Whether they recognize it or not, real estate technology startups, are in the business of selling time back to real estate professionals everywhere. We’re seeing exciting developments about what work for real estate professionals could look like.
In the near future, one could argue that while real estate professionals will never be replaced, there are aspects of the industry that could be automated. According to the BBC Intelligent Machines Series looking at how AI or artificial intelligence will affect us, the likelihood of real estate professionals and auctioneer positions being automated is 68%.
Machine learning could play a role in online home searches, making queries way more accurate. It could also be used to predict real estate patterns and buyer statistics. AI may determine the best place for an online prospect to buy and ultimately live, based not just on physical criteria, but on personal ideologies and value systems.
AI is a game changer in the real estate space in four ways:
- More than just your query is processed during a search. This information is used to find the exact home a client is seeking.
- AI can’s just find the perfect home; it can tell online prospects information it couldn’t before, such as their return on investment.
- Currently, property images are dependent on written descriptions. AI can be used to ensure image results are accurate.
- Could make property suggestions more accurate and quicker than brokers.
While 80% of all home buyers are house hunting online, more than 83% of all home buyers want to see pictures of the property before they see it in person. And, since they have an idea of how they’d like their future home to look, AI-driven visual search could be a game-changer in real estate listings.
Are you familiar or already experimenting some of these trends? I’d love to hear your learnings and thoughts in the comments section below.
Co-founder & CEO Frontdoor