Innovation threats in PropTech

Innovation threats in PropTech
August 9, 2017 Julia Sjövall

The rise of the real estate robots

The New York Post recently posted an article with the enticing headline Your next real estate broker could be a robot. As big data and artificial intelligence are starting to be used to sell residential real estate, the author of the article claims that we need to get ready for the rise of real estate robots.

But are we really ready to get rid of the human interaction?

Many experts would highlight that the human interaction is extremely hard to replace in the real estate market. What if people want to see and touch potential homes before buying? Have we really arrived at the stage yet where we trust technology and images enough to discard the opportunity of a physical visit?

Examining this trend alternatively, there are already house buyers out there who use technology to filter out the most interesting listings. Perhaps they are being targeted by ads in some way and don’t even find it necessary to go out and look for listings themselves. Listings just seem to fall into their laps, listings that are truly interesting to them and relevant for their buying requirements.

As James Dearsley said: “Sales and revenue generation are as a result of human interaction; it is that human interaction that is changing”

-“But I really would like to speak with someone.”

But what if you want to actually speak to someone concerning an available home? Do we really need people doing all the speaking? There are already existing AI’s like Siri and Google Now that are pretty good at speaking to people. Could we not use AI to do the dirty work, e.g. booking appointments and providing buyers and sellers with property information? Of course we can, as a matter of fact, at Adfenix we already have real estate agencies testing this out with the Adfenix chatbot. Right now things are looking really good and the chatbot is providing agents with meetings all by itself.

Do you have questions about the chatbot? Please send us a message!

An industry running on automation and algorithms

The ultimate goal of some PropTech companies is that in the near future the real estate industry will be automated and run entirely on algorithms within AI. However, just because the PropTech industry promotes artificial intelligence, this doesn’t necessarily say that artificial intelligence will completely take over and eliminate real estate agents in the future. At Adfenix, this is definitely the last thing that we want and we are active thought leaders in the PropTech industry. Rather, we want to use technology to the advantage of real estate agents. We can make real estate agents more effective, capable and faster. And it’s all up to how we utilize technology and provide it to you.  

Whatever the future hold in its hands, the truth is that technology will play a key factor in how the real estate business and the PropTech industry will look. There are probably millions of things that can be done and will be done. Are you keeping up?

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