It seems that every industry, including real estate, is concerned about the future of AI (artificial intelligence) and how it’s going to affect the future of jobs all over the world.
What Is AI?
We’re living with AI all around us, every single day. Whether it’s the Amazon Alexa you ask about the weather or the text bot you write to when you’re shopping online or the iPad you’re greeted with at Moxi Works, AI is already here, and there’s no reason to be afraid of it.
Merriam-Webster pops up two definitions of AI when you search for it, the first being “a branch of computer science dealing with the simulation of intelligent behavior in computers,” and the second, “the capability of a machine to imitate intelligent human behavior.” We’re sure the future has a combination of the two.
So, Will It Affect Real Estate?
“I think it’s going to be a long time, if ever, before AI could replace the trust relationship that a consumer has with an agent around what is the largest and emotionally charged transaction of their life,” says Moxi Works CEO York Baur. “That being said, there will be disrupters on how real estate business is conducted.” Baur went on to say that it would be at least a “decade or more” before any major effects are felt.
AI in the Industry
Take advantage of what’s already out there and keep up to date with what’s to come. Here’s our favorite AI uses for real estate professionals:
- Intelligent Search
Search is much more sophisticated than it used to be, and it’s helping prospects find your listings. Now homebuyers can be as specific as they’d like to be when looking for a property. Artificial intelligence has moved search tools to an entirely different level, and it’s helping real estate websites offer better search results than ever before.
- Amazon’s Alexa
You might not need Alexa to tell you jokes, but using Alexa can free up your time for more important things. Instead of spending time doing things like calling an Uber or turning on lights before an open house or a property showing, have Alexa do it for you. After all, time is money.
- Chatbot Technology
It might not be hugely common, but a lot of simple real estate tasks and process are being handled by AI today. Think of things like booking appointments or providing basic property information. This technology will only get better and is expected to automate lead-gen practices and outreach efforts. This saves agents time and allows them to focus on the highly-qualified leads that come in. A leading industry chatbot is Ojo Home; think of it as your personal marketing associate, except that it works 24/7.
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