You already use artificial intelligence every day. Your smartphone fixes blurry photos, Alexa wakes you up in the morning or Google Nest answers your random questions.
In real estate, AI has burst onto the scene, causing both excitement and apprehension among industry leaders. As we try to steady ourselves during this technological tsunami, we must answer these essential questions: What can AI genuinely offer our real estate agents? What are its limitations? What areas require caution and scrutiny?
What can AI do?
AI can help your agents as their personal assistant, handling tasks they dislike or lack time to do. It will make agents more productive and finally deliver the “work smarter, not harder” ethos.
From a technology perspective, AI should not be about making sure agents have AI. It should be about ensuring that AI relieves specific agent pain points. Like our smartphones, good AI should work by seamlessly integrating into an agent’s workflow. Agents should not have to think about AI; it should just help them do their jobs better.
Real estate brokerage leaders need to work with AI partners who understand this because agents who don’t use AI correctly will be replaced by those who do.
What can’t AI do?
AI isn’t a panacea, and it can’t replace real estate agents. The stakes in property transactions are too high, too emotional, and fraught with risks and liabilities. Look at the recent challenges of self-driving cars in terms of liability and risk.
AI also can’t replicate the sensory and emotional aspects of our business. AI can’t detect the pet odor in a house or replace the human touch in emotionally charged transactions. AI cannot demonstrate empathy, make eye contact or offer a comforting presence during stressful moments that save the deal; only a human agent can do these things.
Always be cautious
Deep AI brings its own set of liability issues. For instance, can agents blindly trust AI-generated content to comply with legal standards like RESPA, ADA and Fair Housing laws?
The liability dilemma mirrors the debate in the self-driving car industry. In Europe, manufacturers are increasingly held liable, while in the U.S., the responsibility often falls on the user, even with autonomous vehicles, yet that is changing, too. How likely is it that owners will be held responsible for their agents’ AI mistakes?
Eyes wide open
Integrating AI in real estate is more than an evolution in technology; it is transforming how we work and our workflow. While AI can optimize operations, streamline transactions and improve client interaction, it will never diminish the value of the human connection, which remains at the heart of every real estate transaction.
AI’s real estate future lies in harmonizing AI with the irreplaceable personal touch of agents. While we must embrace AI, we must also be mindful of its boundaries. AI is a formidable door opener, but its keys still lie in the hands of the skilled agent.
For more information, visit https://www.deltamediagroup.com/.