{"id":1004714172,"date":"2024-05-23T08:28:29","date_gmt":"2024-05-23T16:28:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004714172"},"modified":"2024-06-05T10:45:58","modified_gmt":"2024-06-05T18:45:58","slug":"how-ai-will-impact-the-brokerage-biz","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-ai-will-impact-the-brokerage-biz\/","title":{"rendered":"How AI Will Impact the Brokerage Biz"},"content":{"rendered":"\n

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\"Will
(Left to right) Will Frame, Susan Bloomfield and Ross Ford<\/figcaption><\/figure><\/div>\n\n\n

Whether or not artificial intelligence will make sweeping changes to the brokerage industry is not up for debate. Yet where and how these new technologies will make an impact is.<\/p>\n\n\n\n

Without a crystal ball, it’s hard to predict which aspects of the business will be most influenced, but some experts have a pretty good idea about what the future might hold. And they’re fairly certain of the functions that AI can never assume.<\/p>\n\n\n\n

Where AI can make a change<\/h2>\n\n\n\n

As with other industries, AI is most likely to make strides in the area of data. AI is transforming into a researcher and a search engine of its own. Ross Ford, president & CEO of TCN Worldwide, thinks that the greatest impacts the brokerage industry faces are in the ability of brokers to access knowledge and package it for their clients.<\/p>\n\n\n\n

\u201cAI is starting to be used by firms in terms of abstracting leasing and taking disparate pieces of information and bringing them together in proposals and presentations,\u201d Ford said. \u201cIt\u2019s the speed and efficiency.\u201d<\/p>\n\n\n\n

He anticipates that this technology will be available soon for all transactions rather than just the larger or more complicated deals. Moreover, he thinks AI will make an impact administratively.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Ways to Implement AI Into Your Business<\/a><\/p>\n\n\n\n

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But the benefits of AI extend far beyond speed and efficiency for Susan Bloomfield, chief marketing officer with Stream Realty Partners.<\/p>\n\n\n\n

\u201cGen AI allows for the ability to discover hidden patterns that might go unnoticed through human analysis,\u201d Bloomfield said. \u201cImagine uncovering new or crucial market trends or identifying high-probability deals that would otherwise remain invisible.\u201d<\/p>\n\n\n\n

Whether it be through sorting, identifying inconsistencies, classifying, analyzing, etc., the data capabilities AI can bring will build a stronger industry, according to Kidder Mathews Executive Vice President Will Frame.<\/p>\n\n\n\n

\u201cReal estate brokers will use AI to improve efficiencies, including prospecting, research and market deliverables,\u201d Frame explained. \u201cHowever, AI will not be able to provide real-time negotiation strategies and the personal relationship that is needed to earn clients and complete transactions.\u201d<\/p>\n\n\n\n

Where AI is less helpful<\/h2>\n\n\n\n

There is a consensus among experts, however, that AI will not influence all aspects of the brokerage business since the human touch is the bottom line.<\/p>\n\n\n\n

\u201cAI will never be able to change the dynamic of the personal relationship and the way that brokers can ask questions and learn from their clients to put their needs into action,\u201d Ford added. \u201cAI will never replace that interactive knowledge seeking process.\u201d<\/p>\n\n\n\n

At the end of the day, Ford noted that the brokerage business is a sales role. It requires creativity and interpersonal relationship skills that a computer simply cannot manage. While AI won\u2019t be able to replace the authenticity and experience of human connection, it could help. <\/p>\n\n\n\n

\u201cIt can foster stronger human connections by helping brokers understand behavioral patterns by analyzing conversations and actions within CRMs, emails, and meeting recordings or notes,\u201d Bloomfield said. \u201cThis allows brokers to personalize outreach and keep prospects and clients engaged.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Experts weigh in on how far AI’s reach could be.<\/p>\n","protected":false},"author":3006,"featured_media":1004714770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,23891,21742,21787],"tags":[33612,33358,38489],"class_list":["post-1004714172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-national","category-latest","category-technology","tag-kidder-mathews","tag-stream-realty-partners","tag-tcn-worldwide-real-estate-services"],"acf":[],"yoast_head":"\nHow AI Will Impact the Brokerage Biz - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Three experts weigh in on the parts of the field modern technology will touch most and where it might not be so helpful.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/how-ai-will-impact-the-brokerage-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How AI Will Impact the Brokerage Biz\" \/>\n<meta property=\"og:description\" content=\"Three experts weigh in on the parts of the field modern technology will touch most and where it might not be so helpful.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/how-ai-will-impact-the-brokerage-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-23T16:28:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-05T18:45:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/headshots-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/how-ai-will-impact-the-brokerage-biz\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/how-ai-will-impact-the-brokerage-biz\/\",\"name\":\"How AI Will Impact the Brokerage Biz - 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