How AI is coming into every real estate agent’s job

Buying your next home could be as easy as adding it to your cart.

This is the bold vision of proptech founder Aaron Scott, who warned that artificial intelligence (AI) would not only help real estate agents, but also come to their jobs.

Scott, of real estate agent comparison platform bRight Agent, predicted a massive shift in home hunting, turning it into a low-contact online shopping experience that could eventually make human agents a thing of the past.

The entrepreneur said AI could evolve beyond its current use as a “super-enabler” for agents, who use it to capture real estate history data, profile potential buyers and sellers, and draft property information.

“I think AI will eventually replace human agents,” Scott said.

“Think about it from a human perspective: If you were a talented, all-knowing assistant who basically worked for free, how long would you want to work for a less talented real estate agent?”

He said homeowners primarily seek reliable and efficient transactions over personal relationships with agents, and even suggested that digitally-driven processes could reduce fraud and professional misconduct.

“The real estate industry is likely to become similar to other forms of online shopping, with relatively little human contact and transactions between parties via digital platforms.”

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Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said agents were deploying AI to streamline customer interactions in a competitive market.

“In a 24/7 profession like real estate, and an impatient world where customers expect immediate responses, AI can help with communication and information dissemination,” she said.

“Real estate professionals manage a high volume of inquiries, but it can be difficult to respond quickly and ensure that no inquiries fall through the cracks. AI provides part of the solution, as it helps prioritize inquiries and provide the first line of response.”

Agencies were also leveraging AI for lead generation, lead generation, and marketing.

But Mercorella warned that despite the obvious productivity benefits, its use also comes with significant risks, noting that AI could misinterpret legal nuances.

“Real estate is one of the most highly regulated professions in Australia…The use of AI in the real estate sector carries a significant risk that the nuances of the law will not be interpreted correctly and taken into account, potentially leading to unintended breaches of the law.”

“AI can’t open doors and guide people,” Scott said of the industry’s most common pushback against full AI adoption.

“However, these activities are also low bar with agency fees often exceeding $35,000.

“Technologies of all kinds, including AI, will continue to have a disruptive impact, especially in industries where the cost-benefit ratio is highly skewed in some way.”