With the recent NAR settlement transforming the way real estate agents conduct business, a major conversation this week is centered around how AI is also driving these changes. Ryan Serhant, famed real estate broker and star of Owning Manhattan, recently shared his opinion on why AI should change the way agents compete for business, with a stronger focus on building relationships rather than purely transactional interactions.
Speaking at the CNBC Evolve AI Opportunity Summit, Serhant posed a thought-provoking question: “If we are all using AI and have the same level of expertise, who wins? It’s the game of attention.” His insight emphasizes that AI serves to enhance—not replace—the human connection in real estate. Now more than ever, that personal connection should be the cornerstone of how agents generate new leads.
Leveraging AI in Real Estate to Improve Client Relations
As Serhant pointed out, AI tools alone won’t provide the competitive edge you need in today’s market. While AI excels at streamlining tasks—like automating follow-ups, managing property data, and predicting market trends—it’s the personal connection that truly sets successful agents apart.
To strengthen client relationships, agents should view AI as a means to enhance their skills, not replace them. By automating time-consuming tasks, AI allows agents to focus on what truly matters—building long-term relationships, being present for their clients, and adding a human touch during critical moments in the buying or selling process.
Ways to Use AI Effectively Without Compromising Authenticity
It’s essential for agents to utilize AI responsibly while preserving the human touch in their interactions. Here are top ways to incorporate AI in real estate to free up on more time for cultivating genuine relationships:
AI tools for lead generation and marketing automation
In the past, agents had to spend a significant amount of time generating leads, attending networking events, cold calling, and sending out mailers. AI streamlines this process, allowing automation to handle much of the heavy lifting.
AI-powered tools, like Zillow Premier Agent and RealScout, can analyze vast amounts of data to identify potential clients who are likely to buy or sell. These tools examine online behavior, property search patterns, and even social media activity to pinpoint leads more effectively than ever before.
Other platforms like Contactually and BoomTown automate personalized follow-up emails, reminders, and property updates, ensuring agents maintain regular contact with their leads. While this isn’t the “human factor” that fosters deep relationships, it does help agents stay top-of-mind with clients and nurture potential opportunities.
All things considered, these tools can deliver tailored content to specific client segments at the right time, providing clients with valuable information while keeping agents visible. Most importantly, they reduce the manual effort in prospecting, enabling agents to spend less time chasing cold leads and more time delivering personalized advice, addressing client concerns, and offering the tailored service that AI complements but cannot replace.
Automated administrative tasks
In real estate, time is a precious commodity. Agents often find themselves overwhelmed with routine administrative tasks like paperwork, scheduling appointments, and following up with leads. This is where artificial intelligence steps in to not only save the day, but make your processes better. AI allows agents to reclaim valuable hours that can be reinvested in what truly makes or breaks a lead—connecting with clients.
Imagine walking into a property tour with a client, knowing that all the paperwork is taken care of and that your calendar is organized without a hitch. AI handles the repetitive tasks behind the scenes, freeing agents from the drudgery of administrative duties. You can dedicate this newfound time to face-to-face interactions, where you build and foster long-term relationships.
Embracing AI: The Future of Real Estate
The real estate industry is at the cusp of a transformative shift, with AI well on its way to change how agents operate and engage with clients going forward. While the adoption of AI is still in its infancy and many professionals grapple with a limited understanding of this powerful tool, the interest and potential are palpable.
According to JLL Technologies’ 2023 Global Real Estate Technology Survey, generative AI has been identified as one of the top three technologies anticipated to have a significant impact on the industry in the next three years by investors, developers, and corporate occupiers.
However, the survey also reveals a concerning trend: real estate professionals exhibit a notably low comprehension of AI compared to other technologies. This gap presents both a challenge and an opportunity.
As Ryan Serhant points out, agents who take the initiative to understand and leverage AI effectively will position themselves to capitalize on substantial market opportunities in the coming decades.
AI in Real Estate Will Help Agents Automate the Mundane, Focus on What Matters
The next few decades will usher in significant changes in real estate, redefining what it means to be an exceptional agent. While the NAR settlement has certainly shaken things up, it has also opened up opportunities to reassess current practices and identify areas for improvement.
Right now, you have an incredible opportunity at your fingertips.
The agents who thrive in the coming years will be those who not only adapt to new technologies but also prioritize what technology cannot replicate: genuine human connection. Whether you’re making that crucial first impression or demonstrating your genuine investment in a client’s journey, these moments matter more than ever.
Remember, AI isn’t just here to replace your expertise or simplify your workload; it’s here to improve your business. By tackling the time-consuming tasks that can be overwhelming, you can focus on what you do best: being the trusted advisor, the empathetic listener, and the neighborhood expert your clients rely on throughout this journey.
Do you have AI tools that you love using as a real estate agent? Share them with our HomeJab community in the comments!
