Don’t worry about artificial intelligence replacing you.
If you think about how the revolutionary technology can help you rather than hurt you, you might become more comfortable with it. Data is increasingly important to your business—market data, client data, property data—but it’s time-consuming to crunch numbers manually. AI can process data in seconds, which can help you save time, money and resources. You can feed AI objective data, such as comparable properties, owner information, debt levels and renovation details, and it can produce home price evaluations, virtual property walkthroughs and specific home search results. AI can even predict which homes will come on the market next based on purchase data.
But these tasks alone don’t sell homes or build trust with consumers. Buying a home, which is the largest financial decision most people will make in their lives, is an intimate experience. Companionship, guidance and understanding are necessary for most buyers, especially first-timers. Sellers, too, often need a reassuring voice to help them let go of a cherished home. Computers can’t do that. Relationships—which can’t work without human interaction—remain at the core of the real estate business. And there’s no threat that AI can do that better than you.
Think about these two reasons you’re needed in the transaction:
- Adding depth to the home tour. Most home buyers still want to physically tour properties before making a purchase decision. It’s your job to help your clients envision what their life might look like in the homes you show them. AI could give a virtual tour, but it can’t tell a home’s story and connect it to the buyer’s needs. You also know the red flags to look for in a property, such as cracks in walls, warped doors that won’t shut, or water pressure issues, that will play into an appropriate offer. Likewise, you can explain the nuances of living in the home, such as typical noise levels or the temperament of neighbors.
- Acknowledging and managing emotions. Whether buying and selling, the process is both personal and emotional. Consumers want to share the excitement of touring homes or the stress of negotiating a deal with someone who understands what they’re feeling and can have a real, meaningful conversation. And while a successful transaction requires reliable data, that data needs to be combined with the intuition of an informed professional who has experience in the market. You can provide a deeper context to data that technology can’t.
Yes, artificial intelligence can tell you the proximity of the nearest schools or the walkability of a neighborhood. It can tell you the month and year the previous owners built their back porch or replaced the roof. It can show a house—but it can’t show a home. Only a real estate pro can help a buyer imagine their life in every aspect as the owner. And while the technology is disrupting the real estate industry in positive ways, it still has its limitations and cannot replace experienced agents. The human element remains essential in providing the personalized touch and support needed when making big decisions such as buying or selling a home. Forward-thinking real estate professionals and AI-powered knowledge and tools make an unstoppable combination essential to moving the industry forward.