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The 80/20 Real Estate Show by InvestorFuse
Ep 120: Conversational AI for Real Estate | Nate Joens
Carlos Zamora and Dan Schwartz
February 2, 2022
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“There are 3 D’s of real estate: death, disease, and divorce.” -Nate Joens
“There’s a tremendous opportunity to automate a lot of processes with a generative AI approach.” -Nate Joens
“If you want to test the product, I always put my money where my mouth is and let people experience it.” -Nate Joens
“Mundane sales tasks are exhausting for everyone, but it’s not exhausting for AI.” -Nate Joens
“Many people don’t know what’s actually automated when it feels that human.” -Nate Joens
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“Ep 120: Conversational AI for Real Estate | Nate Joens” The 80/20 Real Estate Show with Nate Joens
In this episode of “The 80/20 Real Estate Show”, Nate Joens speaks with hosts Carlos Zamora and Dan Schwartz about the benefits of conversational artificial intelligence for qualifying leads in real estate. By automating much of the lead qualification process, conversational AI can help agents and brokers spend more time on high-value activities like closing deals and earning the trust of their buyer and seller clients.
In This Episode, You Will Learn:
- How conversational AI can discover hidden real estate opportunities
- Why do agents need to master a new type of communication with clients today?
- The advantages and disadvantages of using conversational AI for real estate
- How to train lead qualification chatbots with the right datasets
Good Question & Answer 1:
Carlos Zamora: More and more so, off-market investors are doing direct-to-seller marketing. How different do you think that is from the conversational artificial intelligence between a distressed homeowner, like our clients or our members listening to this, or who you’re currently working with? And maybe even a breakdown on what exactly is conversational artificial intelligence?
Nate Joens: When we’re reaching out to leads on behalf of a majority of our customers, now, it’s after they filled out a form, or after they’ve been living in your CRM or database for six months to a year, or kind of gotten cold. We’re reaching out to those leads over text and email and saying things like, “Hey, you were on our website a while back, checking out 123 Main Street, wanted to see if you’re still looking to move.” So, you can probably see how that’s not too dissimilar to a message that you might send to a distressed property owner, but there are slight nuances in what you might say to tweak the conversation there. I’m no expert in scripting this in your world. But our product is extremely customizable, straight through the app itself. So if you wanted to say certain things like, “Hey, it’s been about six months since we heard from you, wanted to see if you still need to offload your property.” Something like that. Again, I’m no scripting expert here in your space. But you can write essentially whatever you want. It interprets all the questions and answers, and responses can be customized throughout the product.
Good Question & Answer 2:
Carlos Zamora: Text and email campaigns are getting more and more sophisticated for businesses. I’m curious to hear where you think real estate tech and AI is going.
Nate Joens: There’s a lot more spam and automated spam filtering in our carriers these days. And that’s just driving call answer rates way down. What’s working is pre-selling that call, getting a text or message out there saying, “Here’s who I am. Let’s talk a little bit. And let’s schedule a phone call.” So you know who the number is that you’re going to be answering. The lead has opted in, and you’re ready to take that call. But I think that’s why we got here. What that means is people are expecting immediate responses 24/7, 365 That makes you run your business all the time. It’s tricky because, with phone calls, you could just say, “You can call us between 8 and 5 pm.” And that’s it. Otherwise, “See you later, we’ll talk on Monday.” So I think that’s why we got here in the big picture. And that’s why conversational AI has entered the fold. Because we have to have a solution to solve for all that new messaging now. But I think you’re exactly right that there are a lot of powers at play here. But what you said is really relevant about standing out; because of all this new messaging, a lot of it is just junk, a lot of life we are now starting to just tune out. So you have to stand out so much more like the “Yo” with ten “O’s.” That’s a super clever way of feeling authentic, like a real person is behind the business. Even though you know it’s automated, many people probably aren’t that sophisticated to know what’s actually automated when it feels that human.
Additional Topics Discussed:
- How long did developing this technology take?
- What are some benefits of using conversational AI for real estate?
- What are some best practices to make the most of this technology?
- What is the future of real estate tech, and what do you think it has in store for our industry?
Host / Podcast Bio:
InvestorFuse is a lead management and CRM system aimed at assisting investors in closing more deals through automation and timesaving technologies. It is a straightforward method of managing your real estate firm. It focuses on lead CONVERSION rather than lead generation, allowing you to devote more time to closing deals.
Nate Joens, Co-Founder and Head of Innovation at Structurely, joins the show to talk about how real estate professionals are using conversational artificial intelligence to follow up, nurture, and qualify/disqualify leads.
Resources & Links Mentioned in the Show: