AI - The Future of Real Estate
Technology: the driving force of humanity’s evolution and apparently the bane of existence for many real estate agents. At least, that appears to be the presiding fear, espoused by every RE blogger with a pulse and especially in the face of advancements within artificial intelligence. Some go so far as to claim that these advancements will spell “the death of a real estate broker,” suggesting that AI will usher in future of self-driving cars, augmented reality, the complete erasure of privacy and ultimately Skynet.
In a sense, they’re right, but not in the manner you would think: robots are not going to take over the world, nor will they make your profession as a real estate agent/broker obsolete. Rest assured though, the future has arrived and it is going to change the industry as we know it. However, history proves that doesn’t have to be a bad thing.
Long before agents’ jobs were being threatened by all-knowing robots, there were manual switchboard operators like Rose Trela – a job made defunct by that smartphone sitting in your front pocket. Before women like Mrs. Trela, it was others that were being put out of a job by the assembly line. 300 years before even that? It was the printing press – a technological marvel that made scribes obsolete. You know, because there was a point of time where every book was handwritten (imagine the hand cramps). Ironically, currently that job is the one at risk of dissolution.
Basically, this type of worker displacement has been a thread throughout all of time, across all advancements. It’s inescapable. Yet in every scenario, there is an underlying theme: we, as a people, are constantly striving to become faster, stronger and better.
As technology improves, real estate agents must adapt or risk becoming yet another footnote in history. What’s more, agents are already thinking ahead and getting on board. By 2022, 65% of top real estate executives are already more likely to invest in Predictive Data. As you’re well aware: there is no substitute for the value of a real estate agent. From contracts and negotiations, to on-hand access to your industry expertise and experience – it’s clear that you bring many benefits to the table, to say nothing of the intangibles and the human component.
Yet when taken advantage of, technology is making that job even easier. If you don’t begin to adopt it today, you’re going to be left behind. Using drones for photography or even curating 3D virtual tours of your listings are tactics that can put you above the rest.
The one such tool that is destined to revolutionize the industry? AI. You NEED to incorporate AI within your business strategy. We’ve already delved deep into the evils of the price estimator tool [link] and the headache that it brings agents when they have to manage the expectations of a misinformed client. Even in this realm, AI stands to revolutionize home evaluations and make these issues a thing of the past.
And this is just one of the many ways that AI stands to revolutionize the way you do real estate. Your marketing will elevate to new heights with AI-powered personalized nurture email drips, targeting only the most viable prospects. It is capable of consolidating all of the data-driven analytics of your prospective client, giving you insights on how and when to market to specific demographics.
That is why it’s essential to begin the adoption process now. As such, when AI crowns itself as a new standard in real estate optimization data analytics, you can marry it with your quick wit and expertise to really take your business to the next level.
Rather than become a relic of a bygone era, you will evolve into the new real estate agent with adaptable efficiency, a killer instinct, and a winning smile.