing a couple of property variants.
When a prospective client is ready to visit a property or schedule a call with the broker, they just need to notify a chatbot. It will select the most convenient time for the customer and realtor and make sure everything is arranged on time.
Databases are updated so frequently that you can miss a match between a customer and a property. Fortunately, with a bot for real estate, you get an opportunity to keep up with the latest updates and notify the clients about everything they could be interested in.
Tracking and logging
You can establish a flow where every query is automatically sent to the database and its request type, client’s name, email address, date, location, status based on a virtual conversation. What is more, you can add filtering by the criteria mentioned above.
Imagine that you visit a real estate website, and the first thing you should do is fill some online form. Well, that could work a decade ago, and most clients might have been fine with that but not now. A first touchpoint in the customer journey often is decisive. If instead of an obsolete online form clients are invited to a chat, where they can discuss their personal query, the chances are they will go further increase.
WHAT TO CONSIDER WHEN BUILDING A REAL ESTATE CHATBOT
Before you start, it’s suggested to set up a goal, review your competitors’ solutions, and set your budget limits. In case of real estate bots you can always adjust the code and update the features but let’s not overpay for something you won't actually use. Here are a few points you need to consider before starting the development of real estate chatbots.
Define business needs
Although, the main business need is to make money, you need to think about how exactly you can make it and what you currently miss. Do you have good user engagement but low conversions? Do your visitors spend less time on your web pages than you expect and rarely contact brokers? Real estate bots can help with solving clients’ issues to fulfil your business needs.
Set up a budget
Some agencies used to look for cheap solutions like bot builders. It works mainly for testing purposes because normally, you get only a one-task assistant. If you want to see real results, you need a custom full-featured real estate chatbot.
The price will depend on the features you choose. The average costs may vary between $10,000 and $25,000. However, you need to take into account not only the development itself but also QA, training your team, and regular technical maintenance.
In the era of social networks, you just can’t build some software and ignore millions of prospective customers using Facebook, WhatsApp, or Skype every day. When it comes to the real estate industry, you should consider a real estate messenger bot not only for the website and CRM, but also for other channels. The most popular are Facebook Messenger, WhatsApp, Skype, and Telegram.
You can save a lot of money by building an MVP instead of a full-featured product at once. Discuss with the Product Manager and chatbot development company which features are basic, which are important, and which can be added in the next releases.
Launching your brand-new bot for a restricted amount of users or in a certain region before the official release means you can use some time to improve the product and make it fit your needs in the best possible way. After testing and receiving feedback you will clearly see which features you need to add, remove, and fix.
Fix bugs and add features
After you get all the bugs and feedback documented, you can decide what needs to be fixed or improved and estimate how much time it will take. It is better to postpone a release than to deal with bugs, clients’ complaints, and lack of satisfaction when you start using a bot.
REAL ESTATE BOT DEVELOPMENT COSTS
Before ordering a custom AI bot for real estate, it is suggested to review and compare different regions. It is a known fact that the development in the U.S., the UK, Canada, and Germany is more expensive than in Eastern Europe or Asia. So if you are interested in the second option and are ready to outsource the real estate chatbot development, you may consider the following prices (basic MVP functionality, real estate messenger bot cost not included).
|Customization for agents||60+||$1500|
|Connection to Data Server API||16+||$400|
|Gathering client request data||32+||$800|
|Offers (search results)||8+||$200|
CASE STUDIES ON HOW TO USE REAL ESTATE BOTS
Chatbots for real estate websites and mobile apps can increase engagement and boost conversions significantly. However, the potential of a real estate messenger bot optimized for Facebook or WhatsApp can be even more impressive.
Facebook Messenger: 3 condos sold in 10 days
Three sold property units, 100-fold ROI in the first month after launch and generating huge amounts of data which can be used for the future prospects. Impressive, isn’t it? As claimed by a real estate company from Canada, they have managed to sell three condominiums in 10 days after they launched Facebook bot messenger along with an advertising campaign on the same social network. $116 spent on Facebook ads brought them 1064 link clicks, 243 messaging conversations (initiated by the bot), 60 pre-qualified leads, and three deals (apartment reservations).
WhatsApp: Nobroker case study
Nobroker is an online real estate agency
Nobroker utilized the WhatsApp bot to speed up photo uploading and provide 360 degrees tours. As a result, they:
- Reduced the time spent on images uploading and approving form 3 days to 6 minutes;
- Increased their annualized ROI via cost savings 20 times;
- Had the number of rented/sold properties rocketed 2.8 times.
OUR EXPERIENCE IN THE REAL ESTATE SOFTWARE DEVELOPMENT
It is important to hire developers familiar with the industry and aware of all possible pitfalls. This is exactly the case when not only concept matters but also rules and processes.
Exceed Team has outstanding experience in building platforms for real estate companies and is ready to provide better solutions for a better experience. With the help of the new CRM, our client real automized almost half of the real estate agents’ work, optimizing their time and consolidating efforts. Besides, there was a 60% increase in customers due to the user-friendly listing platform we built.
We will be happy to discuss your query and build an on-demand real estate chatbot together. Please feel free to contact us and ask any questions related to the development.
If you find yourself in a constant battle for more qualified leads and conversions, a real estate chatbot can become your silver bullet. Why use a chatbot for real estate? With a tailored solution designed for smoother interaction and better engagement, you can attract more prospective clients than any of your direct competitors. Make your bot smart and AI-driven and all the prospective clients will be turned into real buyers and sellers increasing your ROI and revenue.
Most popular questions
What are the main advantages of building a real estate chatbot?
Chatbots can help your business by ensuring 24/availability, providing automatic scheduling, prompt responses and good follow-ups, personal offers, etc. Chatbots are also good at bringing leads, lowering expenses, query tracking, and customer engagement.
What are some examples of successful implementation chatbots into the real estate industry?
A Canadian real estate company increased sales using a Facebook bot messenger along with an advertising campaign on the same social network. An Indian real estate platform Nobroker used chatbots on WhatsApp to speed up photo uploading and provide 360 degrees tours, which decreased the cost and skyrocketed sales.
How much does it cost to build a real estate chatbot?
It will depend on complexity and functions. For example, architecture will cost around $300, bot/agent switching is $800, and connection to data server costs $400. If you want the most basic solution, it may cost from $2800 while a customizable chatbot will be around $5000
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