It’s always interesting to be able to look back on turning points in every industry. Those turning points don’t send out invitations. And normally they come in the middle of some serious economic force such as the mortgage crisis back in 2008, the pandemic back in 2020, and even the attack on the World Trade Center in 2001. None of those came as a result of industry efforts but rather appeared as historic disruptions impacting our lives, our businesses and our culture without invitations.
Another powerful force that we are all seeing first-hand come to the forefront is AI, artificial intelligence. It seems just yesterday when ChatGPT arrived on the shores of our economy. And that was in December 2022. Now just about 4 months later, we are realizing that artificial intelligence is going to impact every aspect of our lives, much like the internet affected the way we live our lives. It’s one of those transformational developments, a threshold technology. Whether we determine it for good or for evil, it is here to stay. And so we must learn to adapt to the new topography of business.
When I was living in New York City back in the early 2000s, I became friends with a real estate agent named Michael Rossi, who founded Elegran. Today Elegran is at the forefront of many of the major developments within the real estate sector. His managing director, Jaren Antin, is now leading that New York-based real estate firm into the future with AI technology.
What distinguishes AI from other technology is that the code appears to be user-friendly and create a human soft touch to the power of coding.
Here are some ways that AI is impacting the real estate industry:
■ Artificial intelligence is empowering real estate advisors to become smarter and more available for their clients.
■ AI’s new tools have come to the market, allowing agents to engage with their database of leads who are ready for a transaction.
■ AI technology is humanizing the real estate industry from a technological platform.
■ AI allows for agents to maximize their available time to develop truly profitable relationships.
■ AI takes some of the heavy lifting of nurturing relationships, learning what buyers are looking for and presenting qualified buyers to agents who are ready for the transaction.
Time is limited and properties are limited, in the case of inventory, in very short supply. But what AI is able to do is maximize not only the element of time management but also provide a higher quality of experience to the real estate agent’s clients.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/