Artificial intelligence will continue to disrupt the real estate industry and leaders must learn how to harness it, industry leaders said 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 seen so far.
“I definitely think it’s here to stay,” Malte Kramer said on Monday, adding, “Artificial intelligence is fundamentally different because it affects every part of the value chain. Everything becomes more efficient. This innovation cycle will Faster than previous innovation cycles.
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Cramer, founder and CEO of real estate software company Luxury Presence, made the remarks on stage at Inman Luxury Connect on Monday. During the meeting, he repeatedly emphasized that artificial intelligence would have a significant and potentially positive impact on real estate, and at one point listed a list of artificial intelligence tools he was already using. These tools often help with task management or content creation and can save industry professionals time and effort, he said.
“Artificial intelligence is great at converting unstructured data into structured data,” he said, noting that many real estate professionals hate data entry — meaning the technology can cut down on the unpleasant work.
Cramer also recommended that Luxury Connect attendees look for people within their organizations who like and understand artificial intelligence and can educate leaders about what’s going on in the field.
From left to right are Holly Meyer Lucas, Malte Kramer and Kevin Van Eck, hosts of Monday’s Inman Luxury Connect. Photo Credit: AJ Canaria Creative Services
Cramer was joined on stage by Kevin Van Eyk, president of international real estate alliance strategy at Christie’s. Van Eyck agreed with Cramer that artificial intelligence is likely to be here to stay, in part because there is currently “so much money and innovation behind it.” But he also warned industry leaders that they may face pushback if they roll out new AI tools for agents. After all, few people enjoy change immediately.
However, Van Eyck advised these leaders to “stand firm” because “you know that makes the agents more successful.”
“You have to support it,” he added.
Van Eyck ultimately concluded that artificial intelligence will only continue to get better, calling the technology “the worst it’s ever been.” And, he suggests, people who learn how to use it will have a significant advantage in the future.
“You’re not going to be replaced by artificial intelligence,” Van Eyck said. “You will be replaced by someone else who knows how to use it.”
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