How AI Is Shaping the Future of Real Estate

Artificial Intelligence (AI) has been arguably the biggest disruptor of our society since the Internet itself. As real estate professionals, my team and I often get asked about AI and how we feel it will affect real estate. The 2024 Coldwell Banker Trends report takes a much deeper look into that topic. Though it is estimated the AI global market will grow by up to 54% year over year, as it makes information more readily available quicker than ever and especially cuts down on the translation time with international clients, there is no replacement for the human element in real estate. The report also warns of the danger of trusting the technology too much, as the rise of deep fakes offers the potential for problems that a seasoned agent would spot right away. As Michael Altneu, Vice President of Coldwell Banker's Global Luxury program says, "luxury residential real estate is a very personal, emotional, and high-stakes business. Affluent buyers and sellers place a premium on expertise, personalized interactions and uniqueness - and those qualities still very much rest with the human. For those reasons, I don't see AI diminishing the agent's role. If anything, I see generative AI enriching the relationship between the agent and the client by streamlining the process and personalizing the luxury real estate experience even more than it is now." * * *