How artificial intelligence will change the way Australia’s property game is played

Forget a few agents using ChatGPT to create ad copy. Artificial intelligence and machine learning have penetrated the Australian real estate industry much deeper than you might think.

Homeowners now receive a call when they are thinking of selling, and buyers receive a customized listing of homes to meet their needs. If you’ve visited in the last 18 months, chances are that a computer somewhere is building your profile.

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And some of the nation’s biggest real estate players believe things could go quickly from here.

deus ex machina

Ray White, CEO of market share and growth, Mark McLeod, said the nation’s largest real estate firm has 26 “technologists” working on AI and machine learning and is still in the “early stages.” stage,” but customers are already encountering sophisticated software.

“If you’ve viewed Ray White’s list in the last 18 months, you’ve likely used our AI,” McLeod said.

“And every time you look at a different house, it will be tagged in the database and the system will find what you are looking for.”

This will send you a more customized email containing your property listing, potentially speeding up the buying process.

But the computer system has also learned to find potential sellers, and has already noticed that people who live in three-bedroom homes and are registered are looking at five-bedroom properties.

“It’s already happened that we call someone and they say, ‘That call is crazy, we’re looking to sell it,'” McLeod said.

Barry Plant Chief Technology Officer Darren McCoy said most realtors across the nation are eyeing the technology to help identify potential sellers to reduce spam, and will look to the future for things like AI and machine learning. He said he was redesigning the system for

“This will give agents more information about where someone is in the real estate buying process before they call,” McCoy said.

your digital home

For homeowners, Prop Truck’s economic team has developed automated valuation software that uses machine learning to plot broad economic data around values ​​and market trends, said Jonathan Swift, executive general manager of consumer products at REA Group. said the property was also being investigated.

“It starts with the size and configuration of the home, then finds out what has sold recently and how many people are currently considering a property similar to yours,” Swift said.

If you search the address on Google, you may get a realestate.com.au link that gives you an estimate.

In the future, prospective sellers will upload photos of their kitchens and get instant advice on whether refurbishments could yield a better price based on data that has worked for other sellers in their vicinity. I want to be able to do that.

buyer help

On the buyer side, Ray White is running trials in Victoria and Queensland where agents will provide buyers with more useful information and listings, from past inspections to underbidder auctions. It is intended to assist in providing information.

“So you’ll be able to tell if you’re close to buying,” McLeod said.

Realestate.com.au also provides buyers with a ‘Personal Buying Agent in your Pocket’ that provides property information that meets their needs, as well as important information such as inspection times and whether a home is ‘for sale’. We are also working to provide you with the most up-to-date information.

“It’s not just the basics of what you look for when you search and how often you come back to see a property, but whether you’ve added viewing time to your calendar or saved it to your favorites. ‘ said Swift.

But he said some people are more tech-ready than others, and that millennials and younger generations who grew up with the internet as part of their lives are more likely than those who are less tech-savvy. It added that it could soon gain an “unfair advantage”.

cyber safety

McCoy said the aim was to improve people’s buying and selling experience, but also a desire to improve the reputation of the industry.

“It’s all about giving consumers greater trust in their agents and helping them streamline the property buying process,” he said.

With the recent Optus and Medibank hacks in mind, Swift said the data generated and collected by realestate.com.au is scrutinized very closely and regularly reviewed to ensure user comfort. said it was done.

McLeod added that the starting point for all the data included Ray White asking permission to relate to the person behind the numbers.

“At the end of the day, the most important six-foot real estate is the dining room table. No machine can replace the time you spend talking to people,” he said.

“But no one knows where this will end or where it will go.”

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