AI has the potential to significantly impact and transform various aspects of the real estate industry in the coming years. I just returned from a luxury real estate conference, and I chose to spend my time at the real estate AI sessions because I know how important this topic is for my business.
The following are some of the key ways AI is already used in the business of real estate.
AI for Market Trends
AI algorithms can analyze large datasets of real estate statistics to provide a summary of market trends. What previously took hours of data entry on Excel spreadsheets can be uploaded to an algorithm and analyzed within minutes.
Virtual Home Tours & Visualization
AI combined with technologies like virtual reality (VR) and augmented reality (AR) can provide immersive 3D tours of properties, allowing remote viewing experiences that are almost as good as physical tours. This technology is especially valuable in resort markets and luxury homes virtual tour videos could replace the Zoom and FaceTime tours we currently use.
Conversational AI Assistants
AI-powered chatbots and virtual assistants provide round-the-clock customer support, answer frequently asked questions and schedule showings. My son is a programmer for a chatbot company that employs this technology.
AI Photography Tools
AI can create photos or enhance existing photos. I watched a colleague create a twilight photo from a daytime photo in seconds.
Process Automation
AI could automate many routine tasks such as data entry, training, documentation processing, and contract management, improving efficiency and reducing human error.
AI is not going away and smart agents are learning how to leverage it. At the conference, we all agreed that the judgment of a human is necessary because AI is not perfect. Does the data analysis make sense based on what we know? Does the photo look fake?
Currently, many agents are using this technology to write AI real estate descriptions… and you can easily tell the listings were written by AI. How? If you see the word “enchanting” it is a dead giveaway. I am seeing this word pop up more and more in listing descriptions. While it’s ok for AI to provide some ideas and a head start, agents must personalize them to ensure key features of the home are not left out. I would imagine a college professor would say the exact same thing. AI is a valuable tool that will make humans more efficient. But at least for now, I think our jobs as real estate agents are safe.