Real Estate Marketing & Beyond
The extensive AI adoption reshaping real estate decisions has become almost universal among the top real estate brokerages in the US, with 75% already leveraging the technology and nearly 80% indicating that their agents have embraced AI tools. However, concerns persist regarding the adequacy of safeguards in keeping pace with the rapid integration of AI, the 2024 Delta Media Real Estate Leadership Survey released today by the Delta Media Group revealed.
The survey presents a comprehensive overview of AI's current state and future direction, drawing on input from over 130 prominent brokerage leaders representing firms that oversaw two-thirds of all real estate transactions nationwide in 2023. It also reveals concerns regarding the potential risks associated with unregulated AI usage.
Significantly, the reliance on AI is not only present but also expanding. Executives currently rate its importance to the industry at 5 out of 10, a figure that will likely surge by 40% in the near future. There is a growing enthusiasm for AI, with leaders expressing their intentions to leverage AI in the future. The adoption of AI is reshaping real estate decisions, with digital marketing (73%) and social media (72%) leading the way.
Some industry analysts anticipate that 2024 will mark the ascendancy of AI personal assistants, yet merely 23% of brokerage leaders foresee AI usage for front-office or administrative support within this year. Surprisingly, one in ten (11%) have expressed a complete absence of intent to integrate AI into their operations during this period.
Despite the early embrace and pervasive integration of AI within the real estate sphere, as highlighted by Michael Minard, owner and CEO of Delta Media, the survey has uncovered a lingering apprehension toward AI. More than 50% of real estate brokerage executives are "concerned or deeply concerned" about the perceived lack of adequate safeguards surrounding AI, which would otherwise curtail their exposure to associated risks and liabilities:
AI has become one of real estate's fastest-adopted technology tools, embraced by brokerages and agents at a breakneck speed. 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.
