The future of Real Estate explained

Michael McCullough, real estate, Business Innovation, Business Development, Artificial Intelligence, Automation

Make automation work to your advantage.

If you think robots are the least of your problems, you might be wrong. Recently, a study released the list of jobs that will soon be automated. It includes even the oldest professions in the book such as farmers, taxi drivers and even movie stars.

But imagine this: real estate brokerage that can be accomplished using online platforms such as Lamudi, OLX or Rent Pad. Payments can be done using Bitcoin or via credit. Lease agreements or contracts can be signed using e-signatures. There are many tech tools available or being developed that will streamline the process of acquiring property.

KMC Savills Managing Director, Michael McCullough, believes that real estate is already breaking ground online. The future of the industry is expected to go for automation and gearing towards becoming a paperless system. He pointed out "you might not need to shake hands anymore".

But can it be done without human interaction?

McCullough said that this cannot happen overnight or in the immediate future. Automation might be inevitable but it will happen in "small and slow changes". He also noted that being paperless is not going to be easy. Buyers and clients still prefer tangible experiences when it comes to real estate. Clients are more comfortable with having hard copies of documents in their hands, as well as having direct communication with brokers.

In short, property acquisition remains as a human experience. While some aspects of the industry can be automated, the negotiation, knowledge, and expertise of the market are still beyond the reach of AI. Zillow's Rich Barton concurs that "Artificial Intelligence is an enhancement, not displacement" and that only select

industries will be affected by the change. Instead, bots are seen to assist in real estate transactions rather than take over permanently.

Technology tools can work harmoniously with real estate workers in information spreading or doing menial tasks like advertisements or promotions. Most people still do their initial searches for property online. McCullough also pointed out that it's easier to market buildings now because online tools or social media made it easier to connect with an audience.