AI in Real Estate: Strengthening Client Relationships Amid Industry Changes
AI in Real Estate
With the recent NAR settlement reshaping the real estate industry, a major conversation this week centers on how AI is also driving these changes. Real estate broker Ryan Serhant, known for Owning Manhattan, recently emphasized why AI should shift the focus from competition to relationships, rather than relying solely on transactions.
At the CNBC Evolve AI Opportunity Summit, Serhant posed a critical question: "If we're all using AI and have the same expertise, who wins? It's the game of attention." His point highlights that AI isn't a replacement for human connection but a tool to strengthen it. Now, more than ever, personal relationships should be the foundation for generating leads.
How AI Enhances Client Relationships in Real Estate
While AI is excellent at automating tasks—such as following up with leads, managing property data, and predicting trends—it's the personal touch that sets agents apart. Agents who use AI to save time on repetitive tasks can focus on what truly matters: building long-term relationships and being present during critical moments in the buying or selling process.
AI and the Future of Real Estate Agents
The next few decades will bring significant changes to real estate, redefining what it means to be a successful agent. While the NAR settlement has created a need for adjustments, it also presents an opportunity to improve business practices.
The agents who will thrive are those who adapt to technology while prioritizing what AI can't replicate: authentic human connections. First impressions and genuine involvement in a client’s journey will become even more crucial.
AI is here to support, not replace, your role. By automating tasks that eat up time, agents can focus on being trusted advisors, empathetic listeners, and the local experts clients depend on.
Using AI in Real Estate Without Losing the Human Touch
Here are some ways to effectively incorporate AI while maintaining authenticity:
AI for Lead Generation and Marketing Automation
AI tools like Zillow Premier Agent and RealScout analyze data to find potential buyers or sellers, streamlining lead generation. Platforms like Contactually and BoomTown automate follow-ups, keeping agents in touch with leads. While automation saves time, the personal interactions you provide remain key to nurturing client relationships.Automating Administrative Tasks
AI can handle routine administrative work, such as paperwork and scheduling, freeing up valuable time. With AI managing the behind-the-scenes tasks, agents can focus on face-to-face client interactions, where relationships are built and trust is formed.
Embracing AI: The Future of Real Estate
Real estate is on the brink of transformation, and AI is a significant driver of this change. According to the 2023 Global Real Estate Technology Survey by JLL Technologies, AI is one of the top three technologies expected to impact the industry over the next three years. However, many professionals still have a limited understanding of AI, presenting both a challenge and an opportunity.
As Serhant points out, agents who invest time in understanding and utilizing AI will be best positioned to succeed in the coming years. By embracing AI to automate mundane tasks, you can focus on what matters most—providing exceptional service and building strong, lasting relationships with your clients.
Final Thoughts: AI in Real Estate
While AI is transforming how agents operate, it’s crucial to remember that the technology is meant to enhance, not replace, the human aspect of real estate. Agents who effectively blend AI's efficiency with authentic, personalized service will stand out in a competitive market.
Stay ahead by leveraging AI to handle time-consuming tasks and spend more time doing what you do best—building trust, creating meaningful connections, and guiding clients through their real estate journey.