World’s first AI real estate agent has already made $100M in sales

As it did for so many others, the short-term rental industry’s technological advancement exploded during Covid-19, and we had to find new ways to meet quotas and satisfy a new range of customer needs. Thankfully, as technology stepped in to provide many of those answers, AI, being part of that range of solutions, brought even more to the table, providing higher levels of operation and customer satisfaction than ever experienced. The process continues to be dominated by stagers, photographers, marketing agencies, and human virtual staging providers—leaving sellers to shoulder the cost, time, and coordination.

• Automated document management software powered by AI can help real estate teams make more informed decisions faster while reducing the time spent on manual review with minimal human error.
• According to Crunchbase, it received its seventh round of funding at the beginning of 2022.
• Now homeowners are watching their property values drop, sometimes drastically.
• Given the multitude of multifamily properties and separate rental agreements, organizing this disparate data can be challenging and time-consuming.

In today’s fast-changing business technology landscape, understanding the differences between AI agents and traditional software is essential. Organizations aiming to optimize operations are finding that AI agents offer adaptive, efficient, and integrated solutions, standing apart from conventional software applications. The technology will automate mundane tasks like data entry and posting listings to the Multiple Listing Service, Linsell said.

Those unwilling to embrace and adopt these cutting-edge tools will likely be left behind. With AI, buyers can search for properties by describing their dream home using ChatGPT or sharing images, rather than using traditional filters on platforms such as number of bedrooms and bathrooms, McLaughlin says. It could also identify neighborhoods or properties that buyers may not have discovered otherwise. Sellers can use AI to help compare the cost and estimated return of presale renovation projects. And some brokerages are utilizing it to review agents’ past transactions and see what steps they took that generated more sales or higher profits, McLaughlin says.

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Advancements in AI have led to a surge of real estate companies looking to capitalize on the new technology. The redesigned pages will display overall and category-specific ratings, meaning hosts must pay attention to every part of their presentation and process. It’s not solely about how attractive the property is or how idyllic the location is, but also how customer service incidents are handled and resolved and what those customers genuinely feel about their stay. Apart from pushing hosts to provide an experience that matches their claims and listings, these new badges will further gamify their marketing processes. Collov AI is also planning to launch new features to support listing prep—from generating social media posts and listing videos to one-click property websites—helping sellers market listings faster and more effectively.

Streamlined Property Management

At the same time, modern consumers expect more from every penny they’re willing to part with, and with competition as it is, they’re getting it. The customizable AI bots created with eSelf AI’s platform have been adopted across various industries, including education, customer service, and real estate. Access to housing and equitable housing markets is important to society, which is why many governments implement stringent legislation around the buying and selling of property. Real estate agents, brokers and other industry professionals must be aware that they will be accountable if using generative AI puts them in breach of local laws and regulations. Real estate agents and other professionals in their industry are in the business of selling good old-fashioned solid bricks and mortar. As AI agents continue to evolve, they are set to redefine the landscape of business operations.

To be clear, the vast majority of agents in Southern California still conduct business the old-fashioned way. But the ones trying new things are often doing so in order to make a living. According to Crunchbase, it received its seventh round of funding at the beginning of 2022. Investors include Kleiner Perkins, Blackstone Group, Goodwater Capital and Dawn Capital, among others. “We believe agents should focus on selling, not photo editing,” said Xiao Zhang, co-founder and CEO of Collov AI, who holds a Ph.D. from Stanford. Shoppers are able view photos, videos and floor plans of new homes and can add what they like to their collection.

Some are outsourcing the work overseas, and others are turning to AI or automation in a last-ditch attempt to find a seller. As for hosts, they’ll need to accept where they’re failing and work to rectify those issues instead of hacking their review process. For their visitors, this should hopefully translate into walking straight into the high-quality stay they expect instead of a disappointing, over-optimized marketing ploy. Now, earning the “guest favorite” badge will show which properties are in the top 25% of listings and also the top 1%.

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No one can predict the future, but AI can analyze past data to make educated guesses about the future. For commercial real estate owners, maintenance can be a major financial cost but also a problem area for tenant satisfaction. Broken elevators, busted water pipes and clogged HVAC vents create maintenance chaos if not managed properly. AI-powered virtual staging is no longer a nice-to-have—it’s a must-have for professionals who want to move faster, stand out online, and provide greater value to clients. We’re not only leveraging AI to make better decisions, but also to reduce time and cost in real estate investing. I’ve found that embracing a human-AI partnership—in which human, investor expertise complements AI’s intelligent capabilities—is the best way forward for the commercial real estate sector.

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Advocates say real estate professionals need to get on the AI bandwagon or risk getting left behind. Despite the fears, advocates say the new tools make it easier to focus on the jobs humans do best — spending time with clients, holding their hands when they’re nervous, explaining the details of a contract. Morgan, however, doesn’t anticipate an increase in fake listings on Bright’s platform, because its listing add-edit process requires final approval from an agent or team member before it’s published. Lenders have used AI for nearly 30 years for automated underwriting, according to the Mortgage Bankers Association. And new AI tools such as fraud prevention, next-generation chatbots, back-office automation, and document recognition are being evaluated, says Rick Hill, the MBA’s vice president of industry technology. “I have heartburn because my daughters may want to become agents someday and I don’t know how much all the disruptions in real estate will change things in the next ten to 20 years,” says Leigh Reed, an agent with Long & Foster in Bethesda.