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The Artificial Intelligence (AI) revolution has arrived.
Despite its infancy, AI has already launched self-driving cars, early detection of cancer cells, smart identification of retail store locations, and voice-activated home systems that provide auto-set alarms and thermostats.This technology may seem awful to many real estate agents and brokers, but a deeper understanding of the potential applications for AI and machine learning may bring a new appreciation for the opportunities ahead.AI Transforming Real Estate:Improve the Home Search for Clients:Since listings became available online, homebuyers have been able to search for homes by selecting features such as location, price, square footage and the number of bedrooms.
But reducing property search to these parameters can also treat home hunters with hundreds of homes, or worse, filter out appropriate properties that do not meet the search criteria.Machine learning can make this process extremely frustrating by analyzing a person’s search patterns and creating a more accurate picture of what they really want.
For example, Zillo combines search data from a potential home buyer with similar buyers and generates a list of actively searched properties while connecting with other properties that are close to their needs.Identify Strong Client Leads for AgentsAI technology also provides a powerful tool that helps agents to expose their ideal clients.
For example, Zillow's site can instantly identify hundreds of data points that separate a serious buyer or seller from “daytime” or “window shopping” homes.Some systems use natural language processing (NLP) to distinguish natural values or touchpoints from low-value touchpoints as a means of identifying contacts that engage the agent most.This tool of accurate identification helps special agents, such as a hyper-local expert, to tailor the field of potential clients to their niche or the vision of the business.Programs such as Machine Learning Zillow’s premium broker Flex allow a large percentage of clients looking for agents to produce and generate pre-qualified leads, which agents will not pay until a closing agreement is reached.In the future, an agent can call a robot to set up client appointments over the phone in any language using the brokerage’s CRM or cross paths in the open house with a bilingual robot that works as a translator for Mandarin-speaking visitors.Remove the Bias from Agent Recruiting:By providing an in-depth analysis of the AI and Machine Learning market and giving an edge to brokers in the hiring process by assessing where the current demand is strong, low and growing.
As a result, brokers and team leaders can move confidently into those areas with new hires.Computers also offer the benefit of eliminating emotional bias from the agent interview process, thereby helping brokers hire the right agents to help them succeed in their niche.According to Rudina Cesari, Founder and Managing Partner of Glasswing Ventures, a Boston, MA, next-gen AI venture capital firm, the algorithms outline how humans can overcome the hiring of meta-analysis.Of course, personality and cultural competence are variables that require human judgment, but unbiased comprehensive analysis can eliminate the amount of work that needs to be done when considering the agent’s performance history.Machine Learning Enabling AgentsAs long as real estate continues to be a data-intensive business, brokerages must adopt the latest technology if they want to overcome competition with speed leads and contract-to-close transactions.Understanding players utilize machine learning by generating more quality leads with precision, streamlining the transaction process and intelligently hiring.Murtaza Haider, associate professor at McGill University in Toronto, CA and author of The Financial Post, real estate expert Stephen Moranis, says, “Real estate is changing the way AI [AI’s] sector works in its traditional brick-and-mortar roots.