Before Skynet Takes Over...
With all the talk surrounding the future of AI, this has become a subject of discussion amongst my peers and my clients. Will AI take over the way we do real estate? And the answer is a resounding “no”, with a sprinkle of “yes”.
First and foremost the role of the realtor is to represent and advocate for their clients. We come with a particular set of tools that go beyond the data analysis and statistics AI can provide. We are licensed professionals that need to be well-versed in the legality of contracts in addition to carrying a vast knowledge of all things real estate related, from nuts to bolts. We are also humans that can handle the emotional rollercoaster of buying and selling homes. So let’s get into the “no” part.
Negotiation Skills: Real estate transactions often involve complex negotiations, and the ability to fight for your clients as well as to effectively get what everyone wants out of the deal is crucial.
Legal Expertise: Realtors need to be informed in local real estate laws and regulations, which can vary significantly from one location to another.
Local Knowledge: Understanding the environment of local neighborhoods and communities, including schools, features, and quality of life, is something AI struggles to replicate.
Emotional Considerations: Homebuying and selling can be highly emotional experiences, and human realtors often provide guidance and support during these times especially during death and divorces.
Creative Problem Solving: Unforeseen issues and challenges can arise during real estate transactions, requiring creativity and problem-solving skills that AI currently lacks.
My first client I ever sold a house to had a huge lender fail as she made her way to the closing table. The amount of stress she was under and the fear of losing the home at the very end created a very tense atmosphere for all of us involved. She was dumbfounded by the lack of communication and knowledge her chosen lender wasn’t giving her. I fortunately work with trusted professionals and called one of my lenders who acted efficiently and easily. She worked diligently to not only get my client a better program, but also a better rate. my client was able to close easily and successfully. I don’t believe AI could have known the people I trust to make things happen.
The amount of work that goes into selling a home can be daunting. From assessing the value of the home through researching comparable markets to helping you increase the curb appeal to the marketing and access to a wide network of internet sites to the paperwork, we do it all for you. A good agent does that is. Just as you pay a lawyer to represent you, you hire us to protect you and your investments through the transaction process. Some of us give you added services like cleanings and staging costs.
I think AI will be good to help those who can’t market, market. I think it will be good at creating reports for us and perhaps showing specific numbers and profitability, but AI will never replace the human touch. AI isn’t going to support you through selling your house through a messy divorce or be the one to hand you keys to your very first home. Do I think we will do real estate differently in the future? With VR gaining ground, I’d have to say it is probably. Because our business is relationship based and relies on empathy, I don’t believe we will be calling on T-800—just yet.