The key innovation of future real estate practices
The buying and selling of properties over the past 25 years has changed and real estate agencies and agents must evolve accordingly.
That’s according to Sandton analyst Gary Segal, CEO of Real Analytics 101, who spent a year refining his artificial intelligence (AI) and statistical modeling to make more insights available to buyers and sellers of analytics. today.
“In the 80s and 90s, the world was very different from what it is today. There were no seismic shifts in our way of life (Covid-19, shutdown of economies and dramatic reductions in obligations), and there was no internet, so estate agents were kings when it came to relates to appraisals and properties for sale.
He added that as the industry evolved over the decades, it highlighted gaps in the services agents provide to their clients.
“The commission paid is not equal to the work done. Today, low cost commission companies have a place in the industry as sellers and buyers become more educated with information that was not available 25 years ago, which is now readily available.
According to Segal, agents now need to find more information to add value to the seller, to justify their commission, and to convince sellers and buyers that they are still industry experts.
The benefits of an AI and a statistical model include:
- Have knowledgeable agents who know the area before consulting sellers and can therefore discuss realistic pricing for that property.
- Agents can come up with an appropriate marketing plan with built-in milestones.
- Sellers don’t have to rely on agents for reviews.
- Buyers can prove the amount of equity available after all costs have been provided, so as not to overcapitalize on the property.
Sample free tools are available at www.realanalytics101.co.za
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