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Real Estate Agents Now Being Replaced By Robots

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The next time you are buying a residential space it could not be from a real estate agent. Or at least a real one, as real estate agencies partnered with a few startups have started recruiting robots to do the jobs that their realtor counterparts did by introducing Artificial Intelligence (AI) to their workplace.

According to The Wall Street Journal (WSJ) the three companies listed for incorporating Artificial Intelligence at their workplace are a brokerage firm in Woodland Hills, California named REX, the second being California property management company called Zenplace, and a Brooklyn-based startup called VirtualAPT. Zenplace and REX both have recruited robots to interface with the customers.

The California based company has named the robot REX after the company’s name and has place it in seller’s homes to answer customer questions and also the collection of data. Zenplace has employed robots to assist the real estate agents to efficiently communicate with the customers.

While VirtualAPT has built a robot that can make 3D videos of residential properties. In a busy world of today where clients on most occasions can’t physically go and check the property for purchase. Hence the idea is to provide the buyers with virtual property tours that are convenient for the clients.

Artificial Intelligence is being incorporated in most business and other fields as well and bots will be able to take over from the real estate agents and simplify the entire property buying process. Also this revolutionary step may help reduce the commission costs on the property deals that are usually charged by the real estate firms.

Jack Ryan, REX founder and CEO told the WSJ that he thinks AI and robots are definitely disrupting the real estate industry. But Robert Reffkin, CEO of a New York-based real estate brokerage called Compass, disagrees.

Reffkin told the WSJ, “I believe that agents are critical to transactions and always will be.” He doesn’t think that this new trend will result in the layoffs or loss of jobs that automation critics typically cite when robots start encroaching on an industry. But the question remains: Could robots better realtors than their human counterparts?

With both sided arguments in place the reality is that robots have already significantly started impacting the real estate sector. Though the impact may be in the form of assistance to human realtors and brokers. And it is anticipated that in the near future bots might replace human realtors completely in the process of selling houses.

Also Read: Artificial Intelligence And Its Impact On real Estate

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