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AI opens the door to limitless opportunities in real estate, enabling agents to more efficiently engage with clients, foster stronger relationships and boost day-to-day productivity. But what are some of the downsides?
REB editor Liam Garman spoke with the CEO and founder of Wayscape, Rebecca Moroney, about the opportunities and challenges of artificial intelligence (AI) in real estate, ahead of her keynote speech at the REB Innovation Summit.
Moroney, who has more than 25 years of corporate and technical leadership experience, believes agentic AI to be a game changer for real estate, enabling agents to operate faster, more efficiently and deliver hyper-personalised service.
According to Moroney, agentic AI is an advanced form of AI that automates systems and processes, operating independently without human intervention.
“Agentic AI really takes the smarts and all the data in the brain that it houses and just pulls that information together faster, a lot faster, without that human kind of touch,” she said.
Through her company, Moroney developed Wayscape, an intelligent assistant app that helps real estate agents in their daily tasks and boosts their productivity.
She said the app enables agents to analyse data and perform tasks instantly, integrating seamlessly with customer relationship management (CRM) systems while ensuring accuracy and relevance.
It also provides two sets of insights, showing what’s performing well in terms of clicks or bookings and how agents can use the data intelligently to generate leads.
She said agents can use agentic AI even when doorknocking, as the AI assistant can listen to the conversation, transcribe it, and, as a result of the conversation, perform tasks automatically on the agent’s behalf.
“A lot of common problems in the sales world generally occur when an agent or a salesperson has conversations with clients, but they’re not actually recording that in the CRM.
“Our tools automatically integrate with the CRMs – doesn’t matter who your CRM is with … and make sure that there’s a record trail of certainly all conversations, text, emails, whatever, you name it, stored for history purposes.”
She said Wayscape uses a small language model tailored for real estate, which ensures agents can front up to the market with data that is applicable and relevant to them only.
“And this is only a B2B, we’re not selling this B2C in any way. So real estate agents can be truly armed with the right level of info.”
Moroney said one of the downsides of using AI in real estate is that standard tools like ChatGPT tend to collect conflicting pieces of information rather than data specific to real estate.
“Ideally, ChatGPT and all of the equivalents, they sit across the entire ecosystem of the web, and there’s a lot of pieces of conflicting information there.
“I use Chat GPT, I love it – but not when I need specific information pertaining to real estate,” she said.
In addition, Moroney said another setback is that agents may over-depend on the information they are given and relay it to the client without restrictions, such as financial advice.
“I think these types of engines tend to give more detail than they should be, but the agent feels empowered to take that on and actually present that to the client,” Moroney said.
“It’s probably not the best thing to do and we just need to ensure that we’re just sticking to the realm of what we’re here to do.”
She said agents need to focus on serving their clients in real estate only, rather than branching into other categories.
As for the future of AI, Moroney predicted a shift to combined platforms and information that agents will have right at their fingertips.
She said she expects increased efficiency, particularly in the speed at which agents can respond to their clients’ requests and serve them better.
For example, if AI is able to receive and process information at a faster rate, agents then have the ability to serve more clients and make more profits.
Ultimately, Moroney said there will be much to look forward to in terms of how AI can benefit agents.
“I think [there will be] a lot of very, very good positives around not spending as much on the various platforms that they’re using, speed and of course earning more money,” she said.
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