Can Technology Replace Realtors? Exploring AI, Virtual Reality, and the Future of Real Estate

Can technology ever truly replace the nuanced expertise of a real estate agent? Join us as we explore this intriguing question on the Move Worthy Podcast. Jenny Lendle and Lauren Jones take you on a journey through the technological evolution of the real estate industry, from the bygone days of MLS books to the cutting-edge innovations of AI, digital marketing, and virtual reality. We share our insights on how these advancements have revolutionized our work, making processes more efficient and accessible while reaffirming the irreplaceable value of human interaction in transactions. Listen in to discover how agents can leverage tools like augmented reality and virtual tours to stay ahead in this competitive landscape.

We also delve into the potential pitfalls of technology, such as misinformation and fraud, emphasizing the critical role of human expertise in navigating these challenges. Curious about the buzzword "PropTech"? We'll guide you through its significance and how it encompasses the latest tech trends reshaping our industry. Whether it's AI-driven market predictions enhancing client experiences or exploring AI photo generators for creative branding, our commitment is to help you thrive at the intersection of tech and real estate. With excitement for the year ahead, we're here to share our goals for mastering AI applications, ensuring that you are equipped with the insights and resources needed to move forward confidently.

MOVE Worthy Podcast with Lauren Jones & Jenny Lendle. Together we have the experience to MOVE you forward!

Transcript

Technology in Real Estate Evolution

Speaker 1 0:01

All right , we are back with episode 8 and the first episode of 2025 . Happy New Year . This is the Move Worthy Podcast with Jenny and Lauren and we are going to talk about technology and real estate . Technology and real estate kind of goes hand in hand . We came from MLS books , handwritten notes and index cards .

Speaker 2 0:31

The thought .

Speaker 1 0:32

To share property , fast forward all the way to 2025 and we have AI .

Speaker 2 0:40

Yeah .

Speaker 1 0:41

We have digital marketing , we have augmented and virtual reality . So that's what we're going to talk about today , like what are we using ? What is the public using ?

Speaker 2 0:52

The pros and cons .

Speaker 1 0:54

The pros and cons to all of it . And , of course , the big question will this replace real estate agents ? The answer is no .

Speaker 2 1:03

No .

Speaker 1 1:04

I mean , ai is helpful and we use it and it can be a great strategy , but it's never going to replace an actual human interaction . Content , top contact , which in real estate .

Speaker 2 1:19

I mean you have to . Oh , we're talking about physical properties , we're talking about physical transactions , so we'll always need people , human bodies , yes , in this profession I agree , I agree , I think AI I mean shoot .

Speaker 1 1:36

I use AI for blog posts . I've created a marketing plan . I've created a marketing plan . I've created some other kind of neat things and asked it neat questions , treated it like a coach , almost Yep . But I don't think AI is going to replace us . No .

Speaker 2 1:57

No , I agree .

Speaker 1 1:58

And even , I think , for the consumer . Ai is helpful in some of the things we were talking about , things that you can do online Mortgage calculators yeah , valuations .

Speaker 2 2:10

Down to mortgage applications Loans .

Speaker 1 2:14

You can get approved for a loan . You can get approved Without talking to someone .

Speaker 2 2:16

Without talking to someone .

Speaker 1 2:18

Yeah , just kind of scary .

Speaker 2 2:19

Very scary .

Speaker 1 2:21

I have had a couple of those go through .

Speaker 2 2:23

Yeah .

Speaker 1 2:24

But also very scary , because again , when you're dealing with that , you're dealing with multiple people in those big companies where we like to deal with one-on-one . One-on-one yeah , I like to have my loan officer's cell phone number .

Speaker 2 2:38

Yeah , I think at the end of the day it's more beneficial for your client if your client's the buyer , because mean you get into these big companies and they're not really narrowing down options for a particular client . They are running through the motions and kind of doing their thing and it works for some but may not work for all .

Speaker 1 3:00

So you know , I don't know I guess that's too where ai might not be sufficient for something like that like super local , hyper local , as they always say . Like . Is someone in New York running the best scenarios for a buyer in South Louisiana ?

Speaker 2 3:16

right .

Speaker 1 3:17

I don't know yeah and I'm sure they rely on AI to generate those uh products formulas or whatnot whatnot .

Speaker 2 3:24

I did actually have a client that used Rocket Mortgage and they were buying a property in Des Alamans . Well , you know , quoting Louisiana Insurance , I'm sure , was not on the top of their list and really didn't have any idea . It was way off . It was way off on the estimate , I mean just way off . But at the same time I , as an agent , could go on their rocket mortgage portal and upload any documents I wanted to upload . I can see anything I wanted to see throughout the lending process . So you know , it is kind of cool . It is kind of cool . I mean I would get emails , you know , showing where we were at and what we were doing and I could see the documents that they were putting in .

Speaker 2 4:09

And I mean , it was just different for sure .

Speaker 1 4:12

Yeah , I had a couple of Rocket Mortgage incidences transactions too , but same thing . The one thing that was really off was insurance .

Speaker 2 4:21

Insurance yeah , they estimate , but was really off was insurance insurance yeah , you , just they they estimate , but they're not from here , so we have to have the the actual quotes in hand . And one of the biggest things for tech in real estate is the multiple listing service . Could you imagine using flash cards ?

Speaker 1 4:43

like hey , let me write down my new listing and let me go drop it in your mailbox .

Speaker 2 4:46

Mailbox yes or slide it under the door . Oh my gosh .

Speaker 1 4:50

Like passing notes in class .

Speaker 2 4:53

Or looking through MLS books to see what comps were . Oh my goodness , oh my God , I mean it's come a long way .

Speaker 1 4:59

The GPS ? Yes , can you imagine mapping out on an actual map where you're driving , to when you're going ?

Speaker 2 5:05

for showings . You've got six or seven showings in one day and you've got to figure out which stop is first . Yes , yeah , even GPS , gps , that's huge , it's like .

Speaker 1 5:16

Once you mentioned this topic and I thought about it initially I was like oh , because it's so normal , yes , I get on my computer and that's technology . Yeah , like oh because it's so normal Like I get on my computer and that's technology Like . But then when I actually started to think of like breaking down all the business , If you didn't have those things . Yeah , yeah . I mean I have a whole list right here and it's MLS is huge .

Speaker 2 5:35

Comps , appraisals , appraisals .

Speaker 1 5:37

Yeah .

Speaker 2 5:39

Documentation Signatures .

Speaker 1 5:42

Now , that's a big one . That's a big one , because when I started , we did not use electronic signatures like we do today when I first started , and that was in 2009 .

Speaker 2 5:52

Yeah .

Speaker 1 5:53

We had Formulator . I don't even know if we had DocuSign right away when I first started In 2009, . Yes , Well that I was using it .

Speaker 2 6:01

Oh .

Speaker 1 6:01

It's as big as it is now , oh yeah .

Speaker 2 6:07

DocuSign . I got my license and oh no , that . What am I thinking ? I got my license in 2016 and DocuSign was still very not everyone was using . Not everybody was using it and it wasn't very user-friendly . They hadn't gotten to that point where they had perfected , like you know how , how well , to use it .

Speaker 1 6:26

Yes , it definitely wasn't the norm . I can remember typing into forms on formulator printing them out and then having them signed .

Speaker 2 6:35

So yeah , I think that's a you know what that does for timeline . I mean , when I first started real estate you couldn't close . You couldn't get to a closing table before nine weeks . You know what I mean ? Because think about it , if you're doing less of the electronic side of it and more of the physical side of it , I mean you can't just get a signature in an hour . It might be the next day before you can get to your customer to get a signature , and that's another 24 hours added to the process . But now you can close the loan in four weeks .

Speaker 1 7:09

Right , it's crazy Because even the lenders are using electronic signatures .

Speaker 2 7:13

The lenders are doing the same thing . They're even doing it with their closing packages .

Speaker 1 7:16

Oh , I know , those are nice .

Speaker 2 7:17

They do these hybrid packages now , where , you know , 90% of the documents are being signed electronically . And when they go to the closing table they sign 10% .

Speaker 1 7:28

Right , oh , those are nice .

Speaker 2 7:29

Super nice , oh my gosh .

Speaker 1 7:31

Even funding has gotten better Still . Every now and then you have a little glitch , I think , in funding , but I can remember sitting at closings for two hours , everything signed and ready , and then waiting on funding .

Speaker 2 7:42

Just waiting for funding .

Speaker 1 7:43

Sometimes longer . I think I probably have . I can count on less than five times probably . But sitting at a closing like half a day waiting for funding , yeah , it's crazy , but yeah . So I came up when electronic signing came about and then I started dealing with a lot of investors . I had an idea for a concierge listing service .

Speaker 1 8:05

You don't even have to meet me . The house is empty already . We can sign everything online . I can set up the photos , go , take the photos and literally be listed in three to five days Everything signed and done , and I never actually had to meet physically with the client .

Speaker 2 8:22

Right .

Speaker 1 8:22

Because investors are busy . They don't always have time to go sit down and go through all of these , no , and they could have multiple houses that they're dealing with right , so that became something that I took advantage of , I guess , when it came to electronic signing , like , oh , we can do this yeah and then out of town sellers , buyers , all of that . Of course you have to be careful of fraud yeah scams . I've been using 4Warn a lot because I do get out of town people .

Speaker 2 8:50

But that's another resource .

Speaker 1 8:52

Oh yeah , that's another tech resource . You know , 4Warn came along and really helped us to figure out who's who .

Speaker 2 9:03

Who's who ? Who's legit , who's not Right ?

Speaker 1 9:05

So that was definitely helpful Because social media has become a huge part of the buying and selling process .

Speaker 2 9:07

So that was definitely helpful Because social media has become a huge part of the buying and selling process , not necessarily well for the agents , but also for the buyers and sellers . More for the buyers and sellers they're going on social media , they're looking for advertisements , they're looking for marketplace ads , they're looking in these , in these avenues , so you know for them to buyers , sellers and agents to to trust what's happening on the other end without seeing a face .

Speaker 1 9:38

You know a resource like forewarned is huge yes , and you're right , they're looking at social media too , to verify who they're dealing with , who they want to work with and deal with right . When I first started , social media was not that big , Although I've had Facebook since it started in 2004 , I think Facebook started .

Speaker 2 9:57

Really .

Speaker 1 9:58

I was at Nichols .

Speaker 2 10:00

You know , I didn't get Facebook until I started working here .

Speaker 1 10:03

Are you serious ?

Speaker 2 10:04

Oh wow . I did not have Facebook until I became a GEL Realty agent . Are you serious ? I swear to you , oh wow .

Speaker 1 10:11

I can remember Facebook . In the very beginning I had like five friends . Did you have a MySpace ?

Speaker 2 10:16

Never .

Speaker 1 10:17

Oh , myspace was fun . I used to change the music every week .

Speaker 2 10:21

Change my layout , I swore when social media first started getting really big , I swore that my life would never be on social media Nobody would be able to pull up . You know started getting really big . I swore that my life would never be on social media . Nobody would be able to pull up an app and know things about me . I was very adamant about that . And then the more technology became a part of people's it creeps in lives and businesses you have to yes , I mean , they have it .

Speaker 1 10:49

You have to stay relevant .

Speaker 2 10:49

You have to stay . Yes , I mean you have to . You have to stay relevant . You have to stay in everybody's face . I mean that's just the way , because guess what , if you're not , somebody else is right . If they don't see you , if they don't see you on Facebook , they think maybe you aren't in the business anymore . That's right .

Speaker 1 11:03

So while I have a I guess I have a love hate relationship with social media , for one , I don't want to spend all of my time trying to figure out what to share and what to post , and what content to put out . Mm-hmm , I like to share a few things about my family here and there . I like to share things on my business pages , but then sometimes I just feel a little burnt out with the fact that , oh gosh , I really should go post something yeah .

Speaker 1 11:27

I try not to let that like negativity yeah consume me and seep in and just kind of do it like a natural flow , yeah but when I feel like I like prep the pressure to have to do it . That's why I stopped doing tiktok like like for a while . It was fun , I was sharing videos and then I guess I kind of had a little break , or writer's TikTok block . I don't know , and I stopped , and I stopped and I kind of felt guilty or bad for stopping . And then I was like , well , this isn't right , like I shouldn't feel like this .

Speaker 2 12:06

But the truth is , the people that were watching your videos realized you weren't posting anymore . They were the ones saying what's going on ? I know there's this , there's this expectation to still see things . Yes , yes , to see the content . Yeah , yeah .

Speaker 1 12:17

I just recently , I think , I took a whole year off , maybe even more , but just this year I kind of started sharing a couple more well with our podcast yeah you know , I want to put some more things out about our podcast and this is fun yeah , like yeah like doing this , and then I've started listening to more podcasts , um I did too .

Speaker 2 12:35

I'm actually reading the bible , oh on a podcast I was like , okay , let's go but there you go , technology I mean it's everywhere yes , get in your car .

Speaker 1 12:46

Oh my god , on the podcast put on the book . It's all tech . Yeah , it's just it's , it's here , and if you're going to fight it , like I used to say , I wasn't very techie but , I , actually I enjoy certain things , like Canva creating , like our Instagram posts and things like that I enjoy working on Canva .

Speaker 2 13:08

I guess it's a creative outlet , it is , so it kind of fulfills the techie , it fulfills the creative in you , mm-hmm .

Speaker 1 13:16

So yeah , it's a lot . Yeah , like some of the other things I put on this list drone video .

Speaker 2 13:25

Yes .

Speaker 1 13:25

Drone photography .

Speaker 2 13:27

Virtual tours .

Speaker 1 13:28

Virtual staging .

Speaker 2 13:29

Virtual staging . I mean that's huge in real estate , I know I know there's so many things .

Speaker 1 13:36

Um ,

Technology Impact in Real Estate

Speaker 1 13:37

let's see . We talked about the online approvals , mortgage calculators , electronic signing . Um some more things that AI can do is market predictions do . Is market predictions right ?

Speaker 2 13:54

I think it can even create content for you , as far as like images and things like that and I think that's you know it to a degree has helped us . For buyers and sellers too . When they come to us , they're more educated because of what is available to them , whether it be through our marketing or whether it be through whatever . They are way more educated . They're watching these things , they're listening to these things , they know what to ask , they know what to say , which , honestly , when you get into a transaction with a client , it's almost like a team . Oh yeah , you know what I mean . We are , yeah , we're really working together , but I'm not teaching them .

Speaker 2 14:36

They're coming in with their knowledge . I'm coming in with my knowledge and we're working as a team . Yes , which is crazy , because that's not the way it used to be . No , buyers and sellers didn't know anything . You couldn't tell them shit from shit . Now they know that there's FHA financing and 8% grant loans out there , and they know these things , they're seeing these things , they're hearing these things , which , in return , can actually have its cons . So a lot of times , there's a lot of misinformation that they can find at their fingertips due to technology . Um , you know , there's , like you mentioned earlier , there's fraud , there's , you know , spam , things that they can get caught up in and not really know . Um , that's where the human connection comes back in absolutely hey , I saw this online .

Speaker 1 15:29

Is this real ?

Speaker 2 15:30

yep . Is this true , yep ?

Speaker 1 15:31

can we do this , can we do that , can we not do this ? So that's where we do come back . I like the whole team analogy like that . That's perfect , because they're educated , we're educated together . We are a force , yeah , to buy , sell . Yeah , invest in in properties yeah that's , that's what we do . I , I do like that . Having an educated buyer and seller is great , and again that's where that question comes up oh well , they don't need us ? Yeah , they still do .

Speaker 1 16:00

Yeah , there's still a lot more to it yeah , there's still a lot of fires to put out absolutely a lot of things that can happen , but being able to work together as a team is just going to make the process even better . They're going to love that . They felt very involved .

Speaker 2 16:15

Yeah .

Speaker 1 16:16

I mean just like building a house . You're involved in the process .

Speaker 2 16:19

Right .

Speaker 1 16:20

Any service that you do I mean not any service , but a lot of them . Like you're involved in the process , like how fun is that Right ?

Speaker 2 16:34

like you're involved in the process , like how fun is that right ? I've had a lot of clients become real estate agents . Oh yeah , because they they enjoy it , they enjoy the process , yeah , and they are able to , you know , get a lot of resources online and and and get through that . And I think , um , you know , I think with everything there's pros and cons . I think that you know we just talked about several pros and cons . I mean several cons for buyers and sellers , but for agents , there's some cons . Out there too , there can be some fierce competition . You know , when you get out there and you start marketing a property and you know another agent's , you know , competing in the same area . It's not there's , everybody's seeing it , everybody sees it Everybody everybody sees it , everybody , everybody sees it , everybody knows everybody .

Speaker 2 17:11

So you know that part gets tough too when you're trying to sell a house . Guess what ?

Speaker 1 17:14

so is everybody else keeps you on your toes . Yep , you gotta still stay , I mean , and I've always wanted to do the best and most possible for my clients for sure and , yes , the competition will keep you on your toes , it'll keep you looking forward , it'll keep you maybe even one step ahead , like hey , here's where things are going like . We saw ai coming , it's been coming that's what I say .

Speaker 2 17:38

That's video . Look , that's why technology has evolved so much . Yes , because there's always somebody trying to make it one step back better , and now we have ai and everyone's afraid of .

Speaker 1 17:50

I mean I say everyone , it's probably like 50 50 . I don't think I'm afraid of it . Yeah can it go crazy , but hey , the world's kind of crazy today anyway . So , um , I think you have to adapt , accept move forward always be willing to grow and learn . Um , I haven't even begun to step into the whole augmented and virtual virtual reality , but I think I read somewhere walking into an office putting on the goggles or whatever they're called .

Speaker 1 18:22

I don't even know what they're called yeah putting them on and saying , okay , which house do you want to tour today ? Before we even step out of the office .

Speaker 2 18:31

Right .

Speaker 1 18:31

That's a . Thing .

Speaker 2 18:32

Yeah .

Speaker 1 18:33

We don't have , I mean we're not doing it here . I'm sure there might be some places doing it . Yeah , other states doing it , I mean , why not ? Yeah , the biggest thing that we came up that came up a few years ago was the 3D tours which was pretty cool , which is similar to , I guess , a virtual reality situation . Yeah , but we haven't even touched that .

Speaker 2 18:52

I know .

Speaker 1 18:54

Personally .

Speaker 2 18:54

Right .

Speaker 1 18:55

I'm sure some people have .

Speaker 2 18:56

Yeah .

Speaker 1 18:57

So yeah , it's exciting . When I was doing a little research on this , there's even a name for it . They call it PropTech property technology .

Speaker 2 19:08

I don't know if that sounds very catchy or not , but that was in one of the articles that I found , actually when we put this episode out .

Speaker 1 19:14

I'm going to share an article that has a link to all the different types of tech that are out there for real estate agents and for clients . I think , it was an NAR or real estate post that I found a website , so we can share that with it . But yeah , exciting and new , and I wonder what 2025 is going to bring as far as tech goes . There's always somebody thinking up something new .

Speaker 2 19:40

Something new .

Speaker 1 19:41

yes , To go from multiple listing service in a book to where we are today where we are today yes , so crazy and and even all the websites like you search address multiple websites multiple valuations of your property yes um , I don't think the sold data is 100 hundred percent out there yet , but you could find off-market properties oh yeah any property you look up , it's gonna say either a for sale or off market yep and sometimes it'll say , when it lasts , old yep , so everybody's catching up .

Speaker 2 20:18

This indication of listings is out there , so yeah , if , if you're thinking about becoming a real estate agent , tech is not your thing , you might want to reconsider .

Speaker 1 20:31

Or just get very comfortable with learning and spend the time to do it .

Speaker 2 20:36

Yeah .

Speaker 1 20:37

And it's ever-changing , so once you learn one thing , the next thing's rolling around . I mean , I don't think I still have not used AI to its full potential .

Speaker 2 20:46

Me neither .

Speaker 1 20:47

And I don't even know where to begin . I don't even know what to tell it to do . So every time I see a post that says hey , try this , try that . I screenshot it . I save it because eventually I'm gonna go back to chat .

Speaker 2 20:57

GPT and put it in and see what happens . Yeah . I think that's the coolest thing I did a um a logo the other day I was , I had downloaded an AI app and I was just playing around with different logos and it was the craziest thing , just to watch .

Speaker 1 21:13

Oh yeah .

Speaker 2 21:14

Because you could put , like you know , a description of what it is that you know makes you you , and it just generates this logo . And it was so crazy . I'll have to try that . Oh my gosh , I'll share the app with you . Okay , it was . It was crazy and you can get very artistic with it and you can stay very plain . You know they'd ask you all those questions , but if you give a brief synopsis of you know what you do for a living and what you know what you want this logo to accomplish .

Speaker 1 21:49

Oh my gosh , what's the name of the ? App we're going to do a little shout-out on that . Let me see . We'll check it out . I'm interested .

AI in Real Estate

Speaker 1 22:04

Like I said , I save and screenshot everything I see . That has to do with AI , so I can go back and try it later . That has to do with AI , so I can go back and try it later .

Speaker 2 22:13

Maybe we can get a little no that wasn't it .

Speaker 1 22:15

Oh , this is it , a little ad deal .

Speaker 2 22:18

AI photo generator .

Speaker 1 22:20

AI photo generator .

Speaker 2 22:22

All right , we're going to check it out and it created a logo for you , Yep . I was able to create a logo . You could even do like headshots and all kinds of stuff in it . But yeah , it was the craziest thing .

Speaker 1 22:33

Was that the one ? Yeah ?

Speaker 2 22:34

that was the one . Huh , fun , very interesting , very interesting .

Speaker 1 22:40

It's a lot I feel like we could talk about . We could go through each of these ideas and topics and talk on them forever , but then we'd still have so much to learn . Yep , but I'm excited about this year . I'm excited about where the industry is going , even though it's so controversial these days . I'm excited about tech . Yeah , ai I'm going to have it on my list to focus more on tech and really put down three things that I want to just continue to do all year long .

Speaker 2 23:12

Or get better at or get more familiar with . Yes , yeah .

Speaker 1 23:15

So that is my my thing this year too . So , all right , that was a great chat . Yes , um , this was episode eight . Uh , all about tech and real estate , and this is the move worthy podcast with myself , jenny lindley and lauren jones and together we have the experience to move you forward .