AI usage among estate agents ‘soaring’, says software firm boss

In an era where artificial intelligence (AI) is making its mark on the estate industry, questions surrounding its role have loomed large.

The concerns of job displacement by technological advancements have lingered in the background but innovators in the proptech space are now harnessing AI and machine learning like never before.

Agents are understandably hesitant to utilise the technology in their business with many agents unsure of the best way to harness it.

Many ‘out of the box’ tools such as Chat GPT struggle with the nuance of estate agency and can sometimes end up hindering rather than helping.

As an example, widely available content writing tools typically use American spellings which can leave agents looking less than professional.

SKYROCKET

While 2023 has seen interest in AI skyrocket, it and machine learning has been at the core of our offerings for much longer and it’s exciting that we’re witnessing a growing appetite among agents for time-saving and revenue-boosting solutions as the technology develops.

Our own recent data shows that usage among agents is soaring, indicating a shift towards embracing new solutions that highlight the time-saving potential of AI.

Agents can allocate more of their time to the crucial face-to-face communication.”

This shift allows agents to allocate more of their time to the crucial face-to-face communication that the industry relies on.

Last month we introduced Street AI, transforming hour-long tasks into seconds of effort. The uptake has already seen agents save hundreds of hours per week, assisting them in crafting impactful emails, generating compelling property descriptions, and enhancing property photos, all with just a few clicks.

Street AI was developed specifically for use in UK estate agencies and has generated over 5,000 emails and written or summarised 2,500 property descriptions, reclaiming a total of 1,450 hours of valuable agent time.

But AI isn’t limited to content writing alone. Achieving a strong return on investment through prospecting necessitates effective data utilisation and AI and machine learning is perfectly placed to support agents.

MAXIMISE IMPACT

AI-powered prospecting tools can constantly monitor and relearn against an existing database of residential properties to maximise campaign impact.

While agents can manually fine-tune their marketing efforts with precision, narrowing down their target audience based on a wide range of parameters, AI can remove the guesswork, arming agents with empirical knowledge and expertise to identify the properties most likely to instruct.

Those who embrace new technology are powering ahead and gaining market share.”

There is a real value in incorporating AI into estate agency operations. Those who embrace new technology are powering ahead and gaining market share.

While human expertise and relationships will always be paramount, the integration of smart AI is a game-changer that benefits both clients and agents.

Tom Staff is Co-Founder at Street.co.uk and Spectre