The real estate world is in a frenzy over the uses of the artificial intelligence (AI) machine ChatGPT. Its creator, OpenAI, also made DALL-E, an AI system that creates realistic images and art from descriptions you provide.
At Delta Media, we’ve embraced the latest technological advances and continue to build them into DeltaNet 7, our newest all-in-one platform, including AI, machine learning and computer vision.
We’ve discovered that one of the most popular AI-driven features for brokerages is the ability to deliver custom content to each contact in an agent’s sphere.
AI is advancing so fast that our goal is to continuously research and integrate new capabilities that will help brokerages boost productivity and lower costs. Every real estate tech vendor needs to do the same.
Brokerages Demand Continuous Innovation
The Delta Real Estate Leadership Survey of more than 100 brokerage leaders of firms, who were collectively responsible for more than 60% of all transactions last year, revealed that 86% of respondents want tech providers to deliver ongoing innovation.
Brokers need to keep brokerage technology “cutting-edge” to help increase the productivity of their agents and their businesses. Increased productivity is one of the quickest paths to increased profitability.
AI and All-in-One Platforms Can Dramatically Lower Costs
Profitability remains top-of-mind among brokerage leaders today. They have seen their return on revenue decrease from an average of 4.5% in 2012 to an average of 3.7% in 2021, according to industry research.
The Delta Survey results echo real estate brokerage leaders’ struggles to remain profitable this year. Other than recruiting, their biggest business challenge is “reduced profit margins.” When asked to identify the single “best thing” their brokerage did in 2022, one of the most common responses focused on activities related to cutting costs and consolidation.
The razor-thin brokerage margins explain why nearly every leading brokerage firm has already moved or is in the process of moving toward all-in-one tech platforms to run their businesses.
AI Will Drive Productivity
AI can automate monotonous, time-consuming and mundane tasks, resulting in better, smarter real estate marketing. AI makes SEO processes and social media marketing within all-in-one platforms easier to use than ever before. Automated email campaigns use machine learning to help agents create more customers for life.
The key is to find ways to leverage these exciting new tech tools to help brokerages succeed, and then bake them into the systems and services brokers are already using. Rather than trying to learn and understand a whole new skill every time a new tool is released, brokers are depending on their vendors to help them incorporate these novel features into their existing platforms. The technology they use every day needs to evolve so that brokers, instead of wasting time learning the latest features, will know that their vendors will do it for them.
Michael Minard is CEO and owner of Delta Media Group, a leading and trusted technology partner for many of real estate’s top brands, including 75 LeadingRE affiliates, over 50 top-ranked brokerages nationwide. Delta is 100% family-owned and operated.
For more information, visit https://www.deltamediagroup.com.