11 Cutting-Edge Ways Brokers Can Use AI Today
Artificial intelligence (AI for short) is arguably one of the biggest trends in real estate — and beyond — in 2023. What's truly amazing is how fast the industry has jumped on this cutting-edge technology and started using it for so many different tasks that would ordinarily take a person hours, if not longer. RE Technology hosted a webinar on Tuesday, September 19, with Liz Sturrock, the Chief of MLS and Innovation at Miami REALTORS®. Part of Sturrock's job is to stay apprised of both the risks and the opportunities that present themselves when new technologies are introduced. She shared some tips for brokers whose agents are interested in using AI (and who might be interested in trying out the tools themselves). The full webinar on demand is available at the end of this article. Who should be using AI? Whenever a new technology is introduced, the first question that everyone (not just real estate agents) asks themselves is something like: "Will this disrupt my business and possibly put me out of a job?" Sturrock believes that AI is not going to replace agents outright. However, agents and brokerages that are the most successful and efficient at leveraging these tools will be able to outperform agents and brokers who don't. Tip 1: Start experimenting with AI today. It will likely be a game-changer for your business, and you'll want to get a head start. What are some of the risks of using AI? Like any new technology, AI is not perfect. There are some caveats that Sturrock provided for real estate professionals who are interested in testing it out. Tip 2: Beware of copyright challenges. Photographers are (rightfully so) protective of their images. If you've ever published an image from a stock image source and received some kind of cease-and-desist notification, then you've already had some experience with copyright issues in images. Who owns an image that's a composite of two (or more) images that are found all over the internet? There are no solid legal answers here. If you have questions about whether an AI image project you're planning is fair-use legally, the best way to find out is to ask an attorney who follows AI and can give you good advice. Tip 3: Check for plagiarism. Another group of people who will take steps to shut down a content operation are writers and publishers whose work is being used to create the content, especially if it's not being attributed. But even if it is attributed, reposting large chunks of text from other sources is not usually a great reading experience, and depending on how you've chosen to cite the source, even attribution might not be enough to escape legal hassles. If you don't already use a plagiarism checker at your brokerage, it's probably a good idea to invest in one and pass any AI-written content through it before you publish it on your website. Tip 4: Be vigilant about data privacy. One way that AI "teaches" itself to be smarter is by reviewing the inputs (including the data) that people feed to it. For example, if you're suggesting an AI tool to agents, and they're using it to finesse a lot of market information or home listing data, then you will want to understand how the AI is storing that data and whether the data will get funneled into a larger project or model down the line. Tip 5: Cite sources and check for accuracy. It's a good practice to cite your sources regardless, but one thing to be aware of when using AI tools (such as ChatGPT) to write content is that it will sometimes create sources from thin air, and even provide fake source information (such as backlinks) that look real. When you ask an AI tool to write something for you, make sure you're double-checking any numbers, data, survey information, or other facts that it might have decided to generate for you. How can you use AI in real estate? Once you've apprised yourself of the risks, it's time to start learning more about how AI can help you be a better broker-owner. Here are the top ways Sturrock and her team are using AI at Miami REALTORS®. Tip 6: AI can engage and nurture leads Chatboxes and widgets that answer visitor questions on a real estate website are not new. One thing that is new is the level at which these widgets can interact and engage with people, and some software tools offer live texting options for the agent or broker who owns the website. This allows them to jump in and take over the conversation in real time. Tip 7: AI makes finding a house easier It's one thing to send buyer clients a list of homes in the MLS that meet their criteria; it's entirely another thing to provide them with personalized recommendations that are curated by AI and that get smarter every time the buyer shows interest (or disinterest) in a listing. Tip 8: Quickly and easily generate content Tools like ChatGPT can be used not only to write things like blog articles and social media posts once you provide a list of ideas — they can also provide the ideas for you. Try prompts like "give me three reasons why you might want to buy a house in today's market," or provide it with a localized market data feed (such as RPR's) and ask it to tell you what trends it sees. Remember when you're using AI tools to generate content that you'll want to check any sources cited as well as check for plagiarism before you publish that post, especially if it's going on a website. If the piece is too close to something else that's online, you can always ask the AI to try again! Tip 9: Property descriptions are a breeze for AI Listing descriptions are not every agent's favorite thing to write, and there are specialized platforms now available that can guide agents through a quiz flow, answering certain questions about the property. The tool will then create a captivating property description in seconds. Tip 10: Stage homes and enhance photos The ability to add furniture and even certain features to home listing photos has been available for some time now, but the most recent AI photo generation tools take this ability to a whole new level. You can ask AI staging tools to recreate the same room in a different style, such as "rustic" or "jungle," and even simple enhancements are much easier and faster with AI. Remember to use disclaimers and disclose that enhanced photos have been modified from their original format. Tip 11: AI coaching is a search engine on steroids People who know how to use Google and Bing well can find a lot of great information on the internet, including how to solve certain business problems that are occupying their time and energy. It's possible to use AI as a sort of search-engine-based coach. For example, you can ask some AI tools questions ("what would the best real estate coaches tell me to do to get over my dislike of cold-calling?") and see what kind of advice it pulls up. You can also ask it for business strategy ideas, motivation tactics, and more. For more details — including specific product information from Sturrock — watch the full webinar.

PropTech Franchise YourHomeHub Offers Revenue Opportunity to Brokerages
Real estate has a math problem: the average agent has 397 contacts and the national move rate is 9.7%. That means agents have the potential for 37 transactions annually, but the average agent only completes seven per year. How can brokerages help agents bridge that gap? Enter YourHomeHub, a new technology from MooveGuru that just launched on December 15. YourHomeHub is a homeownership portal that offers consumers a single "hub" for everything related to their home—from help with connecting utilities and moving discounts to one online place to access closing docs, title, appliance manuals, market valuations, and much more. Each hub is branded to an agent and their brokerage and helps real estate professionals stay top-of-mind throughout the entire homeownership lifecycle. What's more, geographic areas are "franchised" by brokerages, and brokerages receive revenue from homeownership-related services and goods purchases that their franchised hubs facilitate. RE Technology got a preview of this brand new technology in a recent webinar. Watch the recording below to learn more: Webinar Guests Scott Oakley, CEO, MooveGuru Kathleen Kuhn, President, MooveGuru Magnus Sublett, Director, RE/MAX of Southeastern Michigan David Moody, CEO, ERA Sunshine Realty Greg Martin, President and Managing Broker, ERA Sunshine Realty Moderator: Victor Lund, CEO and Co-founder, RE Technology Video Timeline 0:00 - Moderator Victor Lund introduces the topic and panelists. 3:18 - Scott Oakley explains what YourHomeHub is. 10:02 - Greg Martin on why ERA Sunshine Realty partnered with YourHomeHub and how it solves his agents' struggle to keep in touch with their sphere. 12:14 - David Moody shares how ERA Sunshine Realty is preparing for the launch of YourHomeHub. 13:40 - Kathleen Kuhn on how she anticipates consumers will react to and interact with YourHomeHub. 14:52 - Scott on keeping the real estate agent and brokerage at the center of the transaction. 15:49 - Magnus Sublett on why he got involved with MooveGuru and YourHomeHub. 18:42 - Greg on how YourHomeHub is a "reverse franchise" where brokerages get paid for every homeownership-related referral or sale they facilitate. 19:35 - How YourHomeHub differs from other tools that let agents stay top-of-mind. 23:15 - Q&A session. 26:23 - Info on pricing, how to get more info, and how to get started. Next Steps Learn more about YourHomeHub at MooveGuru.com Watch more webinars