20181011 Estate Agency vs AI, Part 1

20181011 (Thu)

Do you think Estate Agents will be out of job in the AI (Artificial Intelligence) era in the future? Part 1.

Modern machine capabilities generally classified as AI include successfully understanding human speech, competing at the highest level in strategic game systems (such as chess), autonomously operating cars, and intelligent routing in content delivery networks and military simulations.-  Wikipedia.

In this context, if AI can open and close door and negotiate prices (or there is fixed pricing) I think it can replace agents to a great extend. Can’t it?

Imagine you fix a programmable locking system at your main door which enables you to change passwords online. When a prospect wants to view your property, you just send him the password. You need not have to go there. Everything else can be negotiated via telephone. You do NOT need to go there yourself. Quite realistically, this is no AI yet but may be already happening!

If you are worried about your valuables in the house, you would NOT simply give your password unless you collect a deposit. For stolen things (even you have CCTV), you can deduct from the deposit. That solves the issue, right?

BUT, there is a small problem. How am I sure I get back my deposit? This is a problem of trust, not a problem of AI.

When it involves trust, estate agency practice comes in. As a prospect, you cannot trust the landlord/owner because he might not return you the deposits. He just hold your deposits although you saw the house in good faith but did NOT want to take it – your reason is not important. This is the same as a tenant or purchaser putting booking fee, but eventually turn down the property. The booking fee should be returned immediately if the condition is not met.

Indeed, it is not about technology or AI taking over the physical job, the core reason of estate agency is trust. Can AI take over this trust? Cannot. However, AI can be used by estate agent to better perform the tasks. May be Blockchain can take over this trust – kind of interesting to explore this area. No matter what, landlord/owner and estate agent canNOT be the same person. Or else, there is no protection of the rights of the tenant/purchaser.

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