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Modern House

Real Estate - AI Concepts

Automate RE Agent Admin Tasks​​

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Real Estate Concepts

Real Estate Concepts

Real Estate Concepts
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Modern House

The Holy Grail of Disruption 

 

Real Estate Agents will tell you "selling a house is a process" while tech enthusiasts will tell you "processes are rife for automation". So why haven't we seen technological disruption in the RE Agent industry during the past 1-2 decades of widespread tech driven workplace reform?.

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- Trust / Stigma

- Local Knowledge

- Marketplace Dominance & Disincentives

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RE Agents are one of the last forms of "middle-men" operating today in much the same way they did 20 years ago. Many have come and gone attempting to create tech platforms that enable "direct selling" via a low/no cost agent model, e.g purple bricks. However, these portals still required significant leg work from the seller - photos, listings, open homes, contracts, lawyers, etc. Along with the lack of reach of these platforms and buyer stigma around "direct buying", such offerings missed the mark. Were they too early?. Is the holy grail of agent disruption worth another shot?.

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Advancements in AI and LLM's offer huge potential in content generation and process automation. Let's hypothesise what the sales process could look like today...

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Automated Sales Process 

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​Photo's and listings

Responding to enquiries and Finding Buyers

Prospect Profile Building and Ranking

Open Homes

Contracts

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We're now nearly two years into the advent of ChatGPT, an event which set-off the modern day gold rush for prospecting tech entrepreneurs. Why haven't we seen such an end-to-end solution built to either support or replace agents?.

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Marketplace Dominance & Disincentives

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Dominant marketplaces like domain.com.au and realestate.com.au provide the platform to connect buyers with sellers, and as such have influence on the business model for the sales process. The current model where agent's pass on part of their commission to these sites in the form of listing fee's is likely more profitable, and manageable, than a low-cost "direct selling" offering with a large number of high maintenance customers. It's unlikely such sites would assign the time and resources in this direction unless pushed to do so by competition. 

 

However, building a competitive site would require the network effects of a product offering that rapidly disrupted the sales process or widened the product offering, incentivising agents to adopt it en masse. This won't happen overnight, nor will proving the effectiveness and trustworthiness of a platform that overcomes the stigma from sellers around directly-selling their house without a traditional agent.

 

Given this, it seems entrepreneurs have accepted that the "holy grail" may be elusive, anticipating that existing online portals will innovate and reposition their offerings to solidify marketshare, perhaps even expanding their involvement in the sales process, during this window.

 

As a result, much of the innovation using LLM's has focussed on selling supporting tech into developers and agents (as opposed to replacing them) and providing buyers with enhanced investment analytics.

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Below are some additional pain points across the industry we've identified and propose AI/LLM based solutions for.

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Industry Pain Points & Opportunities

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Developers 

Agents

Buyers

Sellers

Online Portals

Strata

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