“Artificial Intelligence is the future of Real Estate.” This statement came from Bruce Buffer, a respected broker in California. He is talking about the potential applications of artificially intelligent software systems to real estate agents. His belief that artificially intelligent software will replace brokers has caught many in the Real Estate industry’s attention.
Cost of Software for artificial intelligence technology
One of the reasons that he is so opposed to the idea is the cost of the software. It has been calculated that a property dealer in Manchester will need to invest almost two thousand hours in the next three years to make use of the applications. This costs, on average, about thirteen thousand dollars a year. Mr. Buffer states that if his software were available, agents would not have to worry about purchasing such expensive software and instead focus their attention on doing what they do best, selling houses.
Working of software for estate agents
So, just how is artificial intelligence going to compete against the human mind? Mr. Buffer states that the software will handle all the possible scenarios and all the possible variables that will be thrown its way during the transaction. As a result, all the work of the agent would be eliminated. The software will have all the knowledge of the market and be able to predict all possible outcomes. This is very similar to what a Wall Street trader does all day long.
One of the challenges that artificially intelligent software will face is keeping its programs updated. In many ways, the software is like a virus. It is only as good as the information that it is kept up to date with. Therefore, if the real estate agents keep their software up to date, it will serve them better and increase the efficiency with which they perform their duties.
Challenge for artificial Intelligence
Another challenge is that while the current software is excellent, it may not take on some of the more complex situations that will come along. For example, current artificial intelligence web services are excellent at web site optimization. However, they are often less effective when negotiating an estate deal. They also have difficulty translating any complicated documents into a language that the buyer understands.
Since artificial intelligence will be interacting with house agents, they will face a variety of ethical questions. Will the software be tracking every website the agent visits, or is he or she using it to contact potential clients? Is the property dealer using phony names to open up new accounts? Will the software track any potential money-making opportunities?
These are all legitimate concerns that software must contend with. Without the ethical considerations built into the software, the potential for abuse is more significant. Because of this potential abuse, the software has been under intense scrutiny in recent years. It has been successful to some level, but there have certainly been concerns about whether unscrupulous real estate agents are abusing the technology.
While there is still some work to fully incorporate AI into the real estate agents’ business, such software offers agents an advantage. The software is very cost-effective and can offer agents much better tools to utilize in their business. It is possible that it could even wholly replace real estate agents all across the country. Artificial intelligence is the modern competition for real estate agents and is only poised to continue to grow and improve the real estate industry.