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Technology is changing the home buying, selling experience
Real estate agents and companies have used technology for years to enhance your home buying and selling experience. Now, with the evolution of artificial intelligence, you have even more control over your interactions in the market.
“AI has been involved in real estate for quite some time, but just not in the form that we are seeing today,” said Glen Riggs a Realtor with eXp Realty. “Real estate sites like Zillow, Redfin, Realtor.com, et cetera, have leveraged user search criteria to understand their users. They then turn that data into customizing searches and targeted marketing.”
Understanding AI
AI uses computers to imitate the human mind’s ability to problem-solve, according to IBM. It uses data to make predictions, enabling real estate companies and agents to develop search results that reflect what you as a buyer or seller are looking for.
“We, as consumers, are feeling more comfortable with artificially generated data and communications,” Riggs said. “A great example of this, as a Realtor, is that I can utilize AI as part of my searches. It will take the features of a home and put them into familiar language when communicating that to clients.”
Buyers can take advantage of AI technology by using online search tools, which allow them to filter results and find the types of homes that are similar to the one you’re selling or that you’re interested in buying. However, AI has limited abilities.
“Nothing beats the experience and knowledge of a licensed real estate agent,” Riggs said. “Search for that home, find out how much Zillow says your home is worth, but then call me. I provide you with insight to help determine some of the things that AI cannot tell you: how long your home might take to sell, what the listing price should be, what we can do to be proactive to be most attractive to potential buyers, and so much more.”
Avoiding real estate cybercrime
Relying heavily on technology has some downsides. Among security professionals, 75% have seen an increase in cyberattacks over the past year, according to a report by Sapio Research and Deep Instinct. Among those professionals, 85% of them believe that the increase in attacks is connected to AI. So, keeping your online information safe while going through the buying or selling process is increasingly crucial.
“Once you get into contract or list your home, criminals are just looking to take advantage of knowing the process you are in and finding a way to exploit that,” Riggs said. “For example, they know that, once you get into contract, that you will be expecting to send money — large sums of money.”
Riggs cautioned that you not send money unless your real estate agent knows about it. Additionally, criminals may impersonate home insurance companies and call to supposedly confirm personal information they can then use to impersonate you, he said. This is why you should never give out information unless you are the one to initiate the request.
“It is always better to be safe than sorry,” Riggs said. “I would much rather get three calls about who you should be talking to for initiating a funds transfer than one call saying that you gave your money to a cybercriminal. Trust in the people you are working with and never leave your personal information susceptible to attack.”
Glen Riggs was born and raised in Livermore and is very active in our community. Glen represents buyers and sellers in the Tri-Valley. He has been accredited as a Seniors Real Estate Specialist (SRES) and loves providing real estate assistance to those who are not sure where to start. Reach out to him at Glen@GlenRiggs.com to help you or someone you know get started today.
