While it seems that Big Tech is always taking aim at real estate professionals, their boots-on-the-ground usefulness makes them indispensable.
The internet. Zillow. IBuyers. AI.
What do these have in common? They’ve all, at one time or another, been touted as the end of real estate agents.
Recently, the social media network now known as X has been trotting out that tired old trope to argue that platforms like Opendoor will be the next agent assassin.
Could tech platforms eventually reduce — or even eliminate — the role of traditional real estate agents? That’s the question, based on social media buzz across tech and real estate-related accounts, which argue that “AI, digital transaction platforms and streamlined buying tools are pushing the industry toward a future in which buyers transact directly with software, sans agents.”
One tweet on X said that Opendoor can complete a home purchase in just 12 minutes, while others spoke more generally about the potential of AI to streamline and automate aspects of the transaction process.
While the consensus among industry experts is less dire, most do agree that while agents won’t go away altogether, lower-performing agents and those who are less tech-savvy will probably fall by the wayside.
“It’s such a bloated industry, so I think change is necessary,” Blake O’Shaughnessy, co-founder and CEO of Ownli, said in the story. “Tech and AI will replace some agents, and the casual, part-time agents are in trouble.”
When it comes to the essential nature of agents, it would be hard to do better than Hoby Hanna’s recent remarks in his Q&A with Inman’s Marian McPherson:
This is the largest single financial transaction someone will make, and it’s highly complex and emotional. So you’re always going to need a human touch. So when we hear the stories now about how artificial intelligence is going to replace the agent, that’s no different than when people said the Internet was going to replace the agent. It won’t happen. But we’ll need to adapt.
Need more convincing? Check out these recent service stories from Inman contributors for the real-world, hands-on, experiential insights that AI just can’t duplicate.
I mean, exploding toilet? Let’s see ChatGPT deal with that.
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Email Christy Murdock