BackAI will not supplant real estate agents, but instead should be seen as a beneficial advancement to be welcomed by the industry, LuxuryProperty.com CEO Mark Castley said in an editorial for Arabian Business.
"A prevalent concern is that AI may render many people jobless, causing them to grapple with financial instability. However, this view frequently overlooks the broader implications. The truth is, AI is assuming roles that humans may not excel at or find enjoyable, enabling us to concentrate on the more rewarding aspects of our professions. This is especially pertinent in Dubai's real estate sector, where AI is dramatically altering the way we conduct business," asserted Castley.
According to Castley, AI is improving their business practices by handling the more laborious aspects, elaborating: "We are eager to witness the transformative effects of AI on the real estate industry as it evolves. By automating mundane tasks, AI enables us to dedicate our efforts to delivering tailored services and nurturing long-term connections with our clients."
In Dubai's real estate market, AI is making substantial strides in the area of property valuation. Property valuation has traditionally required extensive manual labor, including site visits, measurements, and evaluations of the property's state. However, the introduction of AI has allowed for swift and precise property valuations through computer algorithms. This approach not only conserves time but also delivers a more impartial and unbiased appraisal of the property's worth.
Castley emphasized, "AI's purpose is not to supplant real estate agents but to bolster their capabilities. By equipping them with the means to work more efficiently, AI assists agents in achieving superior results for their clients. Another domain where AI is making a substantial impact is customer support. AI-driven chatbots can rapidly and effectively address standard inquiries, enabling human agents to concentrate on more intricate tasks. Consequently, clients can obtain the information they require promptly and effortlessly, enhancing their overall experience with the real estate firm."
LuxuryProperty.com is carving out a niche for itself in the world of proptech by using AI as a measurement and analytics tool across several aspects of its operations. On the brokerage side, AI solutions help to create the best matches between prospective clients and the properties that are best suited to them. Internally, AI systems are being implemented to track employee performance in order to implement more effective management strategies. These initiatives, overseen by Castley, are instrumental in strengthening the company’s brand as Dubai’s premier digital real estate company and will play a key role in the company’s global expansion.