Despite the AI buzz that has dominated conversations over the past year, skeptics still linger, often due to concerns about its perceived lack of a personal touch.
But in real estate and other service industries, two truths have remained constant:
- Time is money
- Clients are seeking personalization, efficiency and convenience
Since AI promises to help streamline a multitude of industries, it’s something everyone is paying attention to.
At last week’s Inman Connect New York, the topic of AI seemed to come up in every conversation. Among those who took the stage was Mosaik CEO Sheila Reddy, who discussed what AI is already doing for real estate agents and consumers and what it will bring in the future.
One thing is clear: AI is becoming the ultimate productivity enhancer for real estate agents, redefining the way they work and setting new standards for client satisfaction.
Machine Learning AI
When most people think of AI, the first thing that comes to mind is ChatGPT, a generative AI model that took the world by storm just over a year ago. Generative AI is artificial intelligence capable of generative text, images or other data. By now, we all know that generative AI is a great tool to get you started on an article, script or social media post. But, as the skeptics say, it can lack in personality and even accuracy.
Machine learning AI, on the other hand, focuses on the use of data and algorithms to learn insights and recognize patterns, which in turn leads to predicting future outcomes. This is the type of AI that leads to more personalized experiences for real estate consumers.
Take Mosaik’s property search, for example. When developing this particular feature, the goal was to drive a more intuitive experience.
If you think about how property search is primarily done today, it’s very filter-driven. Consumers:
- Set a min and a max for prices
- Select items or features to filter the property search
This model does not take into account the way the buyer is actually thinking about the home they’re going to buy.
For example, let’s say a buyer tells their agent they want to be in a specific neighborhood and are willing to sacrifice property size to be in that area, but they then spend all their time looking at large lots across town. Machine learning will pick up those trends and patterns. The platform will both show those analytics to the agent and show the buyer properties they would be interested in.
Mosaik leverages computer vision and various machine learning models to personalize that experience. Instead of simply just setting a min or max, Mosaik’s technology looks at the specific preferences of the buyer—not just what they stated—but also how they interact with properties.
“So from a property search perspective, for example, we are working on making the search experience more elevated, intuitive and personalized for both agents and consumers, as well as incorporating other forms of machine learning and computer vision through the entire process to drive with better analytics, more productivity and more personalization across the board.”
AI as a Productivity Enhancer
With features like advanced property searches, there’s no doubt that AI will help consumers.
But what about real estate agents?
“In many ways, AI is ultimately a productivity enhancer. For example, in property search through AI models, we’re able to deliver personalized analyses of properties to buyers on behalf of the agent. That’s something that historically an agent would have to manually go in, look at properties, (and) compare them against what their buyers are looking for. And that’s now something that could happen in a real time and automated way.”
What that’s really doing is increasing the ability for agents to spend more time having meaningful conversations, as opposed to digging through all that data.
Reddy explained that these types of features will help agents, teams and brokerages drive more scalable processes and serve clients and consumers in a more impactful and scalable way.
To learn more about Mosaik, the operating platform that enables agents to close more deals, generate more referrals, and perfect the client experience, visit mosaik.io.