AI: Fear and Fascination in Real Estate

Why the Industry Should Be Both Worried and Excited

We're on the brink of a technological revolution that’s shaking up the industry like never before, sparking a mix of fear and fascination among industry professionals. Josh Cobb, the founder and CEO of Stepps, recently addressed this complex dynamic at The Business of Real Estate conference, urging real estate professionals to embrace AI's potential while acknowledging its challenges.

The Urgency of Speed

AI's primary advantage lies in its speed. In an era where consumers value quick responses and efficient service, AI can help real estate businesses gain a competitive edge.? Josh highlighted a startling statistic: the conversion rate from appraisal requests to appointments is 80% when a callback is made the same day, plummeting to a mere 20% if delayed to the next day. This underscores the critical importance of swift communication in today's market.

AI as a Co-Pilot

While AI offers immense potential, it should not be used solely for the sake of speed. Human oversight and control is vital and AI is like co-pilot assisting the captain (the real estate professional) in navigating the complexities of the industry. This approach ensures AI is used strategically and ethically, enhancing human capabilities rather than replacing them.

Practical Applications of AI

There are several practical AI applications real estate businesses can implement immediately. One example is the use of AI-powered instant property estimates on agency websites. These tools can significantly increase website traffic and generate valuable leads.?

AI in Property Management

AI's impact extends beyond sales and marketing. In property management, AI can streamline time-consuming tasks such as email communication. ? A great example is the use of ChatGPT to generate a calming and professional response to a tenant's complaint.? AI can enhance efficiency and client service.

The Human Touch

While AI can automate various tasks, it will never replace the genuine human connection that is so vital in real estate.?

Embracing AI's Potential

Josh concluded his session with a call to action, urging real estate professionals to start experimenting with AI now. He stressed those who embrace AI early on will gain a significant advantage in the years to come. He also encouraged businesses to appoint an "AI champion" to explore and implement AI solutions strategically.

Key Takeaways

• AI's speed advantage is crucial in today's fast-paced market.
• Use AI as a co-pilot, not a replacement for human expertise.
• Implement practical AI applications to streamline tasks and enhance efficiency.
• Prioritise genuine human interaction alongside AI-powered solutions.
• Start experimenting with AI now to stay ahead of the curve.

P.S. Missed Josh Cobb's electrifying talk at The Business of Real Estate? You can still catch his amazing insights and all the action by purchasing the recordings. It's a treasure trove of practical AI insights and business strategies you won't want to miss!