Do you hear that buzz? AI this, AI that? There is a lot of activity swirling around artificial intelligence, but also a lot of questionable noise and hyperbole mixed in with a few scare tactics.
Some real estate agents may be wondering if this is just another Web3-NFT-cryptocurrency craze thing that will disappear if they ignore it. The answer from nearly every leading Tech CEO is a resounding – no!
However, real estate agents who don’t use AI are more likely to be replaced by agents who do.
And that’s why firms like Microsoft, which Fast Company already says “is winning Big Tech’s AI war,” are betting the farm on AI.
Investment often leads where success follows.
Total spending on AI systems is forecast to reach nearly $100 billion in 2023, almost 3x of 2019. Over the last five years, the AI sector’s annual growth rate has eclipsed 28 percent.
But the big question for real estate agents isn’t about what AI will do. It is what AI can do – now.
The bottom line that will drive AI growth and adoption in real estate among agents in particular: What pain points can AI solve today?
AI + Customer Relationship Management systems are the big first wave
These systems will do more for agents than their typical DIY use of ChatGPT.
Two great examples today: Delta Media and Productive.ai.
Now Delta Media is a veteran tech firm. Delta was founded in 1993 and is now the largest family-owned and operated real estate tech company. If you are surprised that an “old-school” firm is helping to lead the AI movement, don’t be. Delta is anything today but old school.
Owner and CEO Michael Minard has written considerably about AI in real estate.
In 2019, Delta Media Group collaborated with five North Carolina State University Master of Science in Analytics (MSA) graduate students in a year-long artificial intelligence lead scoring study designed for the real estate industry. The project examined behavioral patterns of home shoppers that were most likely to result in a closed transaction.
Moreover, Delta Media is a proven innovator: check out its historical timeline.
After reinvesting tens of millions of dollars into its all-in-one-platform DeltaNET since it launched in 2015, Delta unveiled its new AI-powered DeltaNET 7. It is the most significant launch since its all-in-one DeltaNET platform was created.
The promise is huge, as Delta calls DeltaNET 7 “one of the industry’s most advanced CRM-based, all-in-one digital marketing platform.” Labeled ‘made for mobile,’ the new digital marketing platform leverages artificial intelligence and automation with “unmatched brokerage and user-level customization.”
AI impacting agents
The best example of the power of AI inside the newest Delta platform is its “My Customer For Life” marketing tool, known by users as MCFL. It’s a dynamic, AI-driven email newsletter featuring new and unique content each week.
What makes MCFL unique is machine learning. The built-in machine learning is content-focused and, like Amazon, tracks consumer interactions, enabling it to deliver more of the content the consumer is interested in.
It means agents can automatically deliver the right content at the right time to the right client – just set and forget, as it does it all for them.
The number one mistake most agents make is not staying in touch with past clients. Smart tools like MCFL eliminate orphaned buyers and sellers.
The click-through rate on Delta’s MCFL is up to three times the industry average because the content automatically customizes to the user’s interest based on engagement.
Brokerages love it because they can customize all significant elements of the MCFL newsletter with their branding and personalize it with individual agent information.
You can read about the Delta announcement here.
A smarter smartphone
I wrote about Productive.ai as they recently won the NAR iOi Summit Pitch Battle. I watched a dozen contenders at the Miami Beach confab, and like many in the room I spoke with, Productive.ai was the clear winner, confirmed by the $15,000 check they received.
Prodcutive.ai delivers immediate, actionable, useable, practical AI-empowered features tied to a client or prospect’s phone call and their CRM.
It is like automatic data mining (remember that term?) as it summarizes a call, and automatically assigns tasks discussed during the conversation into your calendar for action. And then, most importantly, it integrates with your CRM – logs the calls, notes, recordings, and transcriptions, but more importantly, with one touch, it adds a new contact to your CRM from the app itself.
Its CRM integrations already include Keller Williams, KVcore, HubSpot, ActiveCampaign, Wise Agent, SalesForce, ZOHO, BoomTown!, Follow Up Boss, Pipedrive, Procore, and SalesLoft.
You can watch videos on how some of these integrations work here.
Their AI use is so attractive because the human voice controls the AI. Nothing to enter: it is all voice commands. Voice control is clearly the future for nearly all things AI.
These are the kinds of AI-powered tech agents will adopt now because they will save them time and make them money.
AI can change an agent’s game
According to the most recent NAR member profile survey, 41% of agents rarely or never use a CRM. Of those that do, only one in four use it daily or nearly every day.
Yet other NAR research shows that a CRM is a top three source of leads for agents, second only to social media and their MLS!
These new AI-powered tools from Delta and Productive.ai can change the CRM quandary – instantly. AI does the heavy lifting.
This kind of AI is creating one colossal wave early on that every agent has a chance to ride.