The potential of Artificial Intelligence (AI) is immense. It has already made its mark in almost every industry with recent research from Tech Nation showing that there are 1,200 AI companies, with a collective turnover of over £1.5bn in 2021, a 600% increase in the number of firms in the last decade.
So it was only a matter of time before these expert systems penetrated the property sector. This new modern technology is transforming the way estate agents do their business, and it is revolutionising the entire property market. In this blog post, we will explore how AI is reshaping the estate agents’ future and how they can leverage it to their advantage.
Introduction: What is AI and how is it revolutionising estate agents’ future?
AI is a term that describes computer systems that are designed to mimic human intelligence and behaviour. It’s the ability of computer systems to learn and adapt to new information, and it’s been used in a variety of applications, from healthcare to finance. The intelligent software has been used to automate tasks, improve decision-making, and even drive cars, and now, it is making its way into the property industry.
AI has the potential to revolutionise the way estate agents do business as it can automate repetitive tasks, streamline processes, and provide more accurate predictions of the future. Additionally, it can also help estate agents make better decisions and provide more efficient services. In short, AI can provide estate agents with an edge in the highly competitive property market.
Already, we can see how AI is transforming the property market in a number of ways. It is being used to track and analyse data from the market, enabling estate agents to make better decisions, and AI-powered platforms can also help estate agents identify potential buyers and sellers, along with providing automated property valuation services.
Additionally, the intelligent system is also being used to create virtual models of properties and neighbourhoods, which means this technology can help estate agents visualise the property market and make informed decisions about pricing and marketing. The technology can also be used to automate the process of creating listing descriptions and property photos, eliminating the need for tedious manual work.
Benefits of AI for estate agents
As we’ve listed above, AI has a number of benefits for estate agents, for example saving time and money by automating tasks and streamlining processes, whilst providing more accurate and up-to-date information, allowing estate agents to make better decisions.
Furthermore, AI can help estate agents provide more personalised and relevant services to their customers which will improve their customer service, and intelligent chatbots can provide real-time customer support, helping estate agents respond to customers quickly and efficiently.
Challenges faced by estate agents
Despite the many benefits listed above, there are some challenges that estate agents face when incorporating these modern, intelligent systems into the workplace. One of the biggest challenges is the cost associated with implementing and maintaining AI technology, which can be expensive, and estate agents need to make sure that they have the necessary resources to invest in the software.
Another challenge is that the technology can be complex and difficult to implement, therefore estate agents need to be sure that they have the right expertise to implement and maintain it, along with having the necessary infrastructures in place.
Finally, estate agents need to keep in mind that AI is not a one-size-fits-all solution. The technology needs to be tailored to the specific needs of the estate agent, and employees need to make sure that the technology is properly configured and maintained, which in itself can be a time consuming process.
How to get started with AI in property
If you’re an estate agent looking to get started with AI, there are a few things that you need to consider. First, you need to identify the areas where it can be most beneficial for your business, and you also need to make sure that you have the necessary resources to implement and maintain the technology.
Once you have identified the areas where AI can be most beneficial, you need to find the right software for your business and make sure it is designed for the specific needs of your business, before ensuring it is properly configured and maintained.
The key to success is to make sure that you have the right resources and expertise to implement and maintain AI technology and that you have the right data and infrastructure to support it.
Investment in AI is forecast to reach more than a whopping £200bn by 2040, when it is predicted that more than 1.3m UK businesses will be using AI. The UK government has released its 10 year plan to make the country a global artificial intelligence superpower, seeking to rival the US and China, so if there’s one thing we can be sure of, it’s that AI is here to stay. With the right resources and expertise, estate agents and other property professionals can unlock the huge potential of AI and use it to their advantage.