CRH Key Points Blog

Looking ahead: real estate and artificial intelligence—a smarter 2018?

By November 21, 2017 No Comments

You’ve probably never heard of Skyler 360: if you have, count yourself amongst the earliest of adopters.

Why?

Because the software, brainchild of founder Ron Sasson, is almost certainly the first software in the real estate world to deploy artificial intelligence (AI) to sift through and optimize lead outreach and to run pattern analysis to qualify those leads.

So how’s this thing work? In plain English, Skyler360 learns for you—detailing in real-time data what real estate agents want to know most—and fastest. Interacting with Skyler360 is an exercise in learning how to respond the leads the software’s algorithms serve up…and the learning only gets better—yours and the software’s.

That’s the key understanding. The software doesn’t create a lead development strategy for you; rather it does (surprise) a 360 situation report which accelerates the process of making strategic choices.

In practice, the first thing you save with a well-designed AI is time: the associative brute ‘thinking’ of parsing out a spreadsheet of leads is done for you. The human being isn’t out of the AI equation by any means; the realtor still has to think through the ‘why?’ and the ‘how?’ of each new lead.

And a good thing too, because lead generation can be like surfing a twelve-foot wave; the point isn’t sheer quantity but rather the quality of the lead…and how you’re going to integrate what you know with your own objectives.

Right here, right now, AI is good and getting much better at the stuff you’d rather not dedicate valuable time to: scheduling outreach and client contacts, optimizing email response tasks and list generation, and verifying property needs/wants.

But telescoping the time required for the drudge-work isn’t AI’s only benefit. AI is the beating heart of Spotify, Apple Music and Pandora: the very same search tactics apply to ‘affinity’ searches prospective buyers undertake when their first choice falls through—they search for related properties…and AI is right there, just like on Amazon, to suggest high-likelihood options.

Not only that but searches like yours are also weighted and factored into your search. Call it the ‘Amazoning of real estate.’

In ten years’ time, we’ll look back on these technologies as primitive and pretty darn dumb—but here’s a trifecta prediction:

  • Technology levels the relative competitive advantage of veteran realtors over newcomers who are adopting tech far more quickly
  • A sound social media outreach strategy and a client response management (CRM) system you’ll really use are still Job One…but AI is running third and closing fast. By 2020, AI in real estate underpin everything, just like the travel business
  • Tech will never replace the human factor in learning, adapting, mentoring and developing both a life- and a career strategy.

Stay tuned.

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