AI stands for Agent Intelligence

We have all heard about the opportunities and threats posed by the arrival of AI. Even those with the slightest interest in technology will have heard about Chat GPT. And yet for all its hype, Chat GPT’s spotlight seems to have lasted about the same length of time as the average property transaction.

Whilst Chat GPT is only a tiny segment of an AI industry that will be intrinsic in making the property sector more efficient, there is no substitute for a handshake, no replacement for the reassurance of human interaction. Done properly, the world of estate agency is one of the few sectors that can capitalise on the opportunities that AI will present, without having to worry about being replaced.

Embracing technology

For all of the opportunities that AI will present in the future, there are challenges that agents face today that can be solved by embracing technology. Ever growing transaction times, uncertainty and a lack of information parity between buyer and seller create frustration and poor customer experiences. For the most part it is the agent that bears the brunt and blame for issues that are often not of their creation (before everyone points at conveyancers, it’s often not the conveyancer’s fault either!).

AI is likely to augment the role of estate agents and enhance the services they provide.

Robin Rathore

Agents can use technology to solve these challenges. Whether it’s video tours and viewings, taking or creating better photos, streamlined vendor onboarding, better chain visibility, digital legal packs or offering alternative sale methods, the best technologies in the property sector have one thing in common. They complement and improve the estate agent’s job, give agents more control and keep agency at the heart of the transaction. Greater collaboration between suppliers can also help to create a more embracing attitude towards technology adoption.

Alto integration

Last month, Bamboo celebrated its integration with Alto, along with the launch of a brand new auction dashboard for agents. Our integration identifies properties that are appropriate for auction and gives agents the control and ability to list those properties for sale by online auction without having to duplicate data entry. This integration has been built with one purpose in mind – to help our agents sell more properties.

Everything we do at Bamboo is centred around this purpose; if there’s a feature on our tech roadmap or a project in our customer success team that doesn’t have this purpose at its heart, we don’t pursue it. By focussing on our single purpose, we have become experts in our field, concentrating on delivering the best possible online auction technology and customer service to our agent partners and opening the door to innovation and development when there is a need and a challenge to solve. In this way, as we continue to launch new and ever more complex technologies, we’re always keeping agents at the heart of the transaction and helping them sell more properties.

Postscript

After I wrote this article, I asked Chat GPT what it ‘thought’ about the future of estate agency and whether AI would replace estate agents. Here’s what it said:

“It’s important to note that while technology is playing a significant role in the evolution of estate agencies, the industry is also built on personal relationships and trust. Successful estate agents will likely find ways to balance technology with the personalised service and expertise that clients expect.

“AI and technology are transforming the real estate industry, but it’s unlikely that they will completely replace estate agents in the foreseeable future. Instead, AI is more likely to augment the role of estate agents and enhance the services they provide.”

Turns out, Chat GPT agrees with me!