How AI will impact real estate
AI will undoubtedly impact real estate, like it’s changing every industry. As a leader and CEO, it’s important to lean into new technology, while also being realistic about its limitations and implications. This is a balancing act.
If you’ve followed my leadership journey, you know how much I nerd out over systems and processes. When you have these workflows in place, it’s easier to see where and how AI can be an add-on to optimise.
Here’s my stance: Embrace new technology and double down on the things that AI can’t replicate – the human connection side of our job.
AI is going to help agents provide a better level of service. It allows us to access information quickly and offer strong insights on the spot.
It helps with drafting proposals, emails, advertising text, and all of those taxing day-to-day tasks. At Nitschke, we’re already seeing great results with it integrated into our tech stack (e.g. CRM and realestate.com.au).
The parts of real estate AI will never replace
Client connection
Real estate is an emotional transaction just as much as a physical/financial one. It’s supporting a client through one of the biggest decisions of their life. The place they’ll likely spend years (or decades) and create memories they’ll cherish for a lifetime.
It also requires guiding clients through tough times. People have to make real estate decisions after losing a loved one, ending a marriage, and going through financial difficulties.
Whatever the life event, good or bad, it requires an agent who has empathy and emotional intelligence. To not make the deal or what they (the agent) get out of it, and to be present with the client, rather than presenting or putting on a show.
This is the more human side to real estate that requires a deep level of client care that AI will never be able to emulate.
Market knowledge
Beyond the vendor experience, AI cannot replace the human understanding of the local market (that comes from also living there). It’s also not just the perspective of the owner. It’s about the tenant and the buyer.
Understanding human psychology is part of the job. Matching people to a property is a lot more than pattern recognition. AI will support this by identifying trends and behaviours, but the real impact will come from the AI-enabled agent.
This is true for most industries. It’s about empowerment, not replacement.
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