How AI is transforming real estate

Technology helps professionals make more informed decisions and better advise their clients

* Rogerio Santos is one of the founders of UB link

With the fever of discussions on GPT Chat, conversations have emerged on how artificial intelligence (AI) can be a valuable tool for the real estate sector, providing different possibilities for automation and improvement of work processes. At the same time, doubts arose as to whether this technology could threaten the real estate profession.

We then assess AI’s potential to transform the real estate sector and whether brokerage professionals have real reasons to be concerned.

The changes brought about by AI are already starting to affect the sector in a number of ways, including the ability to automate some of the tasks performed by real estate brokers. However, the replacement of these pros is unlikely to be complete. At least, not in the short to medium term.

A broker performs a number of important roles, from market research and analysis to price negotiation, and many of these roles require skills that cannot yet be replicated by the operation of computers.

The purchase or sale of a property involves, in addition to a considerable volume of resources, different emotions in the decision-making process on the part of the customer. It’s not just about acquiring an asset, but about a set of dreams, insecurities, doubts, expectations and fears.

Therefore, to be complete and sufficient, the support offered by the broker must include a human touch and a personalized approach, skills that go beyond what artificial intelligence offers.

If emotion is a fundamental factor in the decision to buy a property, especially when the intention is to transform the property into a home, the acquisition is also influenced by information on the region, such as the potential for appreciation or depreciation and rates of violence. By making market data available, AI helps brokers be more efficient in their work.

The role of artificial intelligence

From data analytics and machine learning, identifying trends and patterns in the real estate market – such as the average price in the region, the history of value variation and the profile of buyers and sellers -, artificial intelligence contributes professionals to make more informed decisions and better advise their clients.

Added to this is the ability for administrative tasks to be handled by chatbots and other automation tools, as well as automated responses to simple communications, allowing brokerages to focus on working with buyers, sellers, landlords and tenants and closing deals.

In summary, AI is proving to be an invaluable tool that can help transform the real estate industry. What I find unlikely is that, at least for now, AI will completely replace brokers.

There are still many aspects of the property buying and selling process that require the knowledge and experience of those who work in real estate brokerage, such as evaluating the characteristics of the property, understanding what the customer really wants, negotiating prices, preparing contracts and consultancy legal. At UBlink, customer support continues after the keys – what machine would be able to provide that much assistance?

But if human experience remains fundamental in the process, to remain competitive and meet customer needs, professionals must adapt to the new reality and see technology as an ally in their work. The ability to understand and use technological resources, seeking training and knowledge recycling, is becoming increasingly important in the sector.

This is not to say brokers are close to extinction, but to reinforce the importance of updating knowledge and adapting to new tools and interfaces so they can keep up with the evolution of the profession itself.

The ability to relate to customers and understand their needs will continue to be an invaluable skill in the real estate market, regardless of technology, especially when dealing with the luxury and high-end segments. But the new world that is emerging requires a new attitude from professionals in the sector, as well as in other fields.

And have you ever stopped to think about how artificial intelligence is already influencing and can have an even greater impact on your life?

Source: Terra

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.