Breaking Property News – 30/08/2023

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

Will Ai Replace Real Estate Agents? Wesley Snow CEO of Ascendix has some answers

Wesley Snow, CEO of Ascendix is a veteran of the both the ever changing real estate space and the emergent technology that looks to power the industry, and with AI becoming a deafening noise, he has some insightful takes on what is around the corner.

Wesley Snow, ‘The potential impact of AI on job displacement has raised concerns, with Goldman Sachs predicting that the technology could render 300 million full-time jobs obsolete. This raises the question: Was Elon Musk correct in describing the pursuit of AI as a “dangerous” arms race? Here’s my point of view on this: although AI, in some very creative ways, is changing the way property business is done, ai replacing real estate agents does not seem possible anytime soon. I believe too many augmentations will be needed until the tool can replace any job at all.

However, just considering how quickly Open AI, the company behind the renowned chatbot, is growing and establishing some of the most revolutionary collaborations, these augmentations might not take long to take place. Just look at the recent news about Salesforce’s intentions to incorporate ChatGPT enterprise-grade AI technology into one of their flagship products – Einstein GPT – to allow users to ask natural-language prompts (i.e., conversational questions) directly within Salesforce CRM.

The same announcement followed from Microsoft, who has already confirmed a $10 billion investment into ChatGPT. Just looking at these movements in the tech industry, I can say for sure that ChatGPT has set the trend for natural-language capabilities, which means that:

  • The AI goldrush has begun. Incorporating natural-language AI capabilities will soon become an industry standard for most enterprise software, and real estate technology is no exception. While the true value of AI in real estate is still unfolding during its introduction and testing phase, it’s evident that the market will undergo significant transformations in the next five years. Those who fail to adapt to these changes may face adverse consequences in the competitive landscape.
  • Some professions and their responsibilities will need to be recalibrated to reflect the new industry normal, e.g., real estate content managers (professionals who look after listing websites, a company’s social media accounts, etc.) might act rather as content managers and will possibly need to master the new ways of generating content through AI. This will surely take their pay down as less human effort will be needed.

Overall, it’s clear that the trend toward natural-language AI capabilities is here to stay and will have a significant impact on the real estate tech industry and beyond. As businesses and professionals adapt to this new normal, we can expect to see new opportunities emerge, as well as new challenges to overcome.

Keep Up with the Evolving Market with Ascendix

We at Ascendix, are a team of innovators dedicated to helping commercial real estate agencies embrace innovation. With over sixteen-plus years in real estate, we have witnessed many industry breakthroughs and developments and have developed indispensable expertise that positions us as the right leader to help your company integrate innovative AI tools, choose the right CRM software, migrate from your legacy system to Salesforce, and more.

The reason that we are so successful is that we a large established player in the real estate sector, who is very sensitive to your commercial real estate problems – we have been providing stellar technology help to the most renowned industry incumbents like JLL and Colliers for almost two-decades. Check our case studies to learn more about these collaborations.

We supply an expert audit of your current technology, whether it be a dated CRM or listing platform, to spot the reasons for underperformance and room for improvement. Becoming your external development partner to help you build whatever solution you have in mind. As product developers with 5-offices across the world, we have the right product buildout expertise and technology resources to bring your ideas to life. Please contact me to find out how we can help you, as evolving your business has never been trickier than right now’.

4-Corners Property Solution – How does it work?

Currently in the UK, it takes an average of 18-weeks to reach completion on a new purchase. And in 2020, 43.4% of all property transactions failed to complete, resulting in nearly £400m lost in solicitors’ fees, property searches, & surveys.

At 4Corners Property, we offer you a proven route to completing on your transaction sooner, which results in less chance of your property falling through.

4-Corners provides transparent upfront information and are committed to delivering a stress-free and straightforward home-moving process. Buyers can also purchase a 4Moving Pack (property searches) at the point of instruction, which can save up to five weeks in the process. The buyers also have the ability to add on an insurance policy should the transaction fall through at no fault of their own. We are committed to helping buyers move in sooner it is as simple as that.

A 4Moving Pack consists of:

– Title Plan
– Local Authority Search
– Drainage & Water Search
– Environmental Search
– Abortive Transaction Insurance (optional)

Please note, a 4Moving Pack does not negate the requirement for a Conveyancing Solicitor.

 

Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Seaside Properties UK
Breaking News

Isle of Wight best sun-seeking hotspot for homebuyers

Isle of Wight ranks as most affordable sun-seeking hotspot for homebuyers The latest research from over-50s property specialists, Regency Living, reveals that in the UK’s sunniest county, homebuyers are paying an average of £835 for every minute of daily sunshine. For some homebuyers, living in a place that offers warm weather and sunshine is a…
Read More
Coastal and sea front property
Breaking News

Coast to city cuts property values by £4,300 per minute

Commuting from coast to city can save homebuyers as much as £4,300 per minute New research from Yopa, the full-service estate agents, has revealed where the nation’s homebuyers can secure a coastal lifestyle whilst also remaining within commutable distance of a major city, saving themselves hundreds of thousands of pounds in the process. Yopa analysed…
Read More
Breaking News

Time is running out’ for property industry to take web accessibility seriously

Leading expert ahead of June 2025 regulation overhaul says ‘Time is running out’ for the property industry to take web accessibility seriously. Leading digital accessibility expert urges property sector to ‘act now’ ahead of June 2025 regulation overhaul He warns that web accessibility and inclusivity should be part of a long-term strategy and shouldn’t be…
Read More
Breaking News

Renters’ Rights Bill parliamentary progress

The Renters’ Rights Bill has completed its Committee Stage in the House of Lords and will move on to the Report Stage imminently. Allison Thompson, National Lettings Managing Director of LRG, comments on the progress of the Bill: “As the Renters’ Rights Bill completes its committee stage in the House of Lords, it is disappointing…
Read More
Kerb appeal
Breaking News

Housing Market Surges as Stamp Duty Changes Drive Buyer Activity

UK Finance today releases its latest Household Finance Review for Q1 2025, which explores trends in household spending, saving, and borrowing. Mortgage lending surged in the first quarter of 2025, driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Household savings continued to grow, particularly in notice accounts…
Read More
Breaking News

Mortgage Approvals Down in April

The latest figures show that: – Mortgage approvals on house purchases for April sat at 60,463 down (-4.9%) from 63,603 in March. This signals four consecutive months of decline. Approvals are also lower (-2.1%) than the 61,740 seen in April 2024. Despite the decline, there is still optimism for growth in the coming months, especially…
Read More