Artificial intelligence has a tremendous impact on the slow-to-change real estate industry starting with changing personal relationships between consumers and agents during transactions and redefining competition in the market.
Ryan Serhant is CEO of Serhant and reality TV star of Owning Manhattan. Serhant says AI is taking away from more access to information a deeper connection between an agent and a client. He spoke at the Evolve AI Opportunity Summit in New York City. Serhant quipped, “If we are all using AI and have the same level of expertise, who wins? It is the attention game. The view appears to be reflective of an even broader attitude change because agents are adapting to use AI tools even as they seek to stand out in an increasingly crowded marketplace.
As a personal experience goes in agents’ desks, so also does home buying represent the biggest investment people ever make. This taking away a very critical aspect of the decision-making process. According to Serhant, AI enables agents to outsource tedious work, thus allowing them to focus more on personalized service to their clients. In his views, “The product in sales is no longer just the skill set; it is the attention to the skill set.”
Serhant’s company has developed “Simple, an automation service specifically for sales, which takes care of daily activities with regard to CRM, focusing on a number of tasks that account for more than 60% of time agents spend. The use of AI leads to agent efficiency, but it supports them, not replacing them in delivering superior performance.
According to the latest edition of JLL Technologies’ RE Tech Trends Report Generative AI is ranked as one of the top three latest technologies expected to have a large effect on real estate in the next three years, though most industry professionals currently are unaware of it.
However, for all the promise of AI, there remains wire fraud, for example. This year saw a sharp increase reported by the FBI regarding real estate transactions, among other areas where wire fraud was prevalent. Serhant acknowledged those risks but remained confident that the industry will adapt, as it has with each iteration of technological advancements.
All in all, Serhant advocates for the agents embracing AI, arguing that whoever does this will discover real opportunities to capture market share in the next two decades.
Read More: Click Here
