Artificial Intelligence

Real estate brokers must be ready to embrace artificial intelligence


Very few industries can afford to remain static. Real estate is no
exception.

Innovation in other sectors, in due time, is bound to

upend

many of the norms that guide the information economy of markets around
them.

In the real estate world, the wave of big data and artificial intelligence
has been steadily advancing on traditional turf. Signs of their emergence
have been evident since the dawn of services such as Zillow, Trulia, Redfin
and OpenDoor.

The refinement of these services only makes it clearer that buyers and
sellers of homes are more empowered than ever before. They have ready
access to tools that will help them narrow their decisions before they ever
need to contact a broker.

What the sudden shock of the COVID-19 crisis shows us is that there’s never
been a better time for real estate brokers to get on board with these
trends. Ultimately, they can enhance the value brokers provide to
consumers.

Consider RealFriend, an
A.I.-powered chat bot that recently entered New York City’s rental market.
Two entrepreneurs in Israel developed “Luke,” a friendly robot who helps
apartment hunters identify their ideal rental properties, right down to
specific features and preferences.

RealFriend is already beta testing for the home buying market. It’s one of
several companies that envisions A.I. becoming a

driving force in real estate
.

RealFriend co-founder Hadar Landau recently explained to

Architectural Digest

that his company isn’t seeking to get rid of the broker:

“Real estate agents aren’t going anywhere. You need them to work with
the property owners, to open the door for you. We’re getting a lot of
inquiries from Realtors, asking how they can work with us.” –Hadar
Landau, RealFriend co-founder


Over at

Forbes
, Anton Danilovich examines how artificial intelligence and machine
learning can actually keep real estate brokers relevant:

“Many agents are waking up to the fact that they must use technology to
boost their credibility, provide real value and build a trusted
relationship that clients can rely on. With the increasing availability
of public and private data combined with machine learning and AI
insights, we can show clients more than just fancy bells and whistles.
We can empower them to turn what may be their largest transaction ever
into their wisest transaction ever.” –Anton Danilovich, founder TopHap


Danilovich is the founder of TopHap,
a real estate analytics platform that helps optimize realtor performance.

Among the advantages brokers can gain from A.I. is a more detailed picture
of neighborhood trends, from historical and predictive growth analysis to
deep data metrics that help correlate factors that calculate a property’s
value in real time.

As Danilovich points out, data-driven insight is become a right for the
consumer, not a privilege. Increasingly, that makes it an expectation for
brokers to be equipped with the knowledge to analyze properties and guide
clients to the best possible decisions.

There is no harm in becoming more informed about how to break down real
estate in ways that go beyond the basic understanding of dynamics in a
local market. Taking A.I. into the fold of the real estate profession will
be an advantageous step forward, enabling a degree of transparency that
simplifies choices around the most accurate body of information.



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