How AI can be used in real estate transactions
AI's application in real estate has the potential to transform how agents, buyers, sellers, and investors interact with the market, making transactions faster and more efficient.According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, the agents who choose to work with AI rather than against it will ultimately deliver higher quality services and become more successful in the long run.
“There is a lot that AI can do these days, but one thing AI can never replace is the invaluable human connection between an agent and a client. Agents shouldn’t be afraid of AI but rather embrace it to enhance their service offering,” he comments.
Goslett explains that nothing can replace having a face-to-face (or screen-to-screen for the younger generations) conversation with another human being, especially when it comes to something as deeply personal and emotional as a property transaction. “Our homes are more than just bricks and mortar to us, and that’s something that AI simply cannot relate to. Sometimes you need to talk to another person who can reassure you that you are making the right decisions and can guide you through the complicated process of a real estate transaction.”
However, there are tasks that AI can take over from a real estate agent so that they can focus more on their clients. For example, AI can be used to ease administrative burdens, such as scheduling automatic reminders for important events, auto-filling paperwork, conducting document verification, and generating auto-replies on listing enquiries.
Enhanced services
AI tools can also help real estate agents provide enhanced services, such as writing better listing descriptions, free from typos and optimised to highlight the most enticing selling features. “There are also AI image generator tools that can help real estate agents stage a property and remove unflattering items from the photographs – like a used towel on the floor, for example,” says Goslett.
There are also service providers with integrated AI products that help create tailored audience groups who are more likely to convert on your listing advertisements. Not only does this give agents more bang for their buck, but it also helps consumers see ads that they are more likely to be interested in.
“The reality is that AI is not going away anytime soon. And the amount of AI tools and applications available are only going to become more vast, varied, and sophisticated. We are only at the infancy of what AI can offer. I would recommend all real estate agents to familiarize themselves with AI now before they get left behind,” he suggests.
AI can revolutionize real estate transactions by streamlining processes, improving decision-making, and enhancing customer experiences. Rather than feeling threatened by this, Goslett encourages agents to feel excited about the possibilities this opens up for them and how they can use this to enhance their service delivery.