How AI Can Help You Get the Best Deal When Selling Your Home

Artificial intelligence (AI) tools like Chat GPT have become a game-changer in many fields, including the real estate industry. For homeowners such as yourself, it can help to sell your home at a fair price and in a faster way, while helping control costs.

AI is used to refer to "machine learning" technology. Unlike trying to emulate aspects of human intelligence, machine learning is a software algorithm that can improve its performance in a specific task with increasing exposure to data, and in real estate, there is a lot of data available!

Setting a fair price

Real estate is, by definition, a local business. AI tools can assist in setting a fair price for your home by providing them with valuable insights and information about your real estate market. 

By analyzing local real estate market trends, AI can answer important questions specific to your city, county, and even neighborhood. Supply and demand, average home prices, and the average time homes are on the market are basic questions essential to make informed decisions about pricing your home. 

On a more specific level, AI can collect and compare information on properties comparable to yours, such as the size of the home, number of bedrooms and bathrooms, age of the property, and other relevant factors that can affect the price.

Selling Faster

Economic conditions set the pace for how fast or slow houses sell, but marketing is key for how fast or slow your house sell. AI can help you put your home in front of the right eyes, optimizing listing descriptions by taking advantage of better search engine optimization (SEO) and readability. By making your listing description more appealing and informative to the right audience, you can attract more potential buyers and increase the chances of selling faster.

In the specific case of Chat GPT, you can use natural language processing (NLP) to analyze data from search engines and social media conversations to identify potential buyers. NLP is a branch of artificial intelligence that enables computers to interpret and understand human language through the use of machine learning techniques.

Cutting Costs

Selling a house will always come with costs, and being able to identify which costs will move forward your sale in the best direction is crucial for getting the most out of any money you have to put forward.

With AI you can identify cost-effective marketing channels. First, it can help you identify the characteristics of the kind of buyer you think would be most interested in your property. After this, AI can help you develop specific messages to target these buyers and guide you through the channels where they spend time online. This way you can reach a wider audience without spending a lot of money on advertising.

It's worth noting that AI can also help you cut costs by reducing the need for physical showings. With the help of virtual home tours created by AI, potential buyers can view the home remotely, saving time and money on traditional open houses and showings.

Where AI shines regarding cutting costs is when considering upgrades and renovations. AI can help you factor in upgrades or renovations in your pricing. Based on the type and extent of the renovations, AI can provide insight into how much value they may add to the property, giving you critical information on how much should you -or shouldn't!- spend on renovations.

AI made Simply

At Simply Homes, we lean heavily on AI to provide the most market-accurate price for buying your home as-is. By gathering and leveraging vast amounts of information, our Offer Engine can confidently place an offer for your home within seconds, saving you time and money.

AI is shifting the way that the world of buying and selling homes operates, but, at the end of the day, there are a few truths that will always hold true – Be realistic about what your home is worth, make sure that everything is clearly defined, and know that regardless of what technology or services you choose when selling a home, make sure that you always trust your instincts.