Barbara Corcoran knows a thing or two about real estate. The Shark Tank star built a $100 million net worth and has spent decades at the top of the industry.
And according to Corcoran, a new era of home buying is on the horizon thanks to one tool: artificial intelligence.
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“If you have a low IQ, suddenly you can look smart. It’s like the whole world got a genius implant,” she said in a recent interview with Yahoo Finance, covered by GoBankingRates. “This thing is such a game-changer.”
Corcoran is a firm believer that AI is worth all the hype.
She sees two reasons why generative chatbots like ChatGPT and other AI technologies will transform the industry fast. Here’s why.
Corcoran’s take: AI as the ultimate time-saver
Corcoran sees AI as a productivity powerhouse for real estate agents that can help them regain what they need most: time.
“The same kind of documents you had to review that would take an hour, you’d see in two, three minutes,” she told Yahoo Finance. “People are writing emails and texts explaining the market to their customers.”
Beyond analyzing documents, ChatGPT can write listing descriptions in seconds. The writing process which takes agents hours — drafting, editing and rewording property features — can now be done with a simple prompt.
The second reason is that AI helps agents have better, more efficient client conversations. From pricing updates to commission talks, Corcoran believes ChatGPT offers clear and accurate communication that can level up the personalization of a sale, including language translation for international buyers.
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The bigger picture: How AI could reshape real estate
The impact of AI on real estate can extend far beyond writing listings or sales scripts.
Here are a few ways it could streamline and scale the industry:
- Smarter lead generation: AI can identify high-intent buyers and sellers to help agents focus on qualified prospects. It can also automate tailored follow-ups based on where each lead is in the sales funnel.
- Seamless scheduling: AI-powered assistants can handle bookings and calendar coordination to eliminate the back-and-forth that can delay a deal.
- 24/7 client support: Chatbots can handle common buyer questions such as property specs and neighborhood insights to give agents more time to close deals.
- Hyper-personalization: AI can craft targeted marketing campaigns and recommend listings based on individual buyer behavior and preferences.
- Enhanced property presentations: AI helps buyers visualize homes remotely through virtual staging and immersive tours.
That said, there are concerns to consider.
Data privacy is a key risk since sensitive financial and location data are at stake. Personal contact information can also be stored in systems used to curate results, which have the potential to be compromised.
Algorithmic biases could skew listings or pricing, too, which could limit the chances of stumbling upon a home that fits your needs well below your budget. Automation might also significantly alter or lower the volume needed of some junior agent and administrative roles, which could affect the job market.
Still, Corcoran believes agents who embrace AI rather than fear it will thrive.
Is she right? She might be if the tech invasion of the past few decades are any indication.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
