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The luxury sector has always led the real estate industry in terms of innovation. High-end homes frequently include cutting-edge features, and high-end clients raise the bar with aspirational ideas and ambitious expectations. So, it’s only natural that high-end agents also try to push the boundaries of what’s possible.
That’s why the emergence of new artificial intelligence (AI) solutions and capabilities is so exciting. My team on Florida’s Emerald Coast is constantly and carefully evaluating AI’s potential to significantly enhance productivity, streamline processes, and augment the client experience.
Our condition is firm: AI will prove pivotal in the real estate landscape, and being an early adopter is crucial to staying ahead in the field.
Be intentional when implementing AI
It’s important to remember that being an early adopter doesn’t mean jumping at every shiny new thing. In other words, don’t implement a novel technology just for the sake of having a novel technology. Instead, think critically about what your business use cases are and how a specific AI function can help solve them.
It’s clear to my team that we, and the industry as a whole, are still in the early stages of comprehending the many ways AI can benefit us. The crucial aspect is to embrace AI for what it is — a dynamic, perpetually evolving domain of opportunities that can be harnessed to improve business practices. Even if today’s tools are superseded by tomorrow’s, understanding how they work and keeping an eye on their development will be necessary for market leaders.
Transformative solutions you can try today
As innovative, AI-enabled technologies come to market, seek tools that can tackle the most time-consuming tasks — ones you may have neglected in your previous digital transformation initiatives. Though essential, these tedious processes sap resources from building the relationships that drive your business. Here are some ideas to get started.
Experiment with text, but always edit
Generative AI took the world by storm this year, with most of the attention centered on the GPT-4 large language model developed by OpenAI. Anyone can use its public-facing platform, ChatGPT — and it’s free, so that’s an easy first step. Ask it questions about your area or request some simple tasks, such as producing an email using a list of bullet points you provide, or making an initial pass at writing a property description.
While you’ll be pleasantly surprised by how swiftly and effortlessly it generates a response, I strongly encourage you to proofread anything produced by generative AI. The tool is prone to making inaccurate statements, and it won’t necessarily match your tone and brand until you put your personal stamp on it. It should be viewed as a valuable but imperfect first draft.
Explore novel tools to engage clients
If you’ve read about the growing investment in generative AI-powered search engines such as Google’s Bard and Microsoft’s Bing, then you’ve likely realized that conversational chatbots represent a new frontier for customer experience and support.
However, there are other ways to leverage intelligent new technologies that drive client engagement. One example is Homebot — a tool that helps us connect with our past, present, and prospective clients by delivering customized real estate reports. When layered onto our digital and physical lead generation and client retention campaigns, it significantly boosts engagement and, most importantly, stimulates conversation.
4 additional ways to automate your workflows
In such a rapidly evolving and expanding space, there’s no shortage of AI-driven software on offer — some of which have been custom-built for the real estate sector. Here are four that may be of interest to agents:
Jasper: Unlike ChatGPT, which requires specific prompts to generate material in the tone and format you want, a tool like Jasper AI lets you take a more hands-on approach to designing your content.
Placer.ai: This is a unique tool that’s being used particularly in commercial real estate to provide professionals with location analytics. Placer.ai has the potential to enhance how agents conduct property analysis.
Automated Valuation Models (AVM): Likewise, there are solutions like Homebot available that leverage AI and machine learning technologies to support real estate agents in assessing the market value of a property.
Opus: There are several AI-enabled video platforms, but Opus is helpful because it shortens long-form video for social media — supplying subtitling, fonts, colors, and other custom branding functionalities.
Get used to AI now — it’s here to stay
Remember, the impact of AI on real estate isn’t a passing fad; it’s a permanent fixture. This is a good thing, as embracing AI can give luxury agents the two things they never have enough of — time and freedom — and grant you more space to concentrate on activities that generate revenue and sustain your client relationships.
Brad Dahler’s belief in a hands-on approach with clients and a heavy investment in marketing helped propel him to a sales volume of more than $161 million in 2022. That same year, he was recognized by RealTrends as the No. 122 individual agent in the nation — a distinction that was honored with placement in The Wall Street Journal. He was also recognized as the No. 26 individual agent in Florida and the No. 1 individual agent in North Florida. Brad treats clients like family, with white-glove service even after a transaction has been completed.