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  • Writer's pictureShannon Baird

Voice Technology - Revolutionizing Real Estate

Voice technology is transforming the way we live and work. We no longer require a computer keyboard to research which baseball team has won the most World Series. We simply “Ask Alexa.” We use our phone’s voice tech to “type” a text message and control the thermostat in our home with a voice command. 


Woman sitting at a table with her phone and two smart speakers in front of her

But this is the tip of the iceberg when it comes to the technology’s capabilities and how it is revolutionizing our world. The worldwide voice tech market was valued at nearly $12 billion in 2022, with anticipated growth to nearly $50 billion in 2029. Cost savings, improved productivity and efficiency, and its competitive edge in serving customers contribute to its popularity. There’s a recognition that voice tech is the wave to ride into the future.


The real estate industry is no exception. While the industry can, at times, be slow to change, voice technology continues to be transformative. In an industry where access and information are power and customer service is paramount, cutting-edge voice technology has a huge role to play. 


Significant advancements in large language models (LLMs) like Alexa, and their ability to have more natural “human-like” conversations are key. Voice assistant technologies have advanced to understand natural language more accurately, recognize user intent, and offer personalized interactions. These improvements make them ideal for the real estate industry to enhance customer service by facilitating more intuitive and efficient user experiences. 


 

In the world of real estate, these advancements stand out:


1.      Customer Service - Prospective buyers and sellers and clients can be met where they are 24/7. Time of day, day of the week, and time zones no longer matter. A buyer may conduct a property search based on price, square footage, location, and other specifics, take a virtual tour, or schedule a showing. Thanks to progress in natural language processing (NLP) chatbots, prospects receive conversational, customized, knowledgeable responses because the chatbots now understand context and more complex inquiries.


2.      Data Analysis - Sophisticated chatbots can gather and analyze data supplied by users. Real estate agents can better tailor their delivery to the specific customer with more efficient and personalized interactions with prospective clients.


3.      Scheduling, organization, and workflow – AI and voice technology handle many routine, time-consuming and important tasks. Whether it’s scheduling showings, gathering and organizing information prospects share during their interactions, or automating standard workflow and transaction processes, the agent is best able to efficiently and effectively meet client needs and offer superior service.


4.      Content Creation -  Real estate agents are using LLMs like ChatGPT for creating content – property listings, marketing materials like direct mail or social media posts and writing video scripts. Need ideas for a newsletter or marketing? Just ask. Remember, errors do occur, so the human touch remains essential.


5.      Lead generation – New, quality leads are central to a real estate agent’s livelihood. AI’s ability to engage in detailed conversations, qualify leads and capture and analyze critical data, allows agents to prioritize sales converting leads. 


6.      Accessibility - Accessibility means convenience, but importantly, democratizing technology. In an industry where visual cues do the talking (photos, graphics and long form text), innovative tech companies are using the power of AI voice assistants to make technology accessible to all. Lundy Inc’s Finding Homes Skill with Amazon's Alexa transforms the customer service experience enabling users to search for properties with Lundy Inc.'s integration of voice assistants into its 'Finding Homes' app. It’s a customer service game changer enabling users to conduct property searches simply using their voice. For instance, a visually impaired user could request, “Show me homes in Portland with 3 bedrooms and 2 bathrooms under $500,000,” and receive an instantaneous, customized response. 


 

While current voice technology has limitations, LLMs promise a transformative shift all over, especially in customer service-centric, communications-heavy industries like real estate. When these advanced AI capabilities are harnessed, we'll see an exponential leap in how voice assistants understand and execute complex commands, making them indispensable. Those in the real estate industry that preemptively adopt voice interfaces will set a new standard in customer service—offering unparalleled accessibility, efficiency, and user experience. Those slow to adapt risk becoming obsolete in a rapidly evolving market where convenience and innovation lead.


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