Artificial intelligence (AI) may be in the early days of its development, but this brand-new area of technology already promises to transform the way people and machines work together. Most of us experience first-hand the capabilities of AI; for example, over 50% of adults in the United States use voice AI like Siri or Alexa every week according to Trends author Mary Meeker. Meeker’s research also indicates that Americans report these AI solutions accurately interpret speech 95% of the time – which is oddly the same as humans can interpret speech from other humans.
AI strategies are emerging from two of the largest real estate organizations in America: Keller Williams and Realogy. Keller Williams is developing an AI tool focused on agent productivity called Command. It operates as an assistant, allowing agents to automate commonly performed tasks. Realogy will take a different approach via their partnership with OJO Labs – training their AI tools to serve consumers who engage with Realogy technologies online while the company develops an AI assistant for agents that ties into Zap functionality
As previously stated, these strategies are in their early days. When agents and consumers experience the skills of AI bots, they are impressed even though the skills at this stage are pretty basic. These strategies succeed most importantly by setting Keller Williams and Realogy on this exciting course. They have a start, and every day their AI efforts improve.
AI engines require two fundamentals in order to learn: big data and lots of experience. Keller Williams and Realogy have both.
Keller Williams reported that they have 60,000 agents using their CRM system who have loaded over 23 million consumers – about 380 customers per agent (interesting benchmark number). You can presume that Realogy has similar numbers. The rules of large numbers are that are pretty predictable across franchises and large firms.
Fundamentally, data is an asset and big data is a larger asset. Small data sets will never enable AI to learn fast enough to get good enough to serve either the agent or consumer with valued skills. It takes millions of AI sessions to allow these machines to learn. Large franchise organizations have an advantage because of the large numbers. The future is bright.
The time is right to start developing your strategic plan for AI– reach out to Victor Lund or David Gumpper at WAV Group.
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