You might not realize it, but there is a revolution happening in the real estate industry. This revolution began slowly a few years ago, however it was expedited thanks to the Covid pandemic and the red-hot real estate market that followed. The revolution is needed now more than ever because with homes selling as fast as they are, agents and brokers need all the help that they can get from their technology. This means that their product suite must simplify processes, leave them better equipped with information and data, and give them the time in their day to find the right homes for their clients.
What is this big revolution that is happening in real estate? Artificial Intelligence (AI).
For years AI has been used as a buzzword by businesses in many different industries, far too often missing the power of what AI can truly deliver. Unfortunately, this means that companies will say that they leverage AI, but really what they do is have some minor aspect of machine learning in a tool that doesn’t help their business. To me, there is nothing that is more harmful to the power of technology than using it just to say that you use cutting edge innovations. Technology exists to solve complex issues, and innovative technology like AI should be used to solve real business needs. Which brings me back to real estate.
Real Estate has been notoriously slow to adopt to new technology, it’s an industry that is still heavily reliant on pen and paper, so the use of AI is still relatively new to real estate. Specifically, the industry is seeing how using data to build machine learning models that are then put into use through AI can help simplify the lives of our agents and brokers, and that it also can make things easier on the corporate side.
While this is nothing new for many industries, in real estate it is groundbreaking that we leverage robotic process automation to manage many of the back-office data-entry processes that must take place for every transaction. This once time-consuming process is now done in a matter of minutes, saving our agents and staff valuable hours of their day to do the work that matters most, buying and selling homes. However, as with any industry adapting to new technology, there are also some complications.