NAVIGATING THE PARADIGM SHIFT (AI in Real Estate)

The rapid emergence, and equally rapid consumer acceptance, of artificial intelligence-enabled technology presents a critical juncture for the real estate industry at large - namely, how to protect a tried, proven and trusted business model without being usurped by AI-enabled disrupters or being branded with the reputation of being stuck behind the times. 

It’s fair to say that for the real estate industry, AI is, in equal measures, an incredibly exciting and terrifying prospect. 

The application of AI in real estate transactions is accelerating, despite perceived barriers such as a lack of relevant skills to implement the required technology. I am not surprised by this because for some time AI has been applied successfully to processes such as due diligence and decision-making. But for real estate this is just the tip of the iceberg and AI’s use will increase significantly over the next five years. 

The need for technology to be applied in the real estate transaction process is self-evident. But the solutions must also be elegant, intuitive and as powerful as those used by the consumer retail platforms that we all know and love while still applying ‘search and suggest’ capabilities to ensure that everyone involved in a deal can share and collaborate effectively. This includes the ability to translate documents from multiple languages in real-time, which is a must-have feature in an era of cross-border transactions and international due diligence teams. 

The use of AI in real estate has barely scratched the surface as regards its potential. By becoming an early adopter of real estate AI, you will gain a competitive edge in your niche market. Your business will also stand out in this crowded market. With AI, you can now deliver a delightful experience for your customers.