The integration of artificial intelligence (AI) into the real estate industry is revolutionizing how agents operate, creating significant shifts in how buyers and sellers interact. Historically, real estate has lagged in modernization, but AI is streamlining many aspects of agents’ daily tasks, from generating property listings to performing neighborhood analyses.
This automation allows agents to concentrate more on building relationships with clients rather than getting bogged down in administrative duties. As AI takes over routine operations, agents will likely find new ways to differentiate themselves in an increasingly competitive market.
Ryan Serhant, CEO of Serhant and a notable figure in the real estate world emphasizes that the role of the agent is evolving. He points out that AI is shifting the focus from mere access to information toward fostering deeper relationships between agents and their clients.
With the widespread adoption of AI tools, agents will need to rethink their strategies and concentrate on personal connections to succeed. Serhant notes that “the game of attention” will become crucial, as agents who can engage clients effectively will stand out amidst the proliferation of technology.
The personal touch in real estate is paramount, particularly given that buying a home is often the most significant investment many Americans make. Serhant highlights that the advantage of AI lies in giving agents more time to offer personalized attention to their clients, enhancing the overall customer experience.
He asserts that the new product in sales is not merely the skill set of the agent, but rather the attention and relationship they cultivate with their clients. His company has implemented a service called “Simple,” which automates daily customer relationship management tasks, potentially freeing up over 60% of agents’ time.
While AI tools are being employed to enhance lead generation, automate marketing, and provide predictive analytics, Serhant believes that the agent’s role remains indispensable in delivering top-notch performance. AI will not replace the personal connections that are vital in real estate; instead, it can strengthen those relationships for agents who choose to embrace these advancements.
Furthermore, making real-time market data more accessible can level the playing field, allowing smaller firms to compete more effectively against larger corporations. Serhant argues that trust and empowerment are crucial, suggesting that the most empowered agents will ultimately gain the upper hand.
Despite the promising potential of AI, the real estate industry is still in the early stages of understanding and adopting this technology. JLL Technologies’ 2023 Global Real Estate Technology Survey indicates that generative AI is anticipated to have a significant impact in the next few years, though many real estate professionals have a limited understanding of it compared to other technologies.
Serhant believes that agents who grasp how AI can enhance their business will find substantial opportunities for growth over the next two decades. However, he also acknowledges the risks associated with new technology, such as wire fraud, which has been exacerbated by AI advancements.
He is optimistic that the industry will adapt, much like it has with prior technological shifts, by implementing new regulations to combat fraud effectively.
