By KIMBERLEY HAAS
As artificial intelligence continues to dominate news headlines, real estate leaders are speaking about what this wave of technology means for the future of their market.
Glenn Phillips, CEO of Lake Homes Realty, said AI is a “massive game changer” during the National Association of Real Estate Editors conference in Las Vegas on Tuesday morning.
“In real estate, there is going to be a massive transition of who’s going to get consumer’s attention,” Phillips said.
Phillips said AI is going to enhance how they look at consumer behavior and suggested that industry professionals form partnerships to bring themselves to scale.
Michael Gerrity, founder and CEO of Global Listings, said they’re already planning to flip the whole listings portal industry on its head with AI.
Gerrity said they are building a platform so when somebody posts a listing, they can use AI and micro-digital marketing to target a unique, high-quality buyer.
“Really knowing your customer is what I am talking about here, and then having the ability to pinpoint them like a laser beam,” Gerrity said.
On Wednesday, attendees will learn more about AI and the future of real estate from Rob Barber, CEO of ATTOM, William Holmes, head of partnerships at Opendoor, and Jasjeet Thind, SVP of AI and machine learning at Zillow.
NAREE President Jason Hidalgo of the Reno Gazette-Journal wrote in his message to attendees that AI has real-world consequences for consumers.
“AI is already garnering strong interest within the mortgage industry, for example, for enhanced risk assessment and underwriting. In addition to helping speed up the process, AI is also seen as an unbiased judge compared to humans. Unfortunately, several cases have shown that AI can still reflect the same prejudices existing in society today,” Hidalgo wrote.
The conference, “Uncovering the Why Behind AI,” is being held at Caesars Palace.
Attendees will learn more about the mortgage market, commercial real estate, and the annual economic forecast during the conference, which ends on Friday morning.
On Tuesday morning, attendees heard about the Las Vegas market from Nick Barber, executive vice president of JLL, and Zar Zanganeh, a broker and managing partner at The Agency.
Barber talked about the fact that Las Vegas has attracted professional sports teams and boasts a vibrant economy, but due to the lack of colleges and universities in the state, employers are recruiting talent from other places, primarily California and Arizona.
Zanganeh said ultra-luxury houses and communities are becoming more commonplace as rich people move to Las Vegas for the business-friendly environment.
“We have over 30 homes over $20 million currently under construction which is a huge number for this market,” Zanganeh said.
Las Vegas experienced a supercharged housing market during 2021 until the middle of 2022 but overall home prices were down 8.1% in April compared to last year, selling for a median price of $398,000, according to Redfin data.
Read More Articles:
Learn About The Eastern Tennessee Market With Loan Officer Matt Ronne
As Rocket’s Jay Farner Retires His Impact Is Remembered