The Question is not if AI will be Integrated into the real estate sector, rather how AI has already been introduced. New Technologies are changing the dynamic with which global industries conduct business, and the natural course of action would be learning new tech and AI systems to better improve the real estate market and our business.
The fear surrounding the impact of AI; fear of the unknown, human replacement and cybersecurity and much more, is not slowing down the expansion of AI, so it remains crucial that as a sector and a business, we learn and adapt. In this first wave of AI, only those companies and businesses who opt into integration will find stronghold in the broader global market. Staying relevant and a profitable Real Estate Company in this pivotal time, remains top Priority.
To get a better sense of where Icon falls into the 4IR (Fourth Industrial Revolution) race, we must first first take a look at what type of technological setbacks we are currently facing as a business in South Africa. According to MyBroadband, “Data Prices Falling in South Africa”, data costs have significantly dropped over the years even though South Africa is one of the countries with the highest rates of data for internet. About 77,5% of households have access to the internet.
At the most basic level, access to the internet is achievable through mobile connection. Getting universal access to the internet through fibre networks and affordable hardware, will have a positive influence on digital skills, digital public infrastructure, allowing us to compete on the global stage.With the consideration of the socio-economic positioning of the country, the current climate of the real estate sector, and the global shift towards new technologies, Icon stands on a balance beam; maintaining current affairs, fulfilling the needs of our clients, and evolving with the times.
Attention is the new commodity and maximizing the time a user interacts with your business on digital spaces such as websites and social media platforms translates into sales. For agents, lead generation is the first step into converting communication to direct profit. However, generating and maintaining warm leads requires smaller factors and components that, without AI can become tedious. Augmenting AI into CRM tools significantly improves the conversion rate of leads. Automation using AI not only ensures consistent client relation management, but it also creates efficient channels and networks by filtering information into categories. AI CRM tools provide 24/7 service that ensures that agents and lead generators maintain efficient and constant workflow.
LOOM Property Insights have developed the first property-adjusted valuation model that uses AI to determine the conditions and qualities of property by tagging images and producing scores for the applicants to review. This model ensures unbiased property valuations, which are unavoidable when conducted by only humans. This is advantageous for the entire ecosystem as it ensures thorough market research is done, fair scoring and predictions are standardized, and under/overvaluation is avoided.
At Icon Property Group, we fully embrace the integration of AI systems and look towards establishing the brand as pioneers in the South African property sector. Icon Universe - a real estate learning hub where every Icon agent, no matter their level of experience, has 24/7 access to empowering knowledge, practical resources, and foundational tools. - will maximize the company's production levels, assist our agents in scaling their business, and improve our marketing and digital systems.