Agents will play ‘crucial’ role as AI streamlines real estate 

Editor's note: The T3 Tech Guide, now in its third edition, provides in-depth research and analysis to help leaders understand the forces shaping residential real estate. This exclusive series of excerpts highlights takeaways from the latest Tech Guide, which was released in October 2023.

17 ways AI will impact real estate: Artificial intelligence isn't perfect, but it has the potential to be a game-changer, helping real estate professionals free up time and focus their human skills in the areas where they are most needed. Here are areas where it will make the biggest difference.

According to T3 Sixty's research, AI can cover about 80% of tasks, leaving the remaining 20% to agents for fine-tuning. While AI is not without its imperfections — sometimes even producing errors — its advantages far outweigh those minor hiccups. Agents play a crucial role in refining the work produced by AI.

Here's a summary of functions and how AI enhances them in the real estate brokerage industry:

Accessibility to services 

Accessibility aims to make real estate services available to a wider audience. AI can be used for enabling voice services for the blind, or for improving web pages to meet accessibility design standards. It also enables cross-language communication, broadening the customer base.

Agent admin assistants

The agent admin assistant function assists real estate agents in administrative tasks like expense tracking and tax planning. AI technologies can automate these processes, offering precise expense tracking and helping with tax calculations and filing returns.

Brokerage services

Brokerage services encompass both support and marketing functions for agents. AI enhances this by automating routine agent support tasks like answering questions and coordinating meetings, as well as providing marketing departments leverage in campaign design and analytics.

Business intelligence

Business intelligence involves the collection and analysis of data for informed decision-making within the brokerage. AI algorithms analyze various metrics from support ticket trends to agent performance, offering evidence-based coaching programs, and insights into areas like competitor analysis, expansion planning and profitability.

Customer service

Customer service focuses on ensuring a positive client experience and resolving queries. AI-powered chatbots can provide instant responses, while algorithms can streamline communication and even identify potential clients through data mining.

Education and training

Education and training capabilities can provide real estate professionals with training tools and materials. AI can create realistic training simulations and offer personalized educational tools, enhancing the learning experience.

Legal and ethical considerations

This function ensures that the brokerage operations adhere to legal and ethical standards. AI can automatically flag unethical or non-compliant behavior, helping to maintain the integrity of the business.

Market analysis

Market analysis aims to understand market conditions to guide sales and pricing strategies. AI can forecast real estate market trends thus aiding in consumer marketing and education about the market.

Marketing and advertising

Marketing and advertising activities promote listings and attract clients. AI technology can generate content, analyze social media sentiment for brand management, and enable precise ad targeting through personalization and predictive analytics.

Mortgage and financing

The mortgage and financing function assists clients in obtaining the necessary financial resources for real estate transactions. AI enhances this by providing credit assessments and speeding up mortgage approval processes while assessing and managing financial risks.

Pricing and valuation

Pricing and valuation focus on determining the market value of a property. AI can help reduce  human error by automating appraisals, leveraging computer vision for condition analysis, and using hyperlocal market trends for dynamic pricing.

Property search and recommendations

This function helps clients find properties that meet their needs and requirements. AI enhances this by personalizing property recommendations, optimizing search functionality through natural language processing and offering immersive virtual tours.

Sales assistant

The sales assistant function offers a comprehensive set of tools and services to assist agents throughout the sales process. AI aids in everything from nurturing and qualifying leads to tracking performance and managing the sales pipeline, providing a more streamlined and efficient process.

Sales process

The Sales process covers the steps involved from initial client contact to closing a sale. AI can assist by automating contracts, streamlining paperwork for closing, and offering accurate sales forecasts.

Security

Security ensures that all data and transactions are protected. AI can detect fraudulent activities and make sure that online transactions are secure, adding an extra layer of safety to brokerage operations.

Specialized services

Specialized services offer focused solutions like investment analysis and niche market exploration. AI can provide more detailed analyses, enabling brokerages to make informed decisions in these specialized areas.

Technology integration

Technology integration aims to seamlessly incorporate various technology platforms and tools into the brokerage's operations. AI allows for deeper system integrations and enhanced functionality through the Internet of Things (IoT).

Read the full report: Digital copies are available for free at T3 Trends.

Note: T3 Sixty and Real Estate News share a founder, Stefan Swanepoel.