Artificial Intelligence Should Make You Like Your Real Estate Agent More | Wilnesh News

Historically, real estate modernization has been slow, but artificial intelligence is changing that. The integration of artificial intelligence is changing the way buyers and sellers interact with agents, fundamentally changing the competitive dynamics of the industry.

As artificial intelligence reshapes the day-to-day operations of a real estate agent’s business by automating tasks, from generating property listings to conducting community analysis, the focus of agents’ daily activities will change.

Ryan Serhant, CEO of Serhant and star of the “Owning Manhattan” reality show, said that artificial intelligence has allowed real estate to no longer focus on obtaining information and focus more on building deeper relationships with agents. He predicts a shift in mindset as agents harness artificial intelligence while being forced to find new ways to stand out in an increasingly competitive market. “If we all use artificial intelligence and have the same level of expertise, who’s going to win? It’s a game of attention,” Serhant said last week at the CNBC Evolve AI Opportunity Summit in New York. ”

Buying a home is the largest single investment in most Americans’ lives, making real estate an industry that can lead to greater success with more personal contact from an agent. Serhant said he believes one of the big advantages of using artificial intelligence is that real estate agents have more time to provide personalized attention to their clients.

“The product being sold is no longer just the skill set,” Serhant said. “It’s a focus on skills.”

His own company, Serhant, developed a sales automation service called “Simple” to handle routine tasks in customer relationship management that typically take up more than 60% of an agent’s time.

Artificial intelligence tools are being used to streamline lead generation, automate marketing campaigns, and provide predictive analytics to identify opportunities, but they cannot replace the critical role of agents in delivering optimal performance. Serhant said artificial intelligence will not virtualize relationships, but for real estate agents who embrace the AI ​​revolution — which he said is a necessary move — it will strengthen their relationships.

Easier access to instant market data and sales insights could allow agents at smaller boutique firms to compete on a more equal footing with larger real estate firms. “There’s a trust factor in sales…it’s not who’s the biggest, it’s who has the most power,” Serhant said.

Serhant said it would also benefit homebuyers and sellers by allowing for a wider selection of suitable agents, providing enhanced personal service and greater customer focus.

The real estate industry is still in the early stages of adopting artificial intelligence, and understanding among real estate professionals is still low, but the interest is there. According to JLL Technologies’ 2023 Global Real Estate Technology Survey, generative AI is ranked by investors, developers and corporate tenants as one of the top three technologies that will have the greatest impact on real estate over the next three years. But the survey also found that real estate professionals know very little about artificial intelligence compared to other technologies.

Serhant said agents who understand how artificial intelligence can enhance their businesses will have a huge opportunity to capture significant market share over the next 20 years.

Any technological innovation comes with risks, and wire fraud remains a major challenge for the real estate industry, one that will be exacerbated by artificial intelligence. The FBI reports that wire fraud cybercrime losses increased significantly in 2023 compared with the same period last year, primarily due to real estate transactions. Improved artificial intelligence technology is making things easier for real estate scammers.

Serhant said fraud cannot be ignored, but he believes real estate will adapt to the risks inherent in new technology, such as digital listings, just as business has in the past. “With every advancement in technology, stricter rules are put in place to help stop these fakes,” he said.