PropTech Today - Is it time to embrace a new era of estate agency?

2023 was coined as the ‘year of AI adoption’ and, after trickling into almost every industry, AI has taken centre stage in estate agency and now we're witnessing a growing curiosity among agents for time-saving and revenue-boosting solutions, and that’s all thanks to the remarkable strides in AI technology.

In fact, recent data has shown that AI usage among agents is beginning to soar, indicating a shift towards embracing new solutions that highlight the time-saving potential of AI.

This shift has made space for agents to allocate more of their time to the crucial personal communication that the industry so heavily relies on.

But does this increase in curiosity mark the beginning of a new era for the industry?

Is AI ready for the industry?

It’s completely understandable that many agents are hesitant to utilise AI in their business, with a lot of branches unsure how best to harness its power. The concept of AI has been a difficult one to digest, especially when popular tools like Chat GPT struggle to grasp the nuances of estate agency, with things like Americanised spellings and misunderstandings becoming a hindrance that only leave agents looking unprofessional.

But innovators in the PropTech space are now harnessing AI and machine learning in ways like never before…

Adopting highly advanced tools can help agents to work smarter, not harder in a multitude of ways. Such advanced AI tools that have been crafted specifically for estate agents can do everything from analysing data more efficiently to driving down the time it takes to complete complex tasks - helping you make intelligent decisions for better results.

AI innovations within estate agency

While 2023 has seen widespread interest in AI skyrocket, AI and machine learning has been at the core of some suppliers' offerings for much longer, including Street.co.uk and Spectre.

Last month, we launched Street AI on Street.co.uk, transforming hour-long tasks into seconds of effort. The uptake has already seen agents save hundreds of hours per week, assisting them in crafting impactful emails, generating compelling property descriptions and enhancing property photos, all with just a few clicks.

Since its launch, Street AI, which has been developed specifically for use in UK estate agencies, has generated over 5,000 emails and written or summarised 2,500 property descriptions, reclaiming a total of 1,450 hours of valuable agent time. It's quickly become one of our most popular tools on Street.co.uk, showing the appetite for AI-powered innovation within the industry.

But AI isn't limited to content writing alone... achieving a strong ROI through prospecting necessitates effective data utilisation, and AI and machine learning is perfectly placed to support agents.

Spectre, one of our flagship AI-powered prospecting tools, constantly monitors and relearns against a database of 27 million residential properties to maximise campaign impact. While agents can manually fine-tune their marketing efforts with precision, narrowing down their target audience based on a wide range of parameters, Spectre AI removes the guesswork, arming agents with empirical knowledge and expertise to identify the properties most likely to instruct.

Does AI have a place in the industry?

Industry specific AI tools demonstrate to agents that there can be real value in incorporating AI into their operations. Those who embrace new technology are powering ahead and are reaping the rewards already.

Ultimately, human expertise and face-to-face interactions are always going to be paramount in any industry, especially estate agency. And while the fears of AI are very relevant, integrations of smart AI tech are not here to usurp agents from their own positions but rather to aid them by freeing up additional resources and wowing clients.

Now is not the time to close the door on AI; the future of AI in the estate industry is bright and its prominence will only solidify further over time. Estate agents should utilise this time of evolution and innovation to give AI a home in their agency, therefore putting themselves ahead of the curve all while interest and advancement in the field continues to grow.