Tag Archives: ai

Shortcuts: Zillow Group’s power play, actual intelligence, and NAR’s next move

This article was originally published on Inman News: 

  • Zillow Group’s agent input ban will improve accuracy and squeeze brokers.
  • Its Premier Broker program and data management tools are taking aim at teams and Upstream.
  • Redfin uses agents to create better Zestimates, and no one should be surprised.
  • “Realtor” has immense value. NAR’s CEO search should keep D.C. in mind.

Zillow Group has been using its leverage in more dramatic fashion recently. The headline this week is an upcoming moratorium on agent-posted listings.

Beginning May 1, agents’ listings will only be allowed on the company’s portals if they come via a broker or MLS feed.

This is a power play, and one that the company has every right to make in its quest for a better product. Zillow Group is willing to crack a few eggs to make this omelet.

It’s being sold as an improvement to accuracy, and that checks out. Manually input listings are notoriously error-prone. (Of course, that’s not the only benefit.)

800-pound strategy

The ban creates an immediate friction point for agents whose brokerages and MLSs don’t feed to portals. It puts a wedge between agents and clients, and ergo, agents and brokers.

When clients find out that their agent literally cannot put their listing on Zillow, and their broker can’t fix it before open house weekend, the situation is going to get white hot.

A little message for Jay Thompson, Zillow’s director of industry outreach — please take some vacation and rest up now. May is going to be the season of 1,000 wildfires.

The move will create more feeds for Zillow, and some resentment. Strategically, though, it makes sense.

The big brokers won’t squawk. Most of the country has already signed on. Only the stragglers and iconoclasts will feel the squeeze.

Some agents will continue to be indifferent, some will demand their brokers create a feed — and those whose needs go unmet will find a new brokerage.

The 800-pound gorilla is tired of asking. Independent and holdout brokers: You’re going to feel the weight of its thumb coming down soon.

Premier Broker vs. hiring a team

Meanwhile, the concierge service for the Zillow Premier Broker program is the back end of a team in a box.

Lead generation, text/email/phone conversion, distribution, tracking and management — it’s done. Just answer the phone when your concierge wants to hand off a live one, and you, the solo agent, now have team support.

The program has huge upside. It’s not perfect. Many Zillow consumers have a bad habit of contacting a new agent for every listing and rerouting themselves into spirals of increasing contacts and annoyance from lead converters and concierges.

Those leads are not happy campers when they get an agent on the phone.

The back end works well, though. It affords brokers some shortcuts to team efficiency without all of the hiring and testing of products.

I’m surprised that Zillow Group is using a third-party CRM for tracking; they’ll probably have their own soon.

This program will be popular as long the pricing keeps brokers’ ROI (return on investment) in the black.

The data management arms race

Somebody recently told me to stop writing so much about Zillow. I will when ESPN stops covering the Patriots.

Build or buy? Zillow Group has clearly been leaning toward buying for its data management platform. Paul Hagey (of Inman fame) and I took a deep dive on the developments in this year’s Swanepoel Trends Report.

Jack Miller, president and CTO of the Swanepoel T3 Group, did an outstanding job fleshing out the entire industry’s competitive data management tools.

Bridge Interactive, Retsly and dotloop, when combined with Zillow Group’s in-house tools, could satisfy a wide range of broker demands. The real estate behemoth is buying up a set of tools that cross paths in major ways with Upstream.

Whether that’s the intention, the positioning, or the marketing angle doesn’t matter. The tools being purchased by Zillow Group are designed to solve some of the problems that Upstream solves — albeit perhaps in a way that’s less logistically elegant.

The company is shortening its timeline to a user base by spending instead of creating. We will see quickly whether or not that pays off.

AI (Actual Intelligence)

Inman reporter Teke Wiggin’s piece on a study of Redfin vs. Zillow online valuations sparked some interesting debate.

Wouldn’t every valuation improve with a human-derived “condition” factor added to the algorithm? Forget artificial intelligence, this is actual intelligence in the machine.

A real person’s insights about current condition would be an invaluable addition to an otherwise computer-driven model.

Redfin took the shortcut. Agents are already scoring these homes based on today’s condition. They even have market knowledge. Redfin simply leverages their insights via list prices and adds context to current data.

The results of the study were clear. When listing prices are available, Redfin incorporates them, and its estimates become significantly more accurate than Zillow’s. But Zillow’s estimates for unlisted properties are still more accurate than Redfin’s.

It seems obvious that Zillow could win in both categories by incorporating list prices on listed homes’ Zestimates.

Zillow argues that consumers don’t want that. They want “independence” in their estimates.

No, they don’t. Consumers want the right price — remember that accuracy we were striving for earlier? It’s right in front of you.

Save our CRM

Vendors at Inman Connect New York repeated a phrase to me that I don’t hear often enough: “We integrate with your CRM.”

For all of the tools offered to agents, too many are built as standalone or loosely connected functions. CRMs with APIs, and vendors willing to use them, are taking away major pain points.

Brokers want our agents focused on their database, in their CRM. Some vendors are getting this.

Aiva, the AI-powered assistant by Deckspire; “First,” featuring predictive analytics (guys, you’re killing our searches with that name); and Cloud Attract from W + R Studios were just some of the product folks I talked to that understood this concept as a core issue.

Don’t build another CRM. Build something that works with our current CRM.

Goggling vs. feeling

News Corp. has helped realtor.com do some leapfrogging in the virtual reality (VR)/augmented reality (AR) world. Their work with Matterport and REA Group has provided the foundation for VR and AR in apps for goggles or the good old-fashioned mobile device in your hands.

They are a nice step forward, if VR’s where you think the industry is headed. Some of the hype is overblown, but it will be a nice a supplemental tool to increase conversions of internet traffic to in-person showings.

Buyers will love VR for property introductions. But when you think about downsizing mom and dad into a condo for their “final home,” or buying that first bungalow to raise children in, goggle-and-buy rings hollow. We want to smell how that home feels.

What’s in a name?

Marc Davison took us on an entertaining creative journey about the name “Realtor.” What’s the value? It depends on your audience.

When I go to Washington, D.C., in May and walk into a Senator’s office, you can be sure they understand it.

When our state’s legislative leadership calls us for insights on a policy negotiation, it’s clear that they know who we are.

Broker-owners ask us to come talk to their agents about what we do because they understand the value.

There is a disconnect with the public. It’s clear that they don’t distinguish between a licensee and a Realtor. But that in no way diminishes their knowledge of a Realtor’s value.

This isn’t a term that grew organically out of a need to describe a category of professions, like a doctor. It’s a trade organization being so effective with its label that its name has superseded the commonplace occupational designation.

The Realtor moniker being indistinguishable from a real estate salesperson makes us victims of our own success.

There’s clearly some frustration about the lack of distinction from consumers. We can continue to work to improve and distinguish Realtor members. But this is not such a bad problem to have.

Top job

National Association of Realtors CEO, Dale Stinton, responded to a reader letter on Inman. Read that twice.

Going forward for NAR, getting the right mix of transparency, accessibility, focus and resoluteness won’t be easy.

Kudos to Dale for being a leader willing to engage membership in an introspective and stout discussion about the association’s outlook.

Choosing the next CEO will be difficult. The right candidate needs a keen understanding of technology, communications, public policy and — most importantly — organized real estate’s multifaceted bureaucracy.

Somebody who knows D.C. pretty well just stepped aside from an MLS CEO position to allow the formation of a better marketplace for members.

That kind of leadership deserves a spot on the interview short list.

Sam DeBord is managing broker of Seattle Homes Group with Coldwell Banker Danforth and President-Elect of Seattle King County Realtors. You can find his team at SeattleHomes.com and BellevueHomes.com.

Human satisfaction: Can a bot fake it?

This article was originally published on Inman News:

Excitement about new technology in real estate is usually followed by long delays in practical application. Logistical, territorial and legal hurdles often stand in the way.

Bots seem to be overcoming those barriers with ease.

How do bots work in real estate?

Bots in real estate create artificially enhanced relationship management. From conversation to conversion, nurture and management, software systems are being built to interact with end users as if there was a relationship with a human on the other end.

Sometimes these systems tell the consumer interacting with them that they’re a bot. Sometimes they don’t.

In some cases, they’re a little bit of HAL 9000, assisted by a little bit of Dave the human.

The gray area creates an interesting question: how much “faking it” is ethical — and how much does the end user care?

No doubt you’ve seen “the scene” from When Harry Met Sally. (Millennials, go YouTube it — maybe not at work.)

The conversation centers on whether participants in a transaction can really tell whether or not their counterpart received the desired experience.

Actor A may feel like he has achieved a win-win outcome, while Actor B may just be humoring his obliviousness. Not unlike a parent letting a child beat them in a game to deliver pleasure through illusion, “faking it” is sometimes the most pragmatic decision.

When Riley met Jenny

When the transaction is business-to-consumer, faking it may often be preferable. If a bot can provide a human-like experience with a fulfilling outcome for the consumer, isn’t everyone better off?

Meet Riley. He is a combination of bot and human, but he doesn’t like to talk about it.

Consumers, by and large, don’t know he’s “human-assisted AI.” An inquiry to Riley about a property may begin with some standardized questions and replies. Quickly, though, it transitions into an actual human experience.

Riley’s job is to answer questions and keep the consumer in conversation with value and time that the agent or business-person may not have at the moment.

I conversed with Riley a few times, looking for the moment where the contextual intelligence of a real person took over.

It’s a smooth transition. Most consumers probably aren’t skeptics, looking for the seams in the process.

Even if they knew, though — would they care? Probably not, if the outcome they desired had been delivered.

Call 867-5309 for a good showing

Jenny has a different point of view. She’s built on IBM’s Watson technology, 100 percent bot, and proud of it.

Not afraid to answer 20 texts or Facebook messages at 3 a.m., she wears her digital brain on her sleeve and tells consumers who she is upfront.

It’s a good bet that consumers will be more willing to barrage a bot than a human with extensive and repetitive inquiries.

Jenny’s job is to quickly dispense of the most mundane listing maintenance duties: answering sign calls about property details, showings, flyers, open houses and so on.

Her primary goal is to make the listing management system efficient. Call her Lucy, Clippy or TI-85 — it doesn’t make a difference. Consumers know she’s a bot.

Will Jenny’s upfront AI admission limit other opportunities?

She could transition to lead conversion mode mid-conversation. Already knowing that they’re talking to a bot, though, consumers would probably be less likely to answer a long string of questions about themselves.

Then there’s that nagging truth about real estate: Human loyalty generates long-term clients and referrals. Consumers who feel that their agent has personally provided his or her time to them will often feel obligated to work with, and refer other clients to, that agent.

The giving of human time — real or perceived — generates loyalty. Can a self-identified bot deliver the same feeling?

Team in a box

A team of bots seems like the ideal setup for efficiency.

Riley is mum about his AI to improve the consumer’s experience in the initial conversation. He is the lead conversion bot.

Jenny is the card-carrying bot office manager, delivering answers efficiently with a machine learning badge.

Sally is the incognito sphere nurturer who leans heavily on the real agent for support.

The level to which they support one another or reveal themselves as inhuman will depend on the ethics, perception and aggressiveness of their employers.

Of course, technically, these bots don’t have to be disconnected entities. They’ll likely be built as a single software program with different personalities for different duties.

Call it a team in a box. Defining the personalities is the key to optimizing the user’s perception.

The technology is already capable, but the personal nuances will determine consumers’ acceptance of the experience.

“You don’t think that I can tell the difference? Get outta here.”

Harry didn’t know until he was told. Will consumers know — or care?

A quick note:

CRMLS has begun passing on listing licensing fees from third-party portals to its member brokers. Bravo! The dollar amount is minuscule today, but the decision is still significant.

CRMLS can’t disclose which portals are paying for direct feeds, and how much they’re each paying, due to contractual obligations. This isn’t a surprise. I’ve been asking around the industry for years and getting jazz hands as a response.

The spotlight is beginning to shine through the smoke and mirrors of listing syndication finance. How much will portals pay for a listing? How much is that listing worth in ad revenue? How many MLSs are being paid by portals, and how many are willing to pass that revenue on to the brokers?

Why not create a model where the portal pays a referral fee to the broker/MLS based on a percentage of advertising revenue generated? Brokers know they’re not leveraging their listings’ advertising value. Creative options for greater revenue capture will continue to grow as broker margins shrink.

More exposure of these kinds of financial agreements is good for real estate. Pricing is arbitrary when sellers don’t know the market value of their product. Let’s continue to air out the details.

Sam DeBord is managing broker of Seattle Homes Group with Coldwell Banker Danforth and President-Elect of Seattle King County Realtors. You can find his team at SeattleHomes.com and BellevueHomes.com.

Provoking, flipping and dropping bombs (Inman Connect Speed Wrap)

This article was originally published on Inman News:
by Sam DeBord

Last week was Inman Connect in San Francisco, one of the best events of the year (and no, not only for the parties).

I’m writing to you from a campground in the Cascade mountains, so I’ll try to wrap up a lot of content quickly.

Bots taking over

Connect is always looking for the leading edge of tech. Bots are right at our fingertips.

Amazon’s Alexa was on stage at #ICSF answering Brad Inman’s questions — the way lead management software will in the near future.

A number of companies are already providing a combination ofhuman/bot lead conversion that works for agents while they sleep. Those conversations are digitally stored.

The human concierges likely won’t last long. Machine learning and that database of interaction analyzed against conversion rates will create a finely tuned sales bot in no time.

It won’t replace the agent in the transaction, but it could replace the inside sales lead conversion/appointment setter. I’d hire one. (And this week, Inman launched its own bot for readers, too.)

The software has eyes

Speaking of machine learning, RealScout has nailed it. Millions of human eyes interpreting real estate images have been transformed into a software intellect.

The machine can read images more accurately than its human counterparts. It sees the open layout and the box beams, even if the agent doesn’t identify them in the listing.

Consumers use natural language search and enjoy a curated discovery process, free of the artificial constraints of archaic code.

This is where the real estate experience improves. MLS and agent/broker inefficiencies are overcome by intelligent investment. Technology and capital come together to add value to the process.

We need more of this.

‘MLX > MLS’

That headline on W + R Studios’ website might be unnecessarily provocative, but that’s pitchman Greg Robertson’s style. Cloud MLX won the Inman Innovator Award, and it’s better than any MLS interface I’ve seen.

Like RealScout, it breaks free of traditional MLS search constraints.

With instant search suggestion feedback and past favorites/saved searches built into real-time interaction, the user’s efficiency grows with continued use. It’s a secondary or complementary MLS interface (there’s no “add/edit” listing feature). For now, it’s not a direct competitor to the big primary MLS providers.

This company is doing CMAs better than MLSs. It has better listing alerts. Now it has a superior user interface. What’s next?

The arms race

Congrats to the entrepreneurs who are being acquired in this bubbly market. Commissions Inc, a little startup out of Atlanta, sold for $250 million. That’s one-quarter of what News Corp paid for Move/realtor.com.

Leads and customer management software are still the story, no matter how many speakers try to shout it down.

Bridge Interactive Group was just acquired by Zillow. If you’re not familiar with them, have a look at their services, then look at Project Upstream’s. There’s no cold war here, just some friendly comrades building agent tools and ad platforms.

 

Bridge Interactive Group

 

Flips, bidding wars, and discounts

There are a lot of new business models getting airtime at Connect.

Haus is a bidding war platform that promises transparency. The legend is that an Uber founder got angry when he was outbid on a home, so he started a new company where everyone can see everyone else’s offer.

It’s going to be as hot as the taxi business. The potential user base is sellers in hot markets who want to give away their strategic advantage. Why would listing agents encourage their sellers to dump their informational leverage? How did this question not come up immediately to the founders?

Knock is another startup. It flips homes by giving sellers a guaranteed price. The property is listed publicly, and either Knock buys it at the pre-arranged price, or the seller gets a premium if it sells for more to another buyer. Knock takes some kind of fee, which should be front and center on its website but isn’t.

Transfer taxes limit some flip models. They can be up to 2 percent of the purchase price. In a traditional flip with two sales, that 4 percent really squeezes the profit margins.

Opendoor is taking a strategic approach by traditionally buying/reselling flip homes in states with low/no transfer taxes. They’re pretty successful so far. Homeowners are willing to forgo the money available on the open market for a guaranteed price/easy closing. It will be interesting to see if they can scale in other states.

I have an uneasy feeling about how well these sellers are informed about the value of their homes. It’s one of those uncomfortable topics like pocket listings: consumers have free choice, but the quality of advice they receive from their advisers has a great effect on those choices.

SoloPro came to talk about its limited-service model. It embodies the philosophical disconnect between many outsiders and industry insiders.

The company “unbundles” real estate services. Its marketplace lets consumers meet licensees for flat fee, discount services. Open a door for X dollars, write an offer for Y dollars, Agent Z who happens to be available today will serve your needs.

The agency relationship can’t be dismembered without losing value. Piecemeal representation is lesser representation. Continuity creates value. Inexpensive is sometimes just cheap.

Hobbled-Leigh

You’d think the cast Leigh Brown had to lug around as MC of Connect would have slowed her down, but she came out swinging. Her performance was edgy and smart, in classic Inman style.

In a departure for Connect, she pitched politics and the Realtor PAC from the stage. Some cheered, some grumbled.

This is a pretty simple one, folks. You might not like politics, but we all enjoy the extra money RPAC is putting in our pockets. Anyone who sells, owns or vends to those who do, is benefiting from those carrying the water.

Dropping bombs

I don’t mind when speakers use off-color language, but it’s painful when they don’t know how to wield it. It’s a lot like a weapon. If you’re going to take it on stage, you’d better have a really good (expletive) handle on it.

A few wannabe gunslingers put us all through some pain last week. Don’t be one of them. If you’re not sure, don’t try it.

Startup Alley

Agents don’t want more tools. They want fewer, better tools, and First promises that.

Instead of adding a new CRM, First simply monitors a user’s social networks. Using predictive analytics, its algorithm identifies moments in your sphere’s lives that may signal a move. The agent is alerted to make contact.

Just keep doing what you’re doing on social media and your vendor will do the rest. We need more of this: horsepower on the back end, simplicity for the user.

Unsolicited advice

I’m always struck by the number of entrepreneurs that appear to not have sought broad guidance before launching. There are some really smart folks who could simply sit down with some savvy brokers and agents to find out that their product is functionally obsolete in this industry.

They might save themselves the first failure or pivot.

This isn’t about discouraging innovation. Push the edge, but first ask a few people if it’s just a cliff.

It’s not just the old stodgy guard that’s saying your product/model won’t work. It’s often someone who wants you to improve the experience but can already see what you can’t.

We just might save you a lot of time and money.

Sam DeBord is managing broker of Seattle Homes Group with Coldwell Banker Danforth and President-Elect of Seattle King County Realtors. You can find his team at SeattleHome.com and SeattleCondo.com.

Artificial Intelligence (AI) in real estate: Negating or monetizing an agent’s experience?

This article was originally published on The Real Daily:
by Sam DeBord

Have you ever emailed or texted someone, and subsequently opened Facebook on your phone to immediately see that person in your news feed?

You read the entire terms of service when you downloaded that app, right? So you remember agreeing to every bit of your phone’s hardware and software recording and interpreting the signals that your everyday actions are creating (just nod your head yes—it’s watching you right now).

Artificial Intelligence is seeing tremendous growth in consumer-driven industries. It is the ability for software to learn and adapt to consumer behavior via live feedback. Cars, websites, wearables, and apps are becoming more intelligent and adaptable.

We’re seeing huge advances in the affordability of AI software that match the exponential growth of hardware’s computing power.

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Simultaneously, human labor in developed countries is increasing in cost. Minimum wage laws, increasing liability, and rising health care costs are pushing employers to replace labor with technology. McDonald’s employees become kiosks that order Big Macs. Chase Bank tellers are replaced by apps that scan and deposit checks. Companies like Circuit City and Borders Books shutter their stores as websites more efficiently serve their customers.

How AI intersects with RE

Intelligent software has massive potential for creating technology that changes labor markets. Real estate labor is a natural target, and a couple of recent pieces got the ball rolling this past week.Russ Cofano penned a broker outlook that viewed “cognitive computing” not as a threat to labor, but an asset to the baseline of real estate’s agent intelligence:

“So here’s the question. What if cognitive computing enables agents to be better professionals and make better recommendations to their clients? What if access to cognitive computing power, and the data necessary to power it, becomes the 21st century equivalent of the MLS utility?”

Further, Cofano states, “Cognitive computing has the potential to add massive value to the real estate brokerage value proposition and do for agent professionalism what no other initiative could touch.”

While the piece focused on the superior delivery mechanism (Upstream vs. the MLS), it provided support to the idea that brokers could adopt intelligent data systems to improve agent capabilities industry-wide.

Not surprisingly, a different take came from Rob Hahn, focused on the costs of repetitive labor and the likely evolution:

“The $6 billion question is where real estate brokerage services fit in the spectrum of services if we put McDonald’s order-taker on the one extreme and the Chief Engineer of Nuclear Fusion Reactors on the other extreme in terms of specialized skill and knowledge.

I think most of my readers know the answer. Real estate is far, far closer to McDonald’s than it is to McDonnell-Douglas.

…rote procedures and manual inputs are being displaced by technology. Why would it be any different for the rote procedures and manual inputs in the real estate business?

Answer: it won’t.

Those real estate agents who survive will have to be ‘upskilled’ and focus on niche areas or ‘be equipped to handle smart systems.’”

Comparing two views on AI

So we have two very different views of software intelligence’s effect on real estate agents. In one, brokers might adopt cognitive computing measures to improve agents’ core capabilities to serve consumers. They improve and survive as a unified group of forward-thinking adopters.

In another, AI wipes away the entire foundation of repetitive services performed in real estate. This debases the masses of agents and eliminates the need for their services. It leaves only the specialized practitioners above water when it’s done.

It would be remiss of me to gloss over the McDonald’s analogy. The skills that allow agents to survive in their occupation can’t be crammed into a single linear comparison. It seems prudent to point out that the comparison of rocket scientists, real estate agents, and Egg McMuffin order takers should be complex.

In recent real estate history, replacing a repetitive procedure in the sales process with software has simply changed the sales process. It hasn’t removed the sales person. There are graveyards full of real estate labor would-be disruptors who have a poignant understanding of that history.

artificial-intelligence-REAL-ESTATE

The intrinsic skills that keep real estate agents strongly entrenched in the industry seem to center on two things:

  • Personalized intelligence (unique local knowledge, negotiation, transactional experience)
  • Personal relationships (emotional IQ and sphere building)

The latter is almost invariably ignored in real estate labor disruption conversations, yet it’s probably the single greatest barrier to disruption. People list with people. Sellers’ top three requirements for a listing agent are reputation, honesty, and trustworthiness.

AI is the intrusive stalker in your phone. Thelma is the amazing woman who comes to book club and walks with you on weekends. H.A.L. 2000 can’t touch her in terms of trust. This should be the overriding theme of every disruption conversation.

On to bottling knowledge

In the future, personalized intelligence might be a different story. If part of the value of exceptional agents comes from what they know from experience, the way they negotiate, and how they interact with clients, how much of that could be learned by an exceptional AI platform?

Could exceptional agents allow themselves to be profiled by their devices and capture that intelligence to monetize it? Would brokers be able to conglomerate the practices and intelligence of their best agents to provide a unique set of processes for their agents and answers for their clients that aren’t available to the general public?

It might not be as crazy as it sounds. Think about the vast amount of information that could be gleaned from one agent over a single year with all of his/her devices in “AI learn mode.” Spoken word, tone, movement, visual cues, timing, location data, digital communication, social engagement, contract negotiation—all of these and more could be processed into a database describing when, where, and how top agents interact with their environments to close more sales transactions.

Who owns the AI?

While the aforementioned could be done on an industry-wide basis to inform brokers as a whole, it might also be led by savvy top producing agents or brokers who would profit from it as a differentiator. Melded with predictive analytics on consumer behavior and market statistics, the right set of personalized intelligence could tell an agent when and where to meet a consumer, and how to begin interacting with that person to provide a greater likelihood of a client and a sale.

Of course, until personality can be direct-ported into the agent’s brain, we still need a human with emotional IQ to show up and close the deal. The creation of a relationship might be initiated by data, but it’s going to be sealed with emotion.

ThelmaRealtor software version 2.5 could be an AI profile that’s sold to brokers or new agents as a foundational of intelligence for their careers. Whether these benefits and profits go to the real Thelma, her brokerage, or the industry depends on who adopts the technology first.

Back to the people

If that’s all a bit too much sci-fi, let’s get back to the basics. There are huge opportunities for the brokerage community to leverage greater technology and AI to improve how they do business. Those that do will have valuable differentiating tools and skills.

Still, Thelma v. 2.5 isn’t going to wipe out the physical agents on the ground. Technologists with armies of software agents will continue to stare at screens, while real life agents are cementing unbreakable relationships with real people. Consumers will work with agents they view as trustworthy, no matter what amazing intelligence is dangled in front of them by H.A.L. 2000 Realty.

It’s true that consumers want more intelligent real estate transactions. Before that, though, they want trust. AI has great prospects for helping brokers and agents improve their business intelligence, but it’s not going to take the human element out of the transaction any time soon. The real Thelma’s role may change, but she still owns the most valuable, subjective, and defensible portion of the real estate transaction: the relationship.