AgentIndustry VoicesOpinion

Opinion: AI is not a threat to your real estate business

It wasn’t that long ago when artificial intelligence (AI) was considered more science fiction than a useful business tool as fear mongers declared it would eventually pose a threat to job security across industries. 

Over time,, as early adopters integrated AI into day-to-day operations, the overwhelming positive results helped to mute the doomsters and assuage those early fears.  Compelling use cases paved the way for increased adoption, rapid innovation, and essential learnings to hone and humanize AI for the benefit of professionals and consumers alike. 

Now given the hurried state of the world, we are left wondering what we did before relying on AI – and have seen first-hand how this revolutionary technology is a complement to hard working professionals, not a replacement.   

Increase efficiencies with AI

Armed with compelling use cases and a growing marketplace of innovative AI solutions, many businesses are turning to AI to increase efficiencies, boost productivity, and drive business growth. Faced with increased competition and evolving market conditions, the real estate industry is no exception.

Real estate agents are under intense pressure to attract, nurture, and convert leads more efficiently, all the while delivering exceptional customer service. Increasingly, agents understand the role of technology and specifically AI, to help them do so.  In fact, according to a 2022 Technology Survey from the National Association of Realtors, more than 15% of agents believe that artificial intelligence tools will be very impactful in their business today and continue growing a use case for the next 24 months. 

While it can be overwhelming to consider how to integrate AI into your current technology stack, the value add is undeniable and the time to act is now.  The reality is, one of the biggest threats to an agent’s job isn’t AI itself but the competitor who has learned how to use it effectively!  

Three proven benefits of AI

  1. Boost Agent Productivity – Agents who leverage AI chatbots to support lead gen, for example, are working smarter, not harder, in not only capturing more sales ready leads but cashing in on the time saved, focusing instead on building personal and meaningful relationships with buyers and sellers, a lynchpin to success.  In fact, according to the National Association of Realtors “Home Buyers and Sellers Generational Trends Report,” the most important factors among buyers and sellers when choosing an agent to work with is honesty and trust.  An agent can’t be bogged down in the minutia of day-to-day mundane processes when trying to build a relationship and foundation of trust with clients.
  2. Increase conversion rates – With each interaction, AI gains the intelligence and keen understanding needed to consistently deliver sales ready leads. Time trains the AI helping it to achieve better accuracy in recognizing leads’ intentions and provide more helpful responses to accelerate the lead nurturing process and increase conversion rates.  By relying on intuitive AI solutions, agents are regularly armed with qualified leads fueling the pipeline and setting the team up for success.   
  3. Accelerate business growth – AI is not only essential in delivering sales ready leads, but instrumental in supporting long term goals to sustain business growth.  By relying on AI to execute ongoing nurture campaigns, agents can feel confident the leads they have worked hard to secure, receive regular, relevant, and meaningful information based on preferred markets to ensure consistent engagement. 

No longer science fiction, AI has proven to alleviate time consuming tasks, deliver more sales-ready leads, boost productivity and drive the bottom line.  The one thing it can’t do is replace the essential human element only hard-working agents can offer.  The sooner you embrace AI and unleash its power to support agents, the sooner you will set yourself apart from competitors and take your brokerage to the next level. 

Stuart Sims is head of industry development for Chime Technologies.

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