Artificial Intelligence (AI) is fast becoming a part of everyday life and is now present in everything from email autoresponders and chatbots to children’s toys and self-driving cars. Back in 2013, IBM and the Institute of Culinary Education even released a cookbook full of recipes that were written by an AI.
But how does this all impact the property market and what it means to be a real estate agent in the 21st century?
Here are some of the many changes being led by AI:
1. Improved customer data and market trend analysis
With the help of AI, you can quickly gain statistical insight into almost any topic. If you’re familiar with Google Analytics, you may have noticed the ‘Analytics Intelligence’ feature which gives complete answers to questions like ‘how did users change this week’. Previously, insights like this would require specialist knowledge (or at least some help from a few YouTube tutorials).
In terms of property market analysis, AI has the potential to improve the predictive power of trend forecasting which, in turn, will influence property buying behaviour. Companies like Proportunity are already using AI to uncover hidden opportunities for budding investors and first home buyers.
2. Faster building processes
Perth based robot firm, Fastbrick Robotics, has developed an autonomous building system that builds family home in just 3-days. This is just one example of how exponential technology could dramatically change the way the construction industry and property markets operate. Watch this space.
3. Increasingly customised advertising
From Facebook to Netflix, modern media platforms are closely in tune with our individual likes and media consumption habits. This enables focussed targeting of all our promotional efforts as well as greater control over the content we choose to engage with. This only strengthens the concept that top quality content is a must, something the writers at Blerb have been saying for years!
4. More emphasis on people skills
Often working quietly in the background, productivity tools that run on AI are already freeing up more of our time to focus on building relationships and exercising human creativity. Blerb itself is just one example of how AI can automate time-consuming tasks to free up your time for connecting with others.
Whether it’s generating outputs or understanding data, purpose-built AI can work at lightning speed to complete traditionally time-consuming tasks.
Over time, AI will dramatically change your working week. As the industry enlists more help from an ‘AI workforce’, your ability to connect with people will increasingly become your point of difference.
We’re heading towards a world without all the endless spreadsheets and admin processes that often leave us feeling tired and bored. Overall, AI could let you focus on the fun stuff.