Let’s begin with AI is here.  It is not going away and will only continue to weave its way through every industry on the planet!  I’m a huge believer in education thus I’m taking online courses on AI to make sure I don’t get left behind!  The bottom line is the impact of Artificial Intelligence (AI) on the real estate industry has been nothing short of revolutionary. From automated customer service to precise market analysis, AI’s myriad applications are making the real estate process more efficient, informed, and user-friendly.

One thing I love about AI is how fast it is generating data.  I can see how efficient it is to provide personalized property recommendations to clients!  Algorithms are now set where you can enter preferences, and almost instantly, you’re provided with a list of properties that are tailored to your client’s needs. AI algorithms sift through numerous listings, historical data, and even your behavior on the site to curate a list that is much more aligned with your needs than any human agent could compile in a short amount of time.

Another area that I like is price prediction.  It has always been a complex aspect of real estate, influenced by a several factors from location and amenities to market trends. AI uses machine learning algorithms to analyze historical sales data, current market conditions, and even the potential future developments in an area to provide highly accurate price predictions. This is a win-win for both buyers, who can be more confident in their investment, and sellers, who can ensure they’re getting a fair price.

Another improvement is in operations.  I would have LOVED to have a better process for document verification, contract management back in the day!  AI can now automate these processes, increasing accuracy and freeing up agents to focus on what they do best—building relationships and offering personalized guidance to clients.

15 years ago, I had a vision that my company would be the first to provide virtual reality open house tours, but the technology wasn’t quite there yet. Now virtual reality is powered by AI, it allows potential buyers or tenants to tour properties from the comfort of their homes. Additionally, augmented reality can further enhance this by overlaying digital information, like furniture arrangements or future development plans, on the physical space.

AI will never replace the human experience; this is an industry that is all about relationships.  However, as AI technologies mature and integrate more seamlessly with human judgement and oversight, the hold a promise of making the real estate industry more efficient, user-friendly, and informed.  It is truly an exciting time to be in real estate!