New Delta Media Survey Shows Widespread AI Adoption Reshaping Real Estate Despite Persistent Anxiety Over Safeguards
CANTON, Ohio, Jan. 17, 2024 -- The popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America's leading real estate brokerages, with 75% already using the technology and almost 80% reporting that their agents have adopted AI tools. But concerns remain about safeguards keeping pace with AI's rapid integration, according to the 2024 Delta Media Real Estate Leadership Survey released today.
The comprehensive survey by Delta Media Group, a leading technology partner for more than 80 LeadingRE Affiliates and over 50 top-ranked brokerages nationwide, provides an in-depth profile of AI's current landscape and future trajectory based on responses from more than 130 top brokerage leaders representing firms responsible for two-thirds of all real estate transactions nationally last year. It also uncovers worries about risks related to unchecked AI usage.
"AI has become one of real estate's fastest-adopted technology tools, embraced by brokerages and agents at a breakneck speed," said Michael Minard, owner and CEO of Delta Media. "But our survey shows legitimate concerns about reducing AI risks by having proper controls in place. 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," he added.
The Delta study discovered how real estate agents employ AI in their day-to-day business, primarily leveraging this technology to craft property descriptions (82%), followed by generating blog posts, emails, and letters (67%), social media content (60%), website content (44%), and writing personal bios (43%).
More significantly, the reliance on AI is not just present but growing, with executives rating its current importance to the industry at 5 out of 10, which surges by 40% when asked about AI's importance in the "near future." The enthusiasm for AI is growing, with leaders noting they plan to leverage AI in the future; digital marketing (73%) and social media (72%) are the leading anticipated uses.
While some experts predict 2024 will be the year of AI personal assistants, only 23% of brokerage leaders see AI used for front-office or admin support this year. Remarkably, one in ten (11%) have "No plans to use AI" this year.
Despite the early adoption and widespread use of AI in the real estate industry, as Minard points out, the Delta survey found that a persistent fear of AI remains. More than half of the top brokerage execs said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability around it.
Gender dynamics
Female leaders recognize AI's importance more, especially in mid-sized brokerages with substantial transaction volumes. A greater percentage of female leaders (85.3%) utilize AI in their businesses than male leaders (70.4%).
Female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI. The youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI.
The typical profile of a leader using AI today is an experienced senior executive, predominantly male, 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.
Concerning the apprehension of AI, more than half of the executives worry about the lack of "appropriate guardrails," with female leaders slightly more concerned than males. 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.
Other survey highlights:
Older male leaders of mid-sized firms are most bullish on future AI importance
Larger brokerages with female executives are more likely to have agents using AI
Smaller brokerages led by older executives have the highest AI worry levels
Larger brokerages with middle-aged leadership are least worried about AI
Learn more about Delta Media at deltamediagroup.com.
About Delta Media
Delta Media Group, Inc. is one of America's largest real estate technology solutions providers for real estate brokerages. Located in Canton, Ohio, it is the inventor of DeltaNET, considered the industry's most advanced CRM-based, all-in-one digital marketing platform. The largest family-owned business in its space, Delta is the trusted technology partner for many of the best-known real estate brands, including more than 80 LeadingRE Affiliates and over 50 top-ranked brokerages nationwide. Discover more at deltamediagroup.com.
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DOSS integrates GPT-4 into their AI-Powered Real Estate Search Marketplace, becoming the first to enable users to speak and/or text their queries
A pioneer in conversational home search, DOSS has recently unveiled the latest version of its AI-Powered Real Estate Marketplace — DOSS 2.0
HOUSTON - MAY 25, 2023 -- DOSS, a pioneer in conversational home search, has recently unveiled the latest version of its AI-Powered Real Estate Marketplace — DOSS 2.0. With this new release, the platform sheds its BETA label and makes its real estate search portal accessible to all users. DOSS has integrated GPT-4 directly into their code, providing an unparalleled search experience without any third-party limitations or the initial inherent constraints of the ChatGPT Plugin, which is currently available to only a limited number of users. This launch marks the first narrow domain consumer-facing platform on the web to incorporate GPT-4 while also empowering all of their users to ask questions through speech or text with an AI-Powered solution responding based on how it was engaged.
"DOSS, what is the difference between an FHA loan and a Conventional loan? Please connect me with a Loan Officer…"
Michael Ramirez, the CTO who joined DOSS in January, shared his perspective on deviating from the competition's approach of developing a plugin or extension. He stated, "I understand the rationale behind their choice, as it offers convenience and easier implementation. The DOSS team has been dedicated to advancing Conversational AI, Natural Language Processing (NLP), Natural Language Understanding (NLU), Speech to Text, and Text to Speech technologies for the real estate industry and home search since 2016. This deep expertise gives DOSS a significant advantage, positioning us perfectly to capitalize on the evolution of this technology as we enter the era of Large Language Models (LLMs). With DOSS 2.0, we harness the power of GPT-4 by directly integrating it into our code, empowering all of our users to experience and search for desired information freely and in their preferred manner with a modern use-case that has the potential to evolve home search as we know it. Our platform provides instant advice and tips, comprehensive and dynamic property search results, community and neighborhood information, proximity results, and much more, all delivered in a conversational and humanistic manner. In doing so, we eliminate the need for cumbersome filters that often yield vague results."
"DOSS, show me houses for sale in Austin, Texas under $800,000 with 4 bedrooms, 3 bathrooms, with lots of natural light, on a quiet street, with white kitchen cabinets, in zip code 78703, and zoned to Bryker Woods Elementary School."
DOSS plans to continue aggressively developing their AI-Powered platform to eventually include services such as insurance, mortgage, title, home servicing, and more to mobilize a seamless end-to-end experience for the user. Chris Norton, COO adds, "The seamless integration of GPT-4 and our proprietary image recognition and tagging system by DOSS marks a significant advancement in the real estate industry. By combining cutting-edge AI technologies in a multimodal platform, we are providing consumers with a powerful tool that is specifically designed to help them find their perfect home while ensuring they are well-informed throughout the largest purchase process of their lives. Our innovative approach demonstrates our commitment to delivering an exceptional user experience and sets the real estate industry on the path to the future. With DOSS 2.0, users can now search for properties, ask detailed questions, and receive personalized responses, all in a seamless and conversational manner. This transformative technology represents a win for consumers, as they now have access to a real estate search platform developed with their needs in mind."
"DOSS, find me a home in Houston, Texas, an area that's into art and music, priced under $500,000, and within walking distance to dog parks."
Bobby Bryant, CEO of DOSS, expressed "Our development strategy is designed to create a much sticker user experience that addresses the entire lifecycle of homeownership. At DOSS, the mission is to create the industry's best real estate marketplace to search, service, and transact all things home in the palm of your hands. We want to be more than just a destination to buy, rent, and sell real estate. Especially when you take into consideration that there are approximately 140 million homes in the United States, and only 4 to 5% are sold annually. Although that small percentage represents a $100B industry, there's a much bigger opportunity that remains largely untapped."
"DOSS, I'm thinking about selling my house. What should I focus on fixing around the house to increase the value of my home?"
In a class of its own, DOSS combines an AI-Powered Real Estate Marketplace with the scalability of a Modern-Day Franchise Model. DOSS plans to provide a level of visibility for our agents and franchises that will compete with the major real estate search engines. This unique advantage is what sets DOSS apart from other real estate search engines and traditional brokerages. Many Agents at Traditional Brokerages are forced to rely on third-party platforms and service providers because their brokerage creates or provides very little-to-no technology. Because of this reality, Agents spend significant amounts of money outside of their brokerage each month to get quality leads, technology, and tools. Recognizing this challenge, DOSS has developed its own cutting-edge proprietary technology to reduce Agent dependency on third-party providers, decrease cost, increase revenue, and equip our Agents at our DOSS Home Center Franchises with the necessary tools to enhance the consumer experience.
"DOSS, what is the value of my home?"
The DOSS team is committed to upholding the true potential of technology, which is to save people time and money. The introduction of DOSS 2.0 is poised to not only deliver the best real estate search experience on the web, but also offer users a chance to receive significant savings. The challenges faced by Millennials and GenZ, such as Student Loan debt, soaring home prices, and higher interest rates, have made it increasingly difficult for them to qualify for a home. By leveraging their AI-Powered Real Estate Marketplace to streamline the real estate experience, DOSS offers buyers a 1% rebate, up to $5,000, which can be utilized to reduce closing costs or lower their interest rates. Sellers, on the other hand, can list their properties on the MLS and all major real estate search portals for a modest 1% Listing Fee, all while receiving comprehensive, full-service support.
Finally, a digital real estate platform that harnesses the power of AI to offer consumers a range of options, from Do-It-Yourself to Full-Service, at a fair and competitive price point.
CLICK HERE to give our AI-Powered Real Estate Marketplace a Test Drive. Or, download Ask DOSS in the Android or iOS app store.
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Alain Pinel Realtors Launches WeChat Micro-site for Chinese Real Estate Buyers
APR is the first U.S. real estate firm to launch a micro-site on China's WeChat.
SARATOGA, CALIF. (NOVEMBER 15, 2017) - Alain Pinel Realtors (APR), the Bay Area's largest residential real estate firm, announced today a partnership with Chinese luxury real estate marketing agency, Caimeiju, making the brokerage the first U.S. real estate firm to launch a micro-site on China's WeChat.
With more than 963 million monthly active Chinese users, WeChat is well positioned to assist Chinese buyers interested in buying real estate around the globe. Known as China's "app for everything," WeChat offers everything from free video calls and instant group chats to news updates, shopping, bill payments and easy sharing of large multimedia files.
According to The National Association of Realtors, Chinese buyers purchased $31.7 billion worth of U.S. property between March of 2016 and 2017.
In 2014 APR began promoting its brand and luxury real estate listings in China on Caimeiju.com/apr. Since then APR has embraced the China market, including sending multiple delegations to showcase Bay Area real estate at luxury property events in Beijing, Shanghai and Guangzhou.
APR's decision to launch a WeChat micro-site with Caimeiju is in response to the increased social and online behavior of Chinese citizens.
"Chinese buyers tend to do a lot more research than other consumers. Brand recognition is vital," said Michi Olson, vice president of Global Business Development and Relocation at APR. "Many of our agents already use WeChat to communicate with their Chinese clients on a personal level and can now do so easily at a brokerage level."
Olson says she plans to make WeChat a feature of her meetings and discussions at LPS Shanghai 2017 in December, when she and her APR delegation will be in China.
The new WeChat micro-site provides a central digital location on WeChat for sharing APR's company information, Bay Area market data, translated exclusive property listings from Caimeiju, and even a Chinese language Bay Area MLS search.
"Because of stricter capital outflow restrictions, buyers who can invest in overseas luxury properties tend to be more more sophisticated about their options; they focus on quality over quantity," said Jeff Toth, founder of Caimeiju. "APR has been an innovator in this space and innovating on WeChat is an extension to make sharing information in China even easier."
Caimeiju was founded in 2009 to provide luxury marketing solutions to high-end brokers, Realtors and developers selling to China's elite.
About Alain Pinel Realtors®
Alain Pinel Realtors (APR) is the largest privately owned residential real estate company in Northern California and is consistently ranked among the top 10 largest residential real estate firms in the United States based on closed-sales volume. The firm has 1,400 agents in more than 30 offices throughout Northern California. APR was founded in 1990 by Chairman and CEO Paul L. Hulme, and is based in Saratoga, Calif. Visit us at apr.com and china.apr.com.
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