NEW YORK – Artificial intelligence (AI) is on the rise, augmenting or changing how industries like real estate and others operate.
Until recently, real estate technology firms focused on the middle market where comparable, median-priced homes offer ample data points to feed algorithms that underline new tools and churn novel market insights in real time. However, the luxury market could see disruption as well, as some say AI can help real estate agents connect with high net worth buyers.
AI can be used to create custom ads that target sole neighborhoods or client preferences; it can automate messages and make them instant and personal. AI can also help agents expand their high-net-worth networks.
Andy Barkett, chief technology officer of AI-powered brokerage REX, says its AI tools can reach individuals across countries and cultures, placing luxury homes for sale in front of diverse shoppers. That can be a big benefit to the high-end luxury market since not many people in the world that can afford multi-million-dollar homes, which can sometimes spend years searching for a new owner, he says.
Beyond insights for high-end buyers, technology can also help agents get to know their customers – perhaps before they ever meet in person.
Source: Forbes (02/21/20) Williams, Dima
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