https://api.111minutes.com/wp-content/uploads/2023/05/thirdBlogImage.png

Author

Iryna Deremuk

Date added

25.04.2023

Is Digital Assistant a Must-Have Software for Commercial Real Estate?

Time to read: 6 min

Digital real estate

Both Covid-19 and the evolution of technology have changed the way we work and do business.
One of the latest trends in the commercial real estate industry is the use of digital assistants.
These handy helpers are designed to make property management more efficient
by providing real-time information, improving communication and operations and making tenants
happier. With the advancement of artificial intelligence and machine learning, digital assistants
are becoming even more useful and personalized.

In this article, we'll explore how virtual assistants for real estate are transforming the industry,
and discuss the benefits, challenges and important considerations that come with using them.

Brief Overview of Real Estate Virtual Assistants

According to a report by CBRE, the global commercial real estate industry is expected to reach
$4.6 trillion by 2028, with digital technology playing a key role in its growth. More and more
companies opt to use a variety of software to drive more revenue and streamline their operations.

Virtual real estate assistants are taking the industry by storm while providing faster and more efficient
ways to manage properties and communicate with tenants. They use artificial intelligence to perform
a variety of tasks, such as handling maintenance requests, setting appointments and managing data.

Virtual real estate assistants are a way for companies to deal with many challenges they face on a daily
basis. They're mostly used in the form of chatbots. These are automated messaging systems that allow
tenants to communicate quickly and easily with property managers. Bots can be programmed
to answer common questions, such as maintenance requests or lease terms, and they can provide
real-time updates on property issues.

Therefore, digital assistants are changing the way real estate businesses operate by creating faster
and more efficient communication channels between property real estate professionals and tenants.
As the industry continues to grow, the use of this technology is likely to become even more widespread.

What is a VA in Real Estate?

Real estate virtual assistants use machine learning to understand tenant preferences and provide
recommendations based on their search history and behavior. For example, the software might
suggest properties that meet a tenant's specific needs, such as location, price range, and amenities.

According to Microsoft, by 2025, 95% of customer interactions with businesses will involve machine
learning or other forms of artificial intelligence. This trend is already evident in the real estate industry,
where many companies already use virtual assistants to achieve their goals.

The software can also help property managers automate routine tasks, such as sending lease renewal
reminders and processing payments. This allows them to save valuable time and resources, focusing
on more complex operations that require human expertise.

One of the main advantages of real estate virtual assistants is their ability to provide personalized
service on a large scale. They can handle a vast volume of requests and provide tailored responses
to each customer, allowing companies to stand out from their competitors.

Types of Digital Assistants for Commercial Real Estate

There are several types of digital real estate assistants available, each designed to perform specific
tasks and improve the overall performance of the property.

Chatbots

This type of digital assistant for real estate is an automated messaging system that allows tenants
to communicate with property managers and receive real-time updates on property issues.
They can be programmed to answer common questions and provide personalized recommendations.

Chatbots are becoming increasingly popular in the commercial real estate industry, with the global
market expected to reach $9.4 billion by 2024, according to a report by MarketsandMarkets.

One of the main benefits of chatbots is their ability to provide 24/7 customer service, allowing tenants
to get answers to their questions and report property issues at any time. They can also be
programmed to make customized recommendations based on a tenant's search history and behavior.

Real Estate Data Entry Assistant

This type of real estate virtual assistants help managers enter and organize data, such as property,
tenant and financial information, more efficiently and accurately.

This technology can be particularly useful for managing large portfolios or dealing with a high volume
of information to process. By automating data entry tasks, real estate agents can save time and reduce the risk of errors.

These assistants can also help real estate professionals analyze and visualize data in more meaningful
ways. By organizing it into easy-to-understand charts and graphs, it’s possible to gain insights into
market trends and the performance of their properties, allowing them to make more informed
decisions about their investments.

Data entry assistants for real estate range from simple software to more advanced solutions that use
artificial intelligence and machine learning to automate tasks and provide insights. Some of them may
also offer integrations with other software tools, such as property management systems or accounting software.

Virtual Real Estate Transactional Coordination Assistant

This type of virtual real estate assistant is becoming increasingly popular in the industry, helping
to manage the various administrative tasks and processes involved in a real estate transaction, from listing to closing.

The software helps streamline the transaction process by organizing documents, coordinating with
various parties involved in the procedure and ensuring that deadlines are met. This can help reduce
the risk of errors and delays and improve the overall efficiency of the operation.

Thanks to virtual coordinators for real estate transactions, property owners ensure that all the
operations run smoothly as possible and coordinate all parties involved, including brokers, lenders and tenants.

Benefits of Virtual Assistants in Real Estate

This software transforms the sector by enabling property owners and tenants to communicate
in a more effective yet simple way. Here are some of the key benefits of using digital assistants
in the industry.

1. Improved Tenant Satisfaction

Virtual assistants for real estate can provide customized recommendations and real-time updates
on property issues, improving overall tenant satisfaction. 80% of customers are more likely to do
business with companies that provide personalized experiences.

2. Increased Efficiency

The software automates routine tasks such as sending messages and scheduling appointments, saving
real estate managers valuable time and resources. This allows them to focus on more complex tasks
that require human expertise.

3. Enhanced Data Analysis

Business process automation of workflow and management enables companies to make informed
decisions and identify opportunities for improvement.

By computerizing the supply chain, firms can ensure that resources are available when needed,
reducing delays.

4. Improved Communication

With the help of real estate virtual assistants, tenants can communicate with managers more
comfortably, improving overall communication and transparency. If issues arise, the digital assistants
enable property representatives to intervene immediately and solve the problems.

5. Cost Savings

Digital assistants reduce costs by automating routine tasks and improving property performance,
resulting in higher tenant retention rates and increased revenue.
The use of virtual assistants in real estate lowers labor fees by up to 40%.

In a Nutshell

Virtual assistants for real estate offer significant benefits for property owners, from streamlining
processes to improving efficiency and accuracy. While not a must-have for every manager
or business, the software can provide a competitive edge for those willing to invest in the technology.

As the real estate industry becomes increasingly digital and data-driven, the use of virtual assistants
is likely to become more widespread. By leveraging these tools, business owners can stay ahead
of the curve and provide a better experience for their clients.

Ultimately, the decision to use real estate virtual assistants depends on factors such as the size
and complexity of the portfolio, the specific needs of the property owner and the available budget.
However, for those looking to optimize their operations and improve their bottom line, a digital
assistant is definitely worth considering.

If you're looking to implement this software in your business,
the tech experts at 111 Minutes can give you a hand.

We've already helped a number of companies integrate
a digital concierge into their processes, and now they reap
benefits from this solution.

You find this article interesting ?