The transformative power of AI in the property industry is beginning to gain real traction. Artificial intelligence (AI) is poised to revolutionise the property industry, bringing unprecedented changes to estate agents’ operations. According to Mal McCallion, CEO of ModelProp AI, the recent PwC AI Jobs Barometer for 2024 highlights significant insights that could reshape the landscape for estate agents in the UK.

The Transformative Power of AI in the Property Industry – Key Findings from PwC’s AI Jobs Barometer

The PwC AI Jobs Barometer, which analysed over 500 million jobs, reveals several crucial findings:

– Companies utilising AI experience productivity gains up to five times higher.

– Businesses deploying AI report 27% fewer vacancies.

– 84% of global CEOs believe AI will enhance employee efficiency.

These statistics underscore the transformative potential of AI across various sectors, including real estate.

Implications for the Property Industry

McCallion emphasised that these findings are particularly relevant for estate agents, who often face challenges in recruiting and retaining qualified staff. He stated, “These stats, from a highly reputable organisation surveying over half a billion jobs, show the power that AI can have in every estate agency in the UK.”

Rather than replacing human interaction, AI can alleviate the burden of mundane tasks, allowing agents to focus on client outreach and relationship-building. “It’s about moving your people away from screens to be able to perform the outreach that they’re best at, leaving AI to shoulder the dull, repetitive stuff,” McCallion added.

Benefits of AI Integration

The integration of AI in estate agencies offers several advantages:

– Increased job satisfaction for agents, as they are freed from monotonous tasks.

– Enhanced market share and revenue per transaction.

– Reduced operational costs.

McCallion urged estate agencies to adopt AI to boost productivity and streamline recruitment processes. “Estate agencies should be increasing productivity and removing recruitment pain with AI right now – their people, and their P&L, will thank them for it,” he concluded.

Technology Shaping the Property Sector

As noted above, technology and AI are beginning to shape the property sector and enhance processes for estate agents. Verify 365 is one of those innovative products changing the landscape of not just the property industry but the legal sector.

Our innovative AML and compliance client onboarding platform enables estate agents to complete fast, identity checks on individuals buying or selling property. Our award-winning, government graded technology, uses cutting edge facial recognition and liveness scanning to provide real-time, seamless ID checks. These checks not only confirm the identity of individual but also enable you to protect your business from any potential harm and risk given our technology’s ability to identity any Politically Exposed Person (PEP), any sanctions against an individual and any unwanted, adverse media.

As well as enabling estate agents to complete fast identity checks, Verify 365 creates a seamless workflow and also enables the ability to complete source of funds checks. Integrate with over 4,000 banks using our Open Banking technology. From here, you are able to access and analyse an individual’s financial data ensuring you are completing the necessary due diligence for a property transaction.

Verify 365 is easy to integrate within your client onboarding processes and provides a solution compliant within the frameworks of the regulatory body. In addition to this, Verify 365 enables your agency to streamline, completing identity checks at much faster rate enabling you to take on more clients but also focus on your core day-to-day work.

The PwC AI Jobs Barometer highlights the substantial benefits that AI can bring to the property industry. By leveraging AI, estate agents can improve efficiency, enhance job satisfaction, and achieve greater financial success. The future of real estate lies in embracing AI technology, transforming challenges into opportunities for growth and innovation.