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AI is rapidly transforming the real estate industry and it could soon handle 80 per cent of an agent’s daily tasks.
According to Mark Cohen, Vice President of Product for Asia Pacific at MRI Software, artificial intelligence and emerging technologies are fast revolutionising real estate operations.
In this episode of the Elevate Podcast, with host Samantha McLean, Mark talks about how real estate professionals can use technology to boost their business operations and set themselves apart from the competition.
From AI tools that can draft property descriptions to systems that simplify workflows and save time, Mark discusses how technology is empowering agents to focus on what matters most – building relationships and delivering exceptional service.
He also dives into sustainability trends, the growing demand for unified systems, and why data insights are key to staying competitive in a rapidly evolving market.
“We’re at this point now where the real automation is going to start kicking in. We’re going to see the number of units that a person can manage exponentially increasing.” – Mark Cohen
Essential Insights
Working Smarter, Not Harder
- AI should take over up to 80% of repetitive tasks, freeing agents to focus on client relationships (00:00)
- Smart tools now auto-detect property features from photos to enhance listings (04:00)
- Leading agents already leveraging tools like ChatGPT for faster content creation (07:00)
Connected Systems, Better Service
- Real-time insights reveal valuable client information during open homes (15:00)
- Smart alerts notify sales teams when property management clients consider selling (17:00)
- New digital signing solutions streamline workflow across platforms (24:00)
Future-Proofing Your Business
- Property tech moving towards predictive maintenance and automated inspections (21:00)
- Energy efficiency ratings becoming important to property values (26:00)
- Next wave of AI will transform how agents create marketing and handle negotiations (30:00)
Essential Agent Skills for 2025
- Understanding data visualisation for better client presentations (28:00)
- Mastering cloud-based tools for seamless remote work (29:00)
- Running your entire business from your mobile device (29:00)
Links:
Detailed Episode Guide
Technology Integration and Automation
Mark Cohen emphasises that we’re at a crucial turning point in real estate technology. Rather than replacing humans, automation will dramatically increase operational efficiency, allowing property managers to handle more units and agents to focus on relationship-building activities.
The Power of Platform Integration
Cohen discusses MRI’s Agora platform, which serves as a foundation for connecting various property technology solutions. This integration addresses a common industry challenge where professionals are using seven or more different systems, with one-third manually double-entering data.
Digital Twin Technology and Future Applications
A fascinating development discussed is the implementation of digital twin technology, particularly in commercial real estate. This technology enables real-time monitoring of building systems and predictive maintenance, with potential applications in residential real estate on the horizon.
Sustainability and Energy Efficiency
The conversation touches on the growing importance of sustainability in real estate, with Cohen noting increased demand for energy tracking and reporting, particularly in the commercial sector. This trend is expected to gain significant momentum in 2025.
The Future of AI in Real Estate
The discussion concludes with insights into how generative AI will transform property technology, creating new possibilities for problem-solving and operational efficiency.
Summary
This episode provides a comprehensive look at how technology is reshaping real estate operations while emphasising that these advancements should enhance, rather than replace, the human element of the industry. Mark Cohen’s insights offer valuable guidance for real estate professionals looking to leverage technology effectively in their businesses.
FAQ
1. What is MRI’s Agora platform?
Agora is MRI’s foundational platform that connects various property technology solutions, enabling seamless integration between different systems and reducing manual data entry.
2. How will AI impact property management?
AI will primarily automate routine tasks, allowing property managers to handle more units efficiently while focusing on meaningful client interactions.
3. What are the essential technology skills for modern real estate agents?
The three key skills are data analysis understanding, cloud-based operations proficiency, and mobile-first capability.
4. How is digital twin technology being used in real estate
Currently implemented mainly in commercial real estate, digital twin technology enables real-time monitoring and predictive maintenance of building systems.
5. What is the future of sustainability tracking in real estate?
Sustainability tracking is becoming increasingly important, with a growing demand for energy efficiency reporting and monitoring, particularly in commercial real estate.
6. How will generative AI impact the real estate industry?
Generative AI will create new possibilities for problem-solving and operational efficiency, fundamentally changing how real estate professionals work.
7. What is the main benefit of platform integration in real estate?
Platform integration reduces manual data entry, streamlines operations, and allows professionals to focus more on client relationships rather than administrative tasks.
8. How will automation affect property management?
Automation will increase the number of units a property manager can handle efficiently while maintaining service quality.
9. What role will human interaction play in the future of real estate?
Human interaction will remain crucial, with technology serving to enhance rather than replace personal relationships in real estate transactions.
10. How can real estate professionals prepare for technological changes?
Professionals should focus on developing data analysis skills, embracing cloud-based solutions, and maintaining a mobile-first approach to their operations.
