HousingWire asked past Tech Trendsetter honorees about the biggest technological transformations they’ve witnessed and where mortgage and real estate industry companies should focus in 2024. The unanimous answer was that artificial intelligence (AI) is revolutionizing the way the industry works, from increasing productivity to streamlining operations.
Read on for more of their insights into how AI is changing the future of mortgages and real estate.
What is the most amazing technological innovation you have seen in recent years?
- “AI has been in the spotlight for a while now, but suddenly several tools have AI capabilities built into them and are very easy to use. AI is very useful and helps us get our jobs done faster. These AI tools help eliminate mundane tasks that we are accustomed to doing manually, such as writing emails, creating meeting minutes and action items, creating test plans, automating test cases, and even writing AI-generated code. The time saved on these mundane tasks gives us more time to think outside the box and take advantage of AI.” [solutions for] I tackle more complex problems. As an engineer, this inspires me to learn more and have fun doing it!” — Shelley Girard, VP of Software Development, Sagent
- “Arguably the most amazing technological innovation of recent years has been the rapid advancement and widespread adoption of AI. AI has revolutionized not only real estate, but nearly every aspect of our lives. AI has changed the way we think, work, and do business. What’s truly exciting is that we are still in the early stages of this technological evolution, and the potential for future innovation is immense.” Lindsay Listonski, VP of Marketing, Coldwell Banker Realty
Looking ahead to the second half of 2024, where would you advise your clients and colleagues to focus their technology resources?
- “I recommend focusing entirely on AI. Some teams have seen 30%-50% improvement in performance and have been able to scale their business without significantly increasing headcount. Customer support, marketing, and lead nurturing are the best places to start.” — Malte Kramer, Founder and CEO of Luxury Presence
- “Rather than waiting for real estate technology providers to announce AI solutions and capabilities, businesses should immediately investigate the AI tools available today. Existing tools can work with existing systems to get more out of what you already have. This way, businesses can avoid having to make costly and time-consuming system changes and truly differentiate themselves in the market. They will see immediate benefits from increased productivity.” Michael Minard, CEO/Owner, Delta Media Group
Nominations for the 2024 Tech Trendsetters awards are open from now through September 30, 2024. click here Nominate.