Online shopping, but for houses
Buying your next home could soon be as simple as adding to cart.
That’s the bold vision from Proptech founder Aaron Scott, who warned artificial intelligence (AI) isn’t just assisting real estate agents, it’s coming for their jobs.
Mr Scott, of real estate agent comparison platform bRight Agent, predicted a massive shift that could transform house-hunting into a low-contact online shopping experience, eventually making human agents a thing of the past.
The entrepreneur said AI had the potential to go much further than its current use as a “super-enabler” for agents, who used it to pull data on property history, profile potential buyers and sellers, and draft listing copy.
bRight Agent founder Aaron Scott (right). Picture: Supplied
“I think AI will eventually replace the human agent,” Mr Scott said.
“Think about it from a human perspective — if you were that talented all-knowing assistant who was basically working for free, how long would you want to work for the not-so-talented real estate agent for?”
He said homeowners primarily sought a trustworthy, efficient transaction rather than a personal relationship with an agent, even suggesting a digital-led process could reduce fraud and professional misconduct.
“The real estate industry could end up just like another form of online shopping — a transaction between parties through a digital platform, with relatively low contact between humans.”
AI models like ChatGPT have made big in-roads in the real estate industry
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Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said agents had adopted AI to streamline client interactions in a competitive market.
“In a 24/7 profession like real estate, and in an increasingly impatient world where customers expect instant responses, AI is a helpful aid to communication and information dissemination,” she said.
“Real estate professionals manage a high volume of enquiries, and it can be challenging to respond quickly and ensure enquiries aren’t slipping through the cracks. AI is providing part of the solution, because it can help to triage enquiries and provide the first line of response.”
Agencies were also using AI for prospecting, lead generation and marketing.
REIQ CEO Antonia Mercorella
But despite clear productivity benefits, Ms Mercorella warned its use also carried significant risk, noting the potential for AI to misinterpret legal nuances.
“Real estate is one of the most strictly regulated occupations in Australia…the use of AI in a real estate context comes with the significant risk that it won’t correctly interpret or take into consideration the nuances in law, potentially leading to unintentional breaches of legislation.”
Mr Scott addressed the most common industry pushback against full AI adoption: “that AI can’t open the door and show people around”.
“But those activities are also a low bar to reach for an agent’s fee that’s often in excess of $35,000.
“Technology of all kinds, including AI, will continue to disrupt the industry, especially where the cost-benefit ratio gets really distorted one way or another.”
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