{"id":3729,"date":"2024-02-04T09:57:09","date_gmt":"2024-02-04T14:57:09","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3729"},"modified":"2024-04-25T23:16:59","modified_gmt":"2024-04-26T03:16:59","slug":"can-we-use-ai-instead-of-real-estate-agents-yet","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/can-we-use-ai-instead-of-real-estate-agents-yet\/","title":{"rendered":"Can We Use AI Instead of Real Estate Agents Yet?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"438\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/can-we-use-ai-instead-of-real-estate-agents-yet-1024x438.png\" alt=\"\" class=\"wp-image-3730\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/can-we-use-ai-instead-of-real-estate-agents-yet-1024x438.png 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/can-we-use-ai-instead-of-real-estate-agents-yet-300x128.png 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/can-we-use-ai-instead-of-real-estate-agents-yet-768x328.png 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/can-we-use-ai-instead-of-real-estate-agents-yet.png 1430w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Real estate sites use <a href=\"https:\/\/www.deeds.com\/articles\/artificial-intelligence-for-home-searches-actually-works-and-look-at-what-else-ai-can-do\/\">AI to offer cutting-edge listing searches<\/a>. And lenders use artificial intelligence when sizing up an applicant\u2019s financial strength. Tech-focused online lenders employ AI to help them approve or reject loan applications right away. Additionally, AI can automate various business tasks, thereby reducing the risk of fraud.<\/p>\n\n\n\n<p>But can AI manage a real estate deal? Not exactly. You can already use ChatGPT-enabled chatbots to review the public data on markets, specific homes and tours, and mortgage rates. But AI is a tool for real people \u2014 not a replacement for them.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">AI Advantages for Sellers and for Buyers &nbsp;<\/h2>\n\n\n\n<p>Artificial intelligence (AI) technology involves training computers. The more data goes in, the more raw material the computers have to sift through in order to detect trends, and produce predictions. By processing large amounts of data, computers get better at automating key functions.<\/p>\n\n\n\n<p>AI can boost people\u2019s creativity too. For example, it can show what redesigns could look like. This gives sellers new, virtual staging tools to show off homes in their best light \u2014 literally.<\/p>\n\n\n\n<p>And what about buyers? AI can pick the right terms and images to help a home get seen by a good number of potential buyers in a given area. AI tools could focus buyers\u2019 attention on areas they\u2019d have never thought to explore. When they find desirable listings, generative AI, 3D tours, and <a href=\"https:\/\/www.deeds.com\/articles\/new-in-tech-virtual-twin-buildings-take-3d-models-to-the-next-level\/\">digital twins of properties<\/a> let hopeful buyers use get a feel for a home remotely, using a phone or tablet. Buyers, with AI&#8217;s assistance, can size up rooms and generate decorating ideas.<\/p>\n\n\n\n<p>So, AI, could help buyers find homes for sale that match certain images, ideas, or life goals \u2014 not just square footage and monthly cost predictions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AI Use by Real Estate Companies<\/h2>\n\n\n\n<p>Zillow\u00ae unveiled its famous <a href=\"https:\/\/www.zillow.com\/tech\/building-the-neural-zestimate\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zestimate<\/a> in 2006. Over the recent decade, advancements in artificial intelligence have reshaped this tool.<\/p>\n\n\n\n<p>Now nicknamed Neural Zestimate, Zillow\u2019s tool it can take in raw data and respond to listing activity and market movements. It can give good estimates for homes currently on or off the market. It can search public records and sales data, and make predictions. It can mesh time and location data with floor plan and property features to estimate sale prices.<\/p>\n\n\n\n<p>With millions of sales, the tool keeps getting more cost-effective, more proficient, and more fine-tuned. The Neural Zestimate does it all \u2014 no more need for many models to train and run.<\/p>\n\n\n\n<p>Redfin\u2019s on it, too. As we reported last year, Redfin and Zillow both work with the <a href=\"https:\/\/www.deeds.com\/articles\/zillow-and-redfin-just-launched-chatgpt-plugins-for-the-perfect-search\/\">ChatGPT company OpenAI<\/a> to put generative AI to work, offering their customers cutting-edge search capabilities. &nbsp;Appraisers are already using predictions from Redfin\u00ae and Zillow, as well as RealScout for property valuation and insights for forecasting value, <em>The Washingtonian <\/em>heard from Aaron Nichols from McEnearney Associates in McLean, Virginia.<\/p>\n\n\n\n<p>Investors, agencies, and financial analysts\u2026 All are using AI-driven market forecasts to help them buy at the right price, and to catch potential advantages when selling. For example, generative AI can help an owner understand potential return on investment for a given upgrade project.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AI Makes Agents Better Informed, More Effective<\/h2>\n\n\n\n<p>So, will AI transform home selling? Slowly but surely, it already does. But AI as a game-changer, not a job-destroyer. A human can sense nuances about the buyer\u2019s and seller\u2019s motivations that AI still doesn\u2019t.<\/p>\n\n\n\n<p>ChatGPT can create marketing text and graphics, articles, scripts, and listing content. Agents use AI to boost their language proficiency, to create remote tours, or to assess local markets. And then they apply the human touch. It\u2019s still needed and always will be.&nbsp;<\/p>\n\n\n\n<p><strong><em>Please note:<\/em><\/strong>&nbsp;This article is provided for the reader\u2019s general information. Readers with individualized questions should consult a local real estate professional.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Reid Johnson for Zillow, Inc: <a href=\"https:\/\/www.zillow.com\/tech\/building-the-neural-zestimate\/\" target=\"_blank\" rel=\"noreferrer noopener\">AI, Machine Learning, and Research \u2013 Building the Neural Zestimate<\/a> (Feb. 23 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><a href=\"https:\/\/www.virtualstagingai.app\/\" target=\"_blank\" rel=\"noreferrer noopener\">Virtual Staging AI<sup>TM<\/sup> app<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Sheila Yasmin Marikar for <em>The New Yorker<\/em> (part of Cond\u00e9 Nast): <a href=\"https:\/\/www.newyorker.com\/magazine\/2023\/12\/04\/has-great-potential-meet-your-ai-realtor\" target=\"_blank\" rel=\"noreferrer noopener\">Has Great Potential Meet Your A.I. Realtor<\/a> (Nov. 27, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Jeremy Bowman for <em>The Motley Fool<\/em>: <a href=\"https:\/\/www.fool.com\/investing\/stock-market\/market-sectors\/information-technology\/ai-stocks\/ai-in-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\">AI In Real Estate \u2013 How Artificial Intelligence Is Changing the Real Estate Market<\/a> (updated Nov. 14, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics:&nbsp;<\/strong><a href=\"https:\/\/www.deeds.com\/articles\/?s=artificial+intelligence\">Artificial Intelligence (AI)<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/www.pexels.com\/photo\/a-smart-phone-with-glasses-on-it-next-to-a-book-16094061\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mattheus Bertelli<\/a>, via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate sites use AI to offer cutting-edge listing searches. And lenders use artificial intelligence when sizing up an applicant\u2019s financial strength. Tech-focused online lenders employ AI to help them approve or reject loan applications right away. Additionally, AI can automate various business tasks, thereby reducing the risk of fraud. But can AI manage a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[134],"tags":[199,202,999,324,445,1000,408,985,289,998,288],"class_list":["post-3729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","tag-ai-in-real-estate","tag-artificial-intelligence","tag-chatgpt","tag-home-buying","tag-home-selling","tag-market-predictions","tag-real-estate-agents","tag-real-estate-technology","tag-redfin","tag-virtual-staging","tag-zillow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can We Use AI Instead of Real Estate Agents Yet? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore the transformative role of AI in real estate, from enhancing listing searches and mortgage applications to virtual staging and market predictions. 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