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
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