As a client-centric agent, you benefit from adopting the latest tools and technologies that help you improve your game and keep you one step ahead of the competition.
One of the most exciting and beneficial developments is integrating artificial intelligence (AI) and computer vision into Multiple Listing Services (MLS). These cutting-edge technologies are transforming how agents work, helping them save time, increase efficiency, and provide better service to their clients.
1. Empowering listing agents by streamlining the process
AI and computer vision are already proving to be bonafide game-changers for listing agents.
Picture this: You're a listing agent named Anna, and you've just landed a new seller. Traditionally, getting a listing on the market can be time-consuming, uploading dozens of photos, and, to maximize their effectiveness, writing and entering descriptions for each image and then filling in numerous fields into your local MLS platform.
But now, with MLSs incorporating AI and computer vision into their platforms, you can create a complete listing efficiently and automatically in just a few minutes.
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How can AI and computer vision help you?
Let's follow the journey of Anna, a listing agent who has just secured a new property.
Traditionally, Anna would have to spend a couple of hours getting her listing information and photos ready, which she would then upload and organize into her MLS platform. She would then fill in all the property information and details, going through various fields, often reviewing and checking dozens of boxes to create her listing. However, this entire process is streamlined and automated with AI and computer vision.
Auto-populating the listing field saves time, reduces errors
One of the most significant benefits of AI and computer vision for listing agents is the ability to auto-populate listing fields instantly and automatically – including identifying crucial features in photos and writing detailed photo captions.
Anna simply needs to upload the property images, and her MLS, using advanced technology provided by Restb.ai, takes care of the rest. The computer vision analyzes the images, extracts relevant information such as room types, architectural styles, and unique features, and then automatically fills in the corresponding fields, creating her listing in the MLS.
This automation saves Anna time and helps her avoid the tedious data entry process, allowing her to focus on more important tasks, like marketing the property and meeting with clients.
A study by Restb.ai shows that its AI detects an average of 17 features per listing, which increases the number of features listed for each property by 28%. The research also shows that AI detects positive features more than twice as frequently as those populated manually by an agent.
More complete and accurate data ensures that the information presented to potential buyers is reliable and up-to-date. Plus, with the accuracy of AI, the risk of human error in listing data is significantly reduced.
Anna's hard work in becoming known as a professional, trusted, and reliable agent benefits from data accuracy.
Compelling property descriptions written for you
In addition to auto-populating listing fields, AI and computer vision work together to generate creative and feature-rich property descriptions. This functionality is often a lifesaver for agents like Anna, who may struggle with writer's block and find it challenging to use the right words and phrases to highlight a property's best attributes.
The images of the property are quickly scanned and analyzed by computer vision to identify the key property features, such as hardwood floors, stainless steel appliances, or a spacious backyard with a pool. AI then works to craft a compelling description that showcases these features, painting a picture of the property that resonates with potential buyers. This saves Anna time and ensures that her listings stand out from her competition, attracting more interest and potentially leading to a faster sale.
Listing completeness and accuracy automatically
Another significant benefit of AI and Computer Vision that helps agents like Anna is the ability to create complete and accurate listings. The technology fills in the required fields and populates additional fields that Anna may have overlooked or left blank in the past.
For example, the AI can identify and list specific amenities, such as a Wolf oven or Sub-Zero appliance in the kitchen, which can be crucial selling points for potential buyers. By providing more comprehensive and focused detailed listings, Anna can showcase properties in their best light and attract a wider audience.
Moreover, the accuracy of AI-powered listings far exceeds manual entry, as it reduces the risk of errors or inconsistencies that could potentially mislead buyers or lead to complications down the road.
In a Restb.ai analysis of MLS’s listing, we discovered a significant correlation between the completeness of MLS listings and the speed at which properties sell. Specifically, listings that include the most important features (e.g. kitchen bar) of the property sell faster compared to listings that possess these feature but fail to add them to the listing. This insight can serve as a valuable strategy for real estate professionals aiming to expedite property sales.
Built-in agent protection: automated compliance and risk reduction
Compliance with MLS guidelines and government regulations is critical to any agent's job. However, Anna knows from experience that manually reviewing every photo and description for potential violations can be time-consuming and tedious. Fortunately, AI and computer vision offer a solution by automating the compliance review process.
For example, technology powered by Restb.ai scans listings for any discriminatory language, ensuring that Anna's descriptions are fair and unbiased. It also checks for accessibility issues, such as missing alt tags on images, helping Anna maintain ADA and FHA compliance. If any potential violations are detected, the AI alerts Anna, providing guidance on how to rectify the issue.
This automated compliance review saves Anna time and gives her peace of mind. She can focus on other aspects of her job, knowing that her listings are compliant and that she's reducing the risk of legal issues or even potential MLS fines.
2. Buyer agents benefit from AI, too
On the other side of the transaction, AI and computer vision are revolutionizing how buyer agents work – and how their buyer clients can search. By leveraging these technologies, the ability to quickly discover properties that match one’s specific preferences is changing search forever – and that helps Anna stay ahead of her competition.
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Finding the right match
For example, one of the most exciting applications of AI and computer vision for buyer agents is MLS Match, powered by Restb.ai. This powerful tool allows agents like Anna to help their buyers better articulate what they want in a home.
An age-old agent idiom is “buyers are liars.” But the real story is buyers often lack the ability to express what they are looking for in a home accurately. With MLS Match, agents can see the types of photos their clients are searching for, gaining insight that can help determine specific interests and potential trade-offs.
Let's say Anna's client shares a picture of their ideal kitchen, with white cabinets, marble countertops, and stainless-steel appliances. And the home the buyers are looking for must have a roomy backyard.
Using MLS Match, Anna can quickly search for listings that feature white kitchens with all the features her client wants without manually browsing through hundreds of properties. The AI analyzes the image and returns a curated list of visually similar listings, saving Anna – and her clients – hours of search time.
Moreover, with MLS Match, visual similarities can be paired with other criteria – such as location, price range, and the number of bedrooms and bathrooms – to help Anna's clients find their dream homes.
Personalized property recommendations
Another way AI and Computer Vision boost Anna’s productivity is through personalized property recommendations. The AI can provide tailored suggestions that match their unique criteria by analyzing a buyer's search history, saved listings, and other preferences.
For instance, if Anna's client has shown interest in properties with open floor plans and large backyards, AI will prioritize listings with these features in its recommendations. This saves Anna time and demonstrates her deep understanding of her client's needs, strengthening their relationship and increasing the likelihood of a successful transaction.
Never miss a listing
As in life and the real estate business, timing is everything. AI and computer vision can power automatic notifications, ensuring that Anna's buyers never miss out on their perfect home.
By setting up automation rules based on her clients' preferences, Anna can receive instant notifications when a new listing matches her client’s criteria. For example, if a client is looking for a home with a pool in a specific neighborhood, Anna can create a rule that alerts her when a matching property hits the market.
This proactive approach not only demonstrates Anna's dedication to her clients but also gives her a competitive edge. Being one of the first agents to know about a new listing, she can quickly schedule a showing and potentially secure the property for her buyer before other agents even have a chance to react.
Anna will also boost her word-of-mouth recommendations by using AI and computer vision to increase her efficiency and reliability, which is the source of most of her business.
3. Elevating the real estate experience: AI is here
Integrating AI and Computer Vision into the MLS is transforming how real estate agents work. By automating time-consuming tasks, providing powerful search tools, and offering personalized recommendations, these technologies are helping agents like Anna work faster and smarter, not harder.
For listing agents, AI and computer vision streamline the process of creating comprehensive and compelling listings. Auto-populating fields, generating attractive descriptions, and ensuring compliance save time and reduce the risk of errors, allowing agents to focus on building relationships with their clients.
On the buyer's side, tools like MLS Match, personalized recommendations, and automated listing notifications are game-changers. These tools accelerate the search process, deliver tailored results, and ensure that agents take advantage of every opportunity to find their clients' dream homes.
Finally, the benefits of AI and computer vision extend beyond individual agents. By embracing these technologies, the entire real estate industry can provide a more seamless, efficient, and satisfying experience for both buyers and sellers. Agents like Anna who adopt these tools will not only save time and increase their productivity but also differentiate themselves in a competitive market and demonstrate their irreplaceable value to their clients.
If your MLS is not yet integrating AI and computer vision, ask them to contact us at info@restb.ai so your MLS can deliver these cutting-edge technologies, which will help you streamline your business workflow.
Dominik Pogorzelski is a leading real estate AI pioneer and General Manager, MLS for Restb.ai, the leader in computer vision and AI for real estate. A product and client-centric innovator with engineering roots, Dominik is helping MLSs make AI commonplace in the real estate journey.
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