How To Create A Real Estate AI Voice Assistant (For Appraisal Followups)
You’ve no doubt heard the old saying “Good, Fast, Cheap… Pick Two”.
Well, gone are the days when “Fast” was an option.
A recent consumer research study found that two-thirds of consumers say speed is more important than price.? So you can be good and fast or cheap and fast. But among all else, you better be fast.
From the data we’ve collected from more than 400 real estate websites, it takes an average of 3.2 days for an agent to prepare and send an appraisal to consumers who have requested one via a real estate agency’s website. This delay is often due to agents being caught up in the demanding cycle of listing and selling properties, leaving them without the resources to respond quickly to new leads.
This failure to respond to appraisal requests in a timely manner, whether an agent’s fault or not, is costing agencies literally millions of dollars in lost GCI every year.
But what if there was a way to bridge this gap and respond to potential clients within an hour of their inquiry? Enter Vapi , an innovative AI-powered solution that’s transforming how real estate agents handle lead conversion.
The Cost of Delayed Responses
Before we delve into the solution, let’s consider the stakes.
Our Vendor Lead Tracker platform has revealed that 15% of people who request an appraisal or property estimate via real estate websites list their property within the next 90 days.
However, it also found that agents who take more than just one day to respond will lose 80% of those listings to a competitor.
So the 3.2-day average response time mentioned earlier is more than just a number—it represents millions of dollars in potential GCI slipping through the cracks of real estate businesses each year. In an industry where the early bird often gets the worm, this delay is a luxury agents can ill afford.
More agencies are now using instant property estimate tools on their websites, which delivers a higher volume of potential vendor leads to the agency over an appraisal form on their website while also providing faster responses to potential sellers—who get something ‘instantly’.
Our Vendor Lead Tracker platform shows that?10% of people who request a price estimate will go on to request an agent appraisal after receiving their report.
With this flood of price estimates now coming into the website, you would think that agents are falling over themselves to turn these into appraisal leads, right? Sadly, this is not the case.
In the example below, a small-medium-sized agency generated over 300 vendor leads in a 90-day period, with 17 properties listed during that time. Only three were listed with this agency, while the remaining 14 were listed with a competitor resulting in $148,000 in lost GCI.
So the price estimate tool, while extremely useful for filling an agency’s pipeline, is not the silver bullet if the potential vendors aren’t being called – and quickly.
Enter Vapi: Your 24/7 AI-Powered Real Estate Assistant
Vapi offers a groundbreaking solution to this problem. By leveraging advanced AI technology, Vapi enables real estate agents to create custom AI assistants that can make outbound calls to potential clients who have requested price estimates on their website to service the lead and steer them toward an appraisal.
These AI assistants aim to convert these leads into appraisal bookings for the agents within the office.
Here’s how Vapi is revolutionising the lead conversion process:
Ethical Considerations: Transparency and Consent
While the benefits of using AI assistants like Vapi are clear, it’s crucial to approach their implementation with ethical considerations in mind. One of the most important aspects of using AI in customer interactions is transparency.
The Importance of Disclosure
When using Vapi or any AI assistant, it’s essential to make it clear to the consumer that they are interacting with an AI, not a human. This disclosure should happen at the beginning of the interaction, before any substantial conversation takes place. There are several reasons why this is crucial:
Obtaining Consumer Consent
After disclosing that the assistant is AI-powered, it’s important to ask the consumer to opt into the conversation. This could be as simple as asking, “Are you comfortable proceeding with this AI-assisted conversation?” Here’s why this step matters:
领英推荐
Implementing Disclosure and Consent
When using Vapi, consider programming your AI assistant to start each conversation with a brief introduction that includes:
Here’s a real (yet basic) example our team recorded using Vapi, including our setup in Vapi below:
Vapi settings for our assistant:
The Future of AI Conversations
It’s worth noting that these AI models are improving at an astonishing rate. The level of human-like conversation we’re seeing today is just the beginning.
The possibilities and use cases for this technology in real estate businesses is exciting:
As these models continue to evolve, the naturalness and effectiveness of these AI-powered conversations will only get better and better. This means that the potential for voice assistants to revolutionise lead conversion and the speed of response in real estate is not just immediate, but also has a long-term, ever-improving trajectory.
Enhancing Agent Productivity, Not Replacing Agents
It’s crucial to understand that tools like Vapi are designed to complement and enhance the work of real estate agents, not replace them. By handling initial inquiries and follow-ups rapidly, Vapi allows agents to focus more on high-value, dollar-producing activities. This synergy between AI and human expertise creates a more efficient, responsive, and profitable real estate operation.
Getting Started with Vapi
One of the great advantages of Vapi is its accessibility. Anyone can set up an account and start exploring its functionality immediately. This allows you to test the system, experiment with different AI models, and get a feel for how Vapi could benefit your real estate business.
However, it’s important to note that to fully leverage Vapi’s capabilities and integrate it seamlessly with your internal systems—such as calendar bookings and email notifications—you’ll need the assistance of a developer. This integration ensures that Vapi works in harmony with your existing processes, maximising its effectiveness in your lead conversion strategy.
The Impact of Rapid Response
By implementing Vapi, real estate agencies can dramatically reduce their response time to price estimate requests. Instead of waiting 3.2 days, potential clients can receive a follow-up call within hours or even minutes of their inquiry.
Given that 15% of these requests lead to listings within 90 days, the potential impact on your business is significant. Responding within an hour could be the difference between losing and earning millions in GCI.
Enhancing Customer Experience and Stopping Lead Leakage
Beyond the financial benefits, Vapi helps improve the overall customer experience. In today’s fast-paced digital world, consumers expect quick responses. By meeting this expectation, you’re more likely to impress potential clients and stand out from competitors.
Moreover, these voice assistants can help stop lead leakage in your real estate business.
No more missed opportunities due to overwhelmed agents or busy periods. Your AI assistant ensures that every lead is followed up promptly, maximising your chances of converting inquiries into appraisals and, ultimately, listings.
Conclusion
In an industry where time is money, and speed is increasingly trumping price in consumer preferences, Vapi offers real estate agents a powerful tool to stay ahead of the competition. By leveraging AI to respond quickly to price estimate requests, you can significantly increase your chances of securing listings and boosting your GCI, all while freeing up your agents to focus on what they do best.
The future of real estate is here, and it’s powered by AI that’s becoming more sophisticated by the day. While anyone can start exploring Vapi’s capabilities today, partnering with a developer for full integration will unlock its full potential.
What do you think? Is this a step too far in the evolution of AI? Will consumers warm to AI voice assistants?
Let us know your thoughts below.