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Technology has been disrupting real estate for years now, but at least one CEO thinks the impact of artificial intelligence is going to be unlike anything the industry has seen so far.
“I absolutely think it’s here to stay,” Malte Kramer said on Monday, adding that “AI is fundamentally different because it impacts every part of the value chain. Everything is getting more efficient. This innovation cycle will be faster than previous innovation cycles.”
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Kramer, the founder and CEO of real estate software company Luxury Presence, made the comments while on stage Monday at Inman Luxury Connect. During the session, he repeatedly argued that AI will have a major, and potentially positive, impact on real estate, and at one point ticked off a list of AI tools he already uses. Those tools, he said, often help with either task management or content creation, and can save industry pros both time and effort.
“AI happens to be amazing at translating unstructured data into structured data,” he said, noting that many real estate professionals hate data entry — meaning the tech can cut down on unpleasant work.
Kramer also advised Luxury Connect attendees to find someone within their organizations who enjoys and understands artificial intelligence and who can keep leaders informed about the field.
From left to right, moderator Holly Meyer Lucas, Malte Kramer and Kevin Van Eck at Inman Luxury Connect Monday. Credit: AJ Canaria Creative Services
Kramer appeared on stage with Kevin Van Eck, president of affiliate strategy at Christie’s International Real Estate. Van Eck agreed with Kramer that artificial intelligence is likely to stick around, in part because there is currently “so much funding and innovation behind it.” But he also cautioned industry leaders that they are likely to receive pushback if and when they roll out new AI tools for their agents. After all, few people immediately enjoy change.
However, Van Eck advised those leaders to “stand firm” because “you know it’s going to make agents more successful.”
“You have to support it,” he added.
Van Eck ultimately concluded that AI will only continue to get better, arguing that the tech “is the worst today that it’ll ever be.” And, he suggested, the people who learn how to use it will have significant advantages in the future.
“You’re not going to be replaced by AI,” Van Eck said. “You’re going to be replaced by others who know how to use it.”
