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1. Propel (verb): drive, push or cause to move in a particular direction, typically forward.
a. Synonyms: spur, catapult, motivate, force.
The age of computer-generated content is not breaking news. Ever used Siri? Maybe Alexa? Most real estate professionals have used Google. These are all versions of artificial narrow intelligence (ANI). Essentially, they are voice-controlled search engines sans critical thinking. Nowadays, the emergence of artificial super intelligence (ASI) applies to those same concepts but with a critical thinking engine baked into them.
For some, AI is a welcome sight. It is already in use, helping industries everywhere be more efficient. Generating property descriptions, maintaining power grids, authoring content for students or calculating end of month account reconciliation for staff accountants. For others, it has become a source of frustration and anxiety. Changing how ‘things have always been done’ can be a scary idea. It means rethinking what works best and applying new, perhaps unfamiliar strategies.
Could AI in real estate be helpful? Imagine you are a landlord and examine the use of AI from that standpoint. AI could be programmed to maintain and monitor the utilities in each of your properties, automatically adjusting the hallway thermostats overnight and during times of low foot traffic. A relatively small change but that automation could save hundreds of dollars per floor per building in both the winter and summer. Hundreds of dollars a month means thousands a year. Less wasted air conditioning and heating means more money in your pocket.
Another avenue for incorporating AI is through the REALTOR® lens. For instance, generating new property showing lists. Picture this: you worked a full 60 hours in one week and are exhausted. During the 60 hours of work, you met with six new clients who all wanted to see properties with specific parameters about square footage, acreage, price and location. AI could do that for you overnight while you get some much-needed rest at little to no cost. You could wake up to fully finished lists for all six clients. Just verify the specifics while sipping that first cup of coffee and start setting appointments.
Speaking from the “big picture” POV, computer-generated assistance comes in so many shapes and sizes that it is not relegated to just one specific aspect of real estate. Ultimately, AI is still human controlled because it is a tool like any other. You are the one who is setting tasks and harvesting results.
The ‘so what’ to all of this is stronger efficiencies. More clients, added opportunities, new listings and with a little luck extra revenue for you and your brand. You’ll be serving a larger group of clients without sacrificing quality of service because AI has the bandwidth to handle complex tasks at a fraction of the time.
Want to learn how to best implement AI into your business? Join us August 22 at 11:30 a.m. in Schaumburg for a Mainstreet Signature event, Propel: What Moves Us at the Al Larson Prairie Center for the Arts.
The best defense for uncertain times is proactivity. Use the links below to register.
Registration for Propel 2023 is open, click here to be redirected to the sign up page.
To visit the Mainstreet calendar and view our upcoming events, click here.