Artificial intelligence will continue to disrupt the real estate industry, and leaders must learn how to harness it, industry leaders argued Monday.
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Technology has been disrupting the real estate industry for years, but at least one CEO believes the impact of artificial intelligence will be unlike anything the industry has ever seen before.
“I’m convinced that AI is here to stay,” Malte Kramer said Monday, adding, “AI is fundamentally different in that it affects every part of the value chain. Everything is becoming more efficient. This innovation cycle will be faster than previous innovation cycles.”
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Kramer, founder and CEO of real estate software company Luxury Presence, made the comments onstage at Inman Luxury Connect on Monday. During his session, he repeatedly asserted that AI will have a significant, and likely positive, impact on the real estate industry, at one point checking off a list of AI tools he already uses. He said these tools often help with task management and content creation, saving industry professionals time and effort.
“AI is good at taking unstructured data and turning it into structured data,” he said, noting that many real estate professionals hate data entry, meaning AI techniques can eliminate unpleasant tasks.
Kramer also advised Luxury Connect attendees to find people within their organizations who are interested in and understand artificial intelligence and can educate leaders on the field.
From left to right, Inman Luxury Connect Monday hosts Holly Meyer Lucas, Malte Kramer and Kevin Van Eck. Photo by AJ Canaria Creative Services
Kramer was joined on stage by Kevin Van Eck, president of affiliate strategies at Christie’s International Real Estate. Van Eck agreed with Kramer that artificial intelligence is here to stay, in part because there’s now “so much money and innovation behind it.” But he also warned industry leaders that introducing new AI tools for agents is likely to result in backlash. After all, few people are immediately excited about change.
But Van Eck advised leaders to “take a firm stance,” because “if you do that, your agents will be more successful.”
“We need to support that,” he added.
Van Eck ultimately concluded that AI will continue to evolve, claiming that the technology is “at its worst right now,” and suggesting that people who learn how to use AI will have a huge advantage in the future.
“AI won’t replace us,” Van Eck said. “We’ll be replaced by people who know how to use AI.”
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