Last updated on June 15th, 2024 at 12:37 pm
With the expansion of avatars, chatbots, cloned voices, data analytics, and generative AI into real-estate workflows and processes, any agent or broker could ponder: Is AI poised to replace my job?
According to Business Research Company, “The AI in real estate market size is expected to grow exponentially in the next few years. It will increase to $731 billion in 2028 at a compound annual growth rate (CAGR) of 34%.
Observing the tremendous growth of AI in the real estate industry, are you also experiencing a constant sense of apprehension, wondering if your job will remain secure in the future?
It is highly unlikely that AI will replace real estate agents altogether. But it is also undeniable that AI will certainly transform how agents work.
Let’s explore how AI is revolutionising the real estate industry and how agents can partner with AI to future-proof their careers.
A Closer Look at How AI is Transforming the Real-Estate Industry?
Before AI entered real estate, most of the work related to buying and selling properties was manual and required a lot of time and effort to perform certain tasks.
For example, from assessing the market to staging the property, complaining documentation, showings, and negotiating and closing, converting a real estate lead could take eight months to 1 year, depending on your agent’s experience and skill level.
But now, with technological advancement, real estate professionals can do things quickly and more efficiently. Here’s how AI agents are reshaping the real estate industry:
AI enables real estate agents to create more targeted marketing strategies by gathering and analysing vast datasets. With AI-powered tools, real estate pros get real-time insights into customers’ interactions and preferences. This helps them identify the right message and channel for reaching potential buyers.
From appointment scheduling to managing client databases to handling inbound emails, AI saves time by automating many administrative tasks. By utilising AI-enabled property management solutions, real estate experts can streamline workflows and automate repetitive tasks.
Besides, advanced chatbots are being used in real estate more extensively than ever. A real estate chatbot is like a virtual assistant that helps agents streamline client interaction. It is seamlessly integrated into various platforms, such as websites, mobile apps and social media channels.
The Irreplaceable Human Touch
There is no doubt that AI is a new-age technological solution for the real estate industry to automate tasks and enhance agent efficiency. It is also true that AI will continue to change real estate for the better in the future.
Despite the advancement in AI, human insights and creativity remain essential. Understanding clients’ needs, building relationships, using emotional intelligence, and conducting creative negotiations are some areas that are extremely important in real estate and where humans excel.
AI tools can help you gather valuable data and insight, but real humans need to interpret and apply them. You need someone who understands the technology and has the skills to make the most of it.
AI can automate tasks but cannot replace human emotion and experience, which are critical for a successful real estate strategy.
AI is Your Creative Companion, Not Competition
Though AI will not completely replace the human touch, collaboration between the two can bring wonderful results.
Whether you’re a novice real estate agent or a seasoned professional, it’s vital for you to embrace AI to stay competitive and provide top-notch services.
When utilised effectively, AI has the potential to become an essential asset for agents. Here are several compelling reasons why integrating AI into your workflow is beneficial:
- AI-powered apps and chatbots deliver customised content to prospects.
- By using AI in their operations, real estate agents can automate many manual and repetitive tasks, saving money and time.
- Provide correct property analysis and future valuation about a home to a client.
- Advanced house-searching apps can help agents find a perfect home that fits their clients’ needs.
- The AI-powered technology allows agents to provide clients with a virtual tour of the property without stepping foot in the property location.
- These advanced solutions analyse conversations to provide personalised recommendations to clients, leading to higher lead conversion rates and enhanced customer satisfaction.
How to Partner with AI
Today, 35% of global companies are leveraging AI in their business. Real estate companies are also at the forefront of utilising AI.
Real estate businesses that successfully apply AI to their operations will be in the best position to meet clients’ expectations. Those relationships can also lead to increased customer satisfaction, lead generation, sales and profit, and more.
Are you ready to capitalise on this opportunity? What steps can you take to protect your job from being taken by AI?
It’s simple. Improve your technology knowledge and learn the use of modern AI tools to improve your work. Use AI-powered tools that can help you streamline processes, get data-driven insights, and drive business efficiency.
Chatbots, content marketing automation, virtual staging, predictive analytics, CRM, and market analysis are some of the AI-powered solutions you can use to enhance customer experience.
Get Started with AI ASAP
AI is set to remain an essential tool for real estate professionals, yet it won’t eliminate the necessity for human expertise, creativity, and strategic thinking.
Real estate agents’ roles will evolve, focusing more on handling and understanding AI-generated data and insights and less on manual tasks that machines can now perform under human supervision.
Real-estate professionals who actively learn and adopt AI with a human-centric approach to refine their skill sets will gain a competitive edge and a brighter future in the real estate industry.
Looking for a revolutionised AI agent for your real-estate business? You can count on HubRe.AI. Our advanced platform empowers businesses with an AI Agent designed to utilise data-driven insights, streamline processes, and enhance business efficiency.
