{"id":5320,"date":"2023-07-25T14:21:00","date_gmt":"2023-07-25T18:21:00","guid":{"rendered":"https:\/\/propertyonion.com\/education\/?p=5320"},"modified":"2023-07-29T10:40:04","modified_gmt":"2023-07-29T14:40:04","slug":"can-ai-technology-replace-or-help-real-estate-agents","status":"publish","type":"post","link":"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/","title":{"rendered":"Can AI Technology Replace or Help Real Estate Agents?"},"content":{"rendered":"\n<p><a rel=\"noreferrer noopener\" aria-label=\"AI transforms industries (opens in a new tab)\" href=\"https:\/\/propertyonion.com\/education\/four-ways-real-estate-agents-can-use-ai-to-boost-sales\/\" target=\"_blank\">AI transforms industries<\/a> while replacing many jobs. The tech world calls these innovations \u201cdisruptions,\u201d while many workers consider them disasters. Will AI technology replace or aid real estate agents and Realtors? The answer is most likely, \u201cIt depends.\u201d While there are large swaths of real estate work that AI can do better and faster, many aspects of home buying and selling will continue to need a human touch.\u00a0\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>A local real estate agents and Realtors knows the market intimately, and ChatGPT can\u2019t compete with that. However, AI can provide ideas for posts and blogs that draw clients to your site.\u00a0<\/p><\/blockquote>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In this Article:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#AI_Real_Estate_Perspective\" >AI Real Estate Perspective<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#What_AI_Can_Do_Better_Than_Realtors_and_Agents\" >What AI Can Do Better Than Realtors and Agents?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#How_AI_Assists_Realtors_Agents\" >How AI Assists Realtors &amp; Agents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#Predictive_AI\" >Predictive AI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#What_AI_Cant_Replace\" >What AI Can\u2019t Replace<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/#Learning_to_Use_AI\" >Learning to Use AI<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AI_Real_Estate_Perspective\"><\/span>AI Real Estate Perspective<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Keep in mind that as it pertains to the real estate industry, AI is nothing new. <a href=\"https:\/\/propertyonion.com\/education\/zillow-zestimate-accuracy-usefulness\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Zillow\u2019s Zestimates (opens in a new tab)\">Zillow\u2019s Zestimates<\/a>, based on AI and machine learning, debuted in 2006. That was the year before the first iPhone hit the market, transforming everything. Back then, those automated home value estimates had a pricing error range of 14 percent, which is pretty significant. Today, the error range is down to 2 percent, making it 98 percent accurate.&nbsp;<\/p>\n\n\n\n<p>Expect AI to follow the same trajectory. ChatGPT still hallucinates on occasion \u2013 making up answers to questions that sound plausible but with no basis in reality \u2013 but it has improved immeasurably in a short amount of time, with each iteration becoming more impressive. Instead of location, location, location, AI is transforming the real estate mantra into data, data, data.&nbsp;<\/p>\n\n\n\n<p>New AI features should make Zestimates and similar tech dated. As an example, these tools will allow a seller to upload photos of a kitchen or bathroom remodel and receive an instant home value recalculation. These features are far more effective than standard appraisal mechanisms.&nbsp;<\/p>\n\n\n\n<p>While AI can write social media posts and real estate blog articles, the current output is likely to prove somewhat generic. A local real estate agents knows the market intimately, and ChatGPT can\u2019t compete with that. However, AI can provide ideas for posts and blogs that draw clients to your site.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>AI can generate risk estimates on individual properties, so lenders and insurers can customize premiums.&nbsp;<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_AI_Can_Do_Better_Than_Realtors_and_Agents\"><\/span>What AI Can Do Better Than Realtors and Agents?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Business hours for realtors have always differed from other types of employment, but humans can\u2019t work around the clock. Chatbots provide 24\/7 services to buyers and sellers. This technology provides specific details regarding a property and answers questions. It can even schedule appointments.&nbsp;<\/p>\n\n\n\n<p>A buyer simply describes their dream home and, voila, a dwelling matching that description appears on their screen. Maybe it isn\u2019t always that simple, but a client seeking a three-bedroom, two-bathroom waterfront home built in the 1980s with an inground pool and located in a certain area can generally find prospects in seconds using AI.&nbsp;<\/p>\n\n\n\n<p>In Florida, insurance costs are becoming a bigger issue than property taxes for many buyers, as the former may prove higher than the latter. AI can generate risk estimates on individual properties, so lenders and insurers can customize premiums.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>AI is replacing the most labor-intensive and least interesting or enjoyable tasks in real estate<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_AI_Assists_Realtors_Agents\"><\/span>How AI Assists Realtors &amp; Agents<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With the assistance of AI, <a rel=\"noreferrer noopener\" aria-label=\"realtors can up their game significantly (opens in a new tab)\" href=\"https:\/\/propertyonion.com\/education\/how-to-become-a-go-to-agent-for-investors-and-syndicates\/\" target=\"_blank\">realtors and agents can up their game significantly<\/a>. Here are just a few ways AI helps Realtors &amp; agents become more\u00a0<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.realtrends.com\/articles\/how-ai-will-change-the-way-real-estate-information-is-consumed-and-shared\/\" target=\"_blank\">productive<\/a>\u00a0and boost sales:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Providing accurate pricing and value information.<\/li><li>Identifying promising leads and investment opportunities.<\/li><li>Optimizing sales strategies.<\/li><li>Streamlining property searches.<\/li><li>Identifying potential risks and possible mitigation.<\/li><li>Improving communication with clients and other stakeholders.<\/li><\/ul>\n\n\n\n<p>Does your seller or buyer have questions? AI can answer them. AI can also create floorplans or allow a buyer to see what a room might look like with their furniture or completely different d\u00e9cor.&nbsp;<\/p>\n\n\n\n<p>An AI chatbot can perform many of the most rudimentary but essential&nbsp;<a href=\"https:\/\/www.fool.com\/investing\/stock-market\/market-sectors\/information-technology\/ai-stocks\/ai-in-real-estate\/#:~:text=AI%20in%20property%20management&amp;text=AI%20chatbots%20can%20play%20a,work%20required%20of%20human%20agents.\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">real estate tasks<\/a>, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Tenant screening<\/li><li>Payment processing<\/li><li>Market Analytics&nbsp;<\/li><\/ul>\n\n\n\n<p>As a Realtor or Agent, you already know that mortgage lenders are using AI to make mortgage application decisions in seconds. You know your client\u2019s price points instantaneously.\u00a0<\/p>\n\n\n\n<p>AI is replacing the most labor-intensive and least interesting or enjoyable tasks in real estate. Creating marketing materials, writing property descriptions, and other necessary but mundane tasks are increasingly being sourced out to AI. That paperwork liberation frees realtors to focus on meeting their clients\u2019 more pressing and personal needs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predictive_AI\"><\/span>Predictive AI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>New proprietary AI can&nbsp;<a href=\"https:\/\/www.prnewswire.com\/news-releases\/propertypulseai-elevating-floridas-real-estate-market-through-innovative-ai-technology-301840390.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">forecast<\/a>&nbsp;which properties should come on the market within the next four months. Those predictions enable realtors to plan efforts to market such properties before they are listed. Via public and proprietary data, these platforms identify owners likely to sell in the near future. Engage with those sellers before they start formally looking for a broker.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>AI gets it right most but not all of the time. Large language models are incapable of embarrassment, but that\u2019s not the case for realtors who don\u2019t proofread AI-generated content.&nbsp;<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_AI_Cant_Replace\"><\/span>What AI Can\u2019t Replace<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AI makes much of the real estate buying and selling process move more smoothly and efficiently. Then, there\u2019s what AI can\u2019t do, which means agents and Realtors will continue to exist. AI will never know the local market the way an experienced realtor does.\u00a0<\/p>\n\n\n\n<p>Buying a house is the biggest financial venture most people are ever involved in. It\u2019s an emotional, often stressful, and sometimes complicated proceeding, even when the transaction moves forward relatively smoothly. As the&nbsp;<a href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/sales-marketing\/what-you-can-do-that-artificial-intelligence-cant\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">National Association of Realtors<\/a>&nbsp;points out, home buyers and sellers demand <a href=\"https:\/\/propertyonion.com\/education\/how-can-an-investor-friendly-realtor-help-a-newbie-investor-develop-an-roi-strategy\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"personalized service  (opens in a new tab)\">personalized service <\/a>that AI can\u2019t provide. A human connection is necessary. Many clients need guidance and advice that AI can\u2019t provide, and let\u2019s face it, some need a fair amount of hand-holding.&nbsp;<\/p>\n\n\n\n<p>3-D virtual tours allow clients to tour homes on their own and understand the layout. That\u2019s a tremendous advantage, but most people want to see a home for themselves before making a purchase decision. As a realtor, you\u2019re aware of the red flags on a property that a 3-D tour isn\u2019t going to capture. Whether it is warped doors, low water pressure, evidence of mold, or some other issue, your expertise can address these red flags, so your client can make an informed offer.&nbsp;<\/p>\n\n\n\n<p>There\u2019s also the fact that AI is only as good as its data. Large language models don\u2019t actually think. If there are biases in the code, there are biases in the AI results. It\u2019s vital to look over material produced by AI before sending it to clients or putting it on your website. AI makes mistakes, and you want to make sure the content is accurate. That includes property descriptions. AI might describe a home as boasting a fantastic sunroom with breathtaking views, except that there is no such thing on the property in question. AI gets it right most but not all of the time. Large language models are incapable of embarrassment, but that\u2019s not the case for realtors who don\u2019t proofread AI-generated content.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>AI also doesn\u2019t have the ability to verify its information. But if you ask for information the right way, you are more likely to receive accurate replies. <\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Learning_to_Use_AI\"><\/span>Learning to Use AI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The AI genie isn\u2019t going back into the bottle. The key to your future career as a realtor may depend on how well you use AI professionally. Learn how to use AI so you aren\u2019t replaced by someone who knows how to do so better than you.&nbsp;<\/p>\n\n\n\n<p>For example, <a href=\"https:\/\/propertyonion.com\/education\/how-chatgpt-can-help-real-estate-investors\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ChatGPT (opens in a new tab)\">ChatGPT<\/a> depends on how questions are worded. The secret to success with AI is knowing how to write a query. That\u2019s why \u201cprompt engineer\u201d is a hot new occupation.&nbsp;<\/p>\n\n\n\n<p>Want to know a neighborhood\u2019s crime statistics? How about its flooding history? All you have to do is ask for this information the right way. AI can misinterpret the context of a question, resulting in an incorrect response. AI also doesn\u2019t have the ability to verify its information. But if you ask for information the right way, you are more likely to receive accurate replies. Learning the best way to prompt <a rel=\"noreferrer noopener\" aria-label=\"ChatGPT (opens in a new tab)\" href=\"https:\/\/propertyonion.com\/education\/this-is-how-proptech-companies-are-using-ai\/\" target=\"_blank\">ChatGPT<\/a> is a learning curve, but take heart, it\u2019s a curve we\u2019re all trying to negotiate in this brave new world.&nbsp;&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI transforms industries while replacing many jobs. The tech world calls these innovations \u201cdisruptions,\u201d while many workers consider them disasters. Will AI technology replace or aid real estate agents and Realtors? The answer is most&hellip;<\/p>\n","protected":false},"author":51,"featured_media":5372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[471,666,686,619,377,67,198,179,178],"class_list":["post-5320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-articles","tag-agent","tag-ai","tag-chatbot","tag-chatgpt","tag-investor","tag-real-estate","tag-realtor","tag-zestimate","tag-zillow"],"_links":{"self":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/comments?post=5320"}],"version-history":[{"count":2,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5320\/revisions"}],"predecessor-version":[{"id":5373,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5320\/revisions\/5373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/media\/5372"}],"wp:attachment":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/media?parent=5320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/categories?post=5320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/tags?post=5320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}