When the pandemic hit, technological tools in real estate—from virtual tours to virtual staging—went from being fancy add-ons to required services. Artificial intelligence made its entrance into the real estate industry, offering new insights as well as creativity and efficiency. Processes and tasks like market assessment and property description, which had previously required several people or even outside contractors, are increasingly optimized by AI tools.
In a business that relies greatly on data, AI can do in minutes what humans would take months to figure out. AI can analyze countless pieces of information from a certain neighborhood or town—such as business openings, commercial growth, median income, crime rate, tax collection, infrastructure investments, demographics, and more—to predict market trends and attract buyers and investors.
Real estate agents leverage these AI tools to offer better client experiences and improve efficiency. Artificial intelligence, however, does not eliminate the role of a real estate agent. Applications such as ChatGPT by OpenAI do not know the rules of each brokerage or state association. It’s the agent’s responsibility to make sure all AI-produced appraisals, information, and marketing copy are true, up-to-date, and in line with guidelines and regulations. Still, the increasing use of AI tools in real estate to bring in the buyers cannot be ignored.
Lazzoni Modern Furniture looked at five ways real estate agents are using artificial intelligence to help them sell homes.
