“IT’S PERSONAL”
Luxury: Meet AI By Camilla McLaughlin
Will AI totally remove agents from the real estate picture? Experts say, it’s not likely.
24
UniqueHOMES.com
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If
real estate conferences are any indicator, artificial intelligence will be the major topic in upcoming months, and chances are 2024 will be remembered as the year when the AI revolution began. Along with the usual round of market forecasts, the year began with a number of long-simmering issues bubbling to the surface, including commission lawsuits, a barrage of legal actions involving the National Association of Realtors, and a fledgling new trade association helmed by Jason Haber, an agent with Compass, and Mauricio Umansky, co-founder of The Agency. However, AI will likely overshadow even these issues this year. In a recent survey of more than 130 brokerage leaders (representing two out of three transactions in 2023) conducted by Delta Media Group, agent use of brokerage-provided technology jumped to No.3 on the list of the top five brokerage concerns. Recruiting new agents and figuring out how to counter eroding profit margins remained the top two, while the impact of commission lawsuits came in at fourth. “It’s no surprise that recruiting remains the largest challenge for real estate leaders and that the majority see the industry lawsuits as another top challenge,” says Michael Minard, CEO of Delta Media Group, one of real estate’s largest technology solutions providers. “What is a bit of a surprise is seeing the importance of agent tech adoption catapult into the top three business challenges. This indicates that real estate technology will be under a microscope in 2024, and it had better benefit the brokerage’s bottom line.” continued on page 148