This year is already the year of the machine. With tech titans promising $1 billion for the Open AI project, artificial intelligence powering Google search results, and AI labs popping up at Facebook, Microsoft and more, there is no question that now more than ever, smart machine learning algorithms will play a leading role in the future of technology and in the real estate industry. These machine algorithms won’t just make our lives easier, either. They will shape our decisions and behaviors in important ways, from working leads, to making offers, to writing contracts, to deciding when and how you work as real estate agents. Looking at everything algorithms will soon be responsible for, it’s not too farfetched to say that your next broker may be an algorithm. Your next broker may be an algorithm. Not convinced? Let’s look at how algorithms can impact agent behavior. As independent contractors, agents set the terms of how they work, including when and for how long. But h...
- Machine learning algorithms will shape our decisions and behaviors in important ways, from working leads, to making offers, to writing contracts, to deciding when and how you work as real estate agents.
- Uber's algorithms behind the supply-side management actively work to spur more drivers to the road when demand is high, and there are no people involved in the process.
- Algorithms in CRMs and lead routing software can determine which agents respond fastest and route more and higher quality leads to those agents.
- Algorithms can show agents which houses a particular buyer is most likely to buy, set buyer/agent communication intervals up to the most optimized cadence, and decide which agents should represent which buyers and sellers for the highest likelihood of profitability.