By Kevin Hawkins with Korey Hawkins | Vol. 2 Post 19
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate, posting weekly.
AI will kill showing traffic but that’s a good thing
The big AI takeaway from the 2024 National Association of Realtors Legislative Meetings (known in the industry as Midyear) held this week in Washington, DC, was an unexpected consequence of AI.
This concept materialized during the Q&A at the end of the Emerging Business Issues & Technology Forum, “Integrating AI and AR/VR Into Your Business.”
Julie Whitesell, SVP/Broker in Charge at Meybohm, moderated the panel, which included Jeff Allen, President of CubiCasa; Chris Christensen, NAR, Director of Tech Policy; Sam DeBord, CEO of RESO; and Scott Richard, Owner of Richard Realty.
After covering a slew of AI-related topics (nearly void of all discussion on AR/VR until the Q&A despite being in the title), a Realtor in the audience shared her experience of creating a first-class listing, supported by all the tech bells and whistles.
She observed that showings plummet when a listing reveals all the property data and insight when you include drone footage, 3D tours, floorplans, and high-res photos that highlight and identify all the amenities.
The reason is that many home shoppers turn away when all this data and complete visual details are shared online. They read about or see something in the listing that turns them off, and they nix the idea of seeing the house.
But that’s a good thing. Why? Because the buyers who do ask for a showing are ready, willing, able, and, most importantly, highly interested.
A highly tech-empowered listing will narrow the top of the funnel, qualifying buyers in a way that has not been possible until now.
AI is going to narrow the top of the funnel even more.
The more data AI consumes, the better it gets, and AI will enhance listings through tools like computer vision to unlock more data.
For example, leading AI real estate firm Restb.ai can do so much more than tag photo features (e.g., Wolf stove, quartz countertops, etc.) and automatically write pithy photos and property descriptions. Its computer vision power is being used by appraisal firms to assess a property’s condition.
What AI will do for listings will result in fewer showings, but the buyers that come are the only ones the sellers want anyway.
A great tip from the Realtor who shared her experience: You should educate your sellers upfront that their super-tech-empowered listing will result in significantly lower foot traffic.
When you explain why, sellers will understand that lower foot traffic really is a good thing. (-Kevin)
AI Fast Facts
- 1 in 4 desk-based employees stated they have experimented with AI tools for their work tasks – Slack
- 73% of sales professionals feel that they’re able to retrieve insights from data they otherwise wouldn’t be able to find without the assistance of AI – Hubspot
- 55% of employees using Generative AI at work are doing so without the formal approval or oversight of workplace management – Salesforce
- 60% of businesses using AI are not working to develop ethical AI policies – IBM
- Employers surveyed by Amazon acknowledged they would be willing to pay a 43% higher salary on average for staff with AI skills in sales and marketing – Amazon
Source: Vena Solutions (-Korey)
AI Headlines – Take 5
Navigating The Future Of Real Estate Investing With AI: Insights For Small-Business Owners | 5/7/24 Forbes
AI can assist with real estate investing.
The 5 subtle AI announcements Apple made at its big iPad 2024 launch event | 5/7/24 TechRadar
Apple’s products continue to integrate AI-powered features.
Docusign to acquire Lexion for $165M in exit for Seattle-based AI contract management company | 5/6/24 Docusign
Docusign can now modernize as it buys Lexion’s AI-powered tech.
OpenAI working on new AI image detection tools | 5/7/24 The Verge
The latest OpenAI tool will detect if an image was made with the DALL-E AI image generator.
Microsoft announces $3.3 billion investment in Wisconsin to spur artificial intelligence innovation and economic growth | 5/8/24 Microsoft
Part of Microsoft’s investment will go toward developing an AI-powered data center. (-Korey)
AI Quote of the Week
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