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Browse the siteJanuary 21 2024
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate.
A brand new study from real estate tech leader Delta Media shows the popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America's leading real estate brokerages.
Today, 75% of America's real estate brokerages already use AI technology, and almost 80% report that their agents have adopted AI tools.
The responses, compiled from more than 130 leaders of real estate brokerages representing firms responsible for 65% of all real estate transactions nationally last year, also uncover worries about risks related to unchecked AI usage.
Among the most striking findings come from gender differences:
What's the profile of the "typical" brokerage leader using AI today?
He (predominantly male) is an experienced senior executive helming a mid-sized brokerage. This contrasts with the characteristics of brokerages most actively using AI, often led by women aged between 31-39 or 50-59 years, managing a considerable number of agents and overseeing substantial transaction volumes.
Among the other top findings:
AI fears
But rapid AI adoption in residential real estate isn't without some misgivings: More than half of the top brokerage execs responding said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability, with female leaders slightly more concerned than their male counterparts.
The highest level of worry is among brokerage leaders aged 60 or older, especially those managing smaller teams and lower transaction volumes. Conversely, middle-aged leaders of large brokerages with massive transaction volumes exhibit the least concern.
Michael Minard, owner and CEO of Delta Media and an AI thought leader, notes, "As AI reliance grows, brokerages need assurance that their tech partners providing these tools have sufficient safeguards to protect them from the potential downsides. Managing risks remains an imperative even as competitive pressures make adoption table stakes."
Sources: Various collected by Exploding Topics
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To view the original article, visit the WAV Group blog.