One of the oldest known “home” decorations in existence dates back almost 9000 years in a location called the Hands Cave in Argentina.
The piece looks like a contemporary house-welcoming gift, the width of an entire wall with warm communal handprints donated from all, as if to say, “Welcome to the neighbourhood!”
Since sapiens emerged as the sole human species, we’ve evolved thousands of generations (almost 19,000 for those who do love the numbers) spreading our influence.
For a majority of those generations, we actually remained very transient with no desire to settle.
Location, location, location was more a way of life than an industry meme or metaphor for the perfect home.
Human connection still vital
It wasn’t until the agricultural evolution (when fields of maize or animals domesticated us) that we chose to settle.
Ever since then we’ve magnified a greater craving for stability and quality domestication in decor and residence: regardless of whether our houses are palatial abodes or humble homes.
One thing that has evolved with us, from our earliest common ancestors is a constant evolution and search for better, more efficient, tools. This is as true for real estate as much as any industry.
In an age of automation, seeking to make things faster and more efficient, is often done sacrificing the older part of the story.
The idea of numbers, or metric data of any kind, is a very modern form of communication (and motivation) in the grander scheme of things.
The language of metrics, including money, whilst super important, pales in significance against that of human emotion.
We’re continually adding to our tech stacks or succumbing to the latest social media trends, and, in increasing proportion, this includes egocentric, flashy videos, using the trappings of commercial success for bragging rights or as a primary customer hook.
It’s true that sales figures you’ve achieved, number of units or houses sold, volume of record-breaking prices or speed of contract exchange may be appealing.
However, it is not the be all and end all when it comes to sales success.
Instead, the most successful salespersons are the ones who blend sales acumen, including your achievements of measured successes, with the older and more sought-after appeal and sales hook: human connection, human touch.
AI & two types of data
Elite Agent is leading a charge with their AI Powered agent workshops designed to upskill real estate professionals to successfully integrate AI.
AI is driven by data. In your real estate business that encompasses a variety of data upon which your AI models are trained on.
This may include data from within your real estate business or domain specific data in relation to the real estate industry more broadly.
Regardless of the type of data, two factors are essential: quality and relevance. As we know, real estate rules vary, often significantly so, state by state.
Additionally, if we’ve undertaken an average job in capturing data previously, it may well be that improving or being more strategic about the type of data you capture becomes a strong foundation for an AI strategy addressing both pragmatic scalability and customer personalisation.
Qualtrics, an experience management company, defines two key types of data with this goal in mind.
- O Data: Operational data, captures objective, measurable information from such things as your CRM, sales data, website traffic or marketing responses.
- X Data: Experience data is more about capturing moods and emotions through such strategies as feedback loops and listening to customers: which may include the unique patterns, language and preferences they share.
If you’re doing a better job of capturing both you’re in a better place to incorporate a quality AI strategy for your business for both operational efficiency and greater customer intimacy.
Blending data with human touch
One of the best examples I’ve seen firsthand within Australian real estate has been a focus to having higher completion rates of experience surveys in both early and late customer engagement.
Capturing information from such things as the most important factors being considered when selecting an agent, top reasons for selling, important factors filtering agent choices or even specificity in terms of how people are finding out about agents.
As with any industry, answers to these questions may be potentially what you’d expect, no major surprises.
Top reasons for selling, in their case, highlighted any agent fees and prior success with sales prices.
Top pain points, or, in real estate talk, those top reasons for selling, also proving quite typical: relocation, upsize, downsize and investment.
Yet the extended experience data is what truly allows this team to then home in with more specificity: the stories or examples from previous sales successes they feel may land or work well, the level of depth or detail in thoughtfulness to include for a client or even the soft touches chosen to make an impact.
There’s a famous line written by Samuel Taylor Coleridge in 1834, in ‘The Rime of the Ancient Mariner’ you may be familiar with.
‘Water, water everywhere, nor any drop to drink’.
When translated for the digital age, this goes something along the lines of ‘‘Data, data, everywhere, yet way too much to think.’
Don’t be so focussed on capturing broad brushstrokes of data without a plan of what you will do with it or how you will use it.
And avoid the efficiency trap alone, jumping on AI bandwagons to speed things up whilst neglecting any critical thought into how to blend efficiency with intimacy.
Blending both parts of the story
My TEDx talk and second book deals holistically with the concept of value. ‘Add Value’ shares a framework that incorporates yet transcends the typical value language of business, being the metrics and measurable stuff, including bottom line results or efficiencies.
You can already find several articles relevant to real estate in relation to the five elements of value on Elite Agent.
I daresay I’ll write a couple more on how AI may specifically add value aligned with the five denominations of value: tangible, emotional, service, relationship and personal.
To surmise here though, Let’s get back to that real estate adage used in the opening.
Location, location, location captures the idea that value may increase or decrease due to location, hence the emphasis. There’s a couple of slants on that for AI.
An initial rush to new tech within real estate, as with many other businesses, has been more typically associated with efficiency, efficiency, efficiency. Tangible value gains incidentally!
Yet the race to efficiency alone may be detrimental to the older part of our collective human story.
Over efficiency potentially sacrifices longer or more meaningful inputs and interactions during the customer journey.
Speeding things up too much may prove detrimental to the perception or impact of emotional, relationship or personal value
Given the proliferation in access to digital tools, AI chief amongst them, it’s easy these days to generate ‘Dear Mark’ marketing outreach campaigns or letters.
The familiarity in personal salutation becoming somewhat diluted or redundant in the process.
Put a little more effort into personalisation, personalisation, personalisation.
Like that most early dwelling decor of the Hands Cave in Argentina, a smart AI approach will enhance efficiencies and add value to strategies, digital and in person, that may create a greater sense of demonstrable human effort or classy, hands-on, human touch.
