This year will mark a breakthrough in deploying AI in real estate. As AI continues to rapidly advance in its capabilities as a personal assistant, real estate agent teams have become the perfect partner for this cutting-edge technology.
The rise of AI in real estate
McKinsey reports that within this decade, up to 30% of all U.S. hours worked could be automated, accelerated by generative AI. In real estate, AI will be leveraged to automate, to do more with less and to make more money.
Agility in adoption: The nimble nature of teams
Real estate teams are known for their adaptability and ability to embrace innovation and leverage new technologies. Their size and structure allow quicker decision-making processes, enabling them to integrate AI solutions effectively.
Our recent 2024 Delta Real Estate Leadership Survey examined how the importance of AI among brokerages is growing exponentially. We expect the usage of AI among teams to be even greater, making teams and AI the perfect marriage.
Today, some 50,000 real estate teams are in the U.S. and their growth—and market share—is skyrocketing. According to industry research, nearly 20 of the largest teams averaged $1.65 billion last year in sales. Even small teams often outperform individual agents by an average of 4x.
Top real estate coach Tom Ferry said it best: “Teams are the future of real estate.”
The power of teams
Collaboration is the cornerstone of successful real estate teams: Dividing workloads and conquering more leads and listings. This mentality makes teams nimbler and more adaptable than solo agents. They will leverage AI because it helps reduce costs, increase their profits and make them more productive.
AI can study client behavior, create predictive analytics and help forecast local market trends. Teams will utilize AI as a tool and a partner in their strategy, enhancing client relationships and market awareness.
Why teams will thrive with AI
Teams operate with far less overhead than brokerages, allowing them to invest more readily in technologies that deliver tangible results. This investment mindset is crucial in a landscape where brokerages are increasingly cost-conscious. Our most recent leadership study found cost-cutting and reduced profit margins to be two of the top challenges brokerages face in 2024.
Teams have the people power and willingness to try new things, allowing them to make the most of what AI offers. AI can handle many repetitive tasks as a personal assistant, giving teams time to focus on relationship-building, networking and delivering personalized client services. Supported by AI, small teams will accomplish more than solo agents could.
Teams will lead in AI
Our real estate landscape will grow more competitive with all the impending changes we face. Forward-thinking brokers who enable their teams to adopt AI tools now will achieve a competitive edge. The teams who embrace this shift and utilize AI to enhance their capabilities will thrive, leaving the competition well behind what they can achieve.
For more information, visit https://www.deltamediagroup.com.
