Transforming Real Estate Portals with Gen AI: Key Insights from Blueprint 2024

The rise of generative AI is making waves across industries. Platforms like ChatGPT attract hundreds of millions of weekly users and Gen AI providers are funneling massive amounts of money into making the tools even easier to use. As AI becomes more powerful, it’s poised to forever change how people search for residential real estate, including multifamily apartments.

In this recap of the Blueprint Vegas 2024 panel “How the Rise of Gen AI Will Transform Real Estate Portals and Search” we’ll explore how top industry voices predict that generative AI will transform real estate portals and search.

How AI is Reshaping Real Estate Search

Kicking off the discussion, moderator Ashley Stinton, Managing Partner at NAR REACH, highlighted the consistency of the search landscape over the years, where algorithms have largely dictated results and customer journeys. Currently, most real estate searches remain manual, but the panel agreed that this will change as more platforms embrace AI-driven methods.

Anthemos Georgiades, CEO & Co-Founder at Zumper, shared how his company is exploring the integration of ChatGPT to enhance apartment searching capabilities. Although he admits his team is not there yet, he believes that generative AI will soon be a crucial tool for renters, enabling them to find their ideal homes faster and with less effort.

John Berkowitz, CEO & Founder at Ojo Labs, reflected on his early adoption of AI, noting, “We started working with AI and machine learning almost too early.” He pointed out that the necessary infrastructure was lacking at that time, but as AI technology matured, so did the potential for Ojo to apply it in a meaningful way.

Berkowitz emphasized that more people are now using AI platforms like ChatGPT for their searches, moving away from traditional tools like Google. “For the first time since Google, people are searching on other platforms,” he said, signaling that AI is set to play a leading role in shaping the next generation of real estate portals.

Advanced Filtering with AI
Greg Schwartz, CEO & Co-Founder at Tomo Mortgage, expanded on the idea of AI enhancing the search process with advanced filtering. He explained that one of the biggest challenges for homebuyers and renters is narrowing down their options. But with AI-powered filtering, searchers can get people closer to their dream home faster. Beyond that, AI search could streamline everything from leasing multifamily properties to purchasing residential homes. Schwartz envisions AI that understands a user’s preferences in depth, making suggestions not just based on price or square footage but on lifestyle factors like nearby schools, community features, or even the feel of the neighborhood. All of these elements are traditionally hard to quantify, but with AI, the possibilities are endless.

The Role of AI in SEO and Search Volumes
Generative AI isn’t just transforming the way people search; it’s also poised to disrupt how businesses rank on those search pages. According to a Gartner report mentioned by Berkowitz, search engine volume could drop by 25% by 2026 due to AI chatbots and virtual agents. As AI- generated content becomes more prevalent, the search landscape will evolve, and companies will be forced to rethink how they approach SEO. Speaking of AI-generated content, one of the more fascinating applications for AI is creating video content at scale. This would enhance SEO in ways that text-based web pages cannot. Not to mention, as users increasingly prefer watching videos, the ability to generate personalized, SEO-optimized video content could offer a significant competitive edge in real estate search.

Will AI Replace Real Estate and Leasing Agents?
A question that looms large in many industries is: Will AI replace human workers? Berkowitz offered his perspective, suggesting that high-level agents who bring expertise and a personal touch to their clients are unlikely to be replaced by AI. However, mid-to-lower-tier agents could be impacted, at least in terms of on-site job duties. As AI handles more of the routine tasks, the role of agents may shift toward higher-value activities, such as offering expert advice and building relationships with clients.

Generational Shifts and AI Adoption
Another important topic discussed was how younger generations, particularly Gen Z, are embracing AI at a much faster pace. According to a study by PYMNTS Intelligence and ACI Worldwide, 88% of Gen Zers are willing to share personal information in exchange for better online experiences. Unlike older generations, Gen Z views personalization as non-negotiable, and they’ll give up valuable personal information to get it. This shift in attitudes means that real estate portals will need to offer increasingly personalized, AI-driven experiences to meet the expectations of younger users. It’s not just about providing listings—it’s about curating the right ones based on an individual’s specific needs.

Inspiration for the Future of Generative AI
The panel closed with a discussion about the future of AI in real estate, with one theme emerging above all: transparency. As more companies adopt generative AI, there will be growing demand for clarity regarding how AI models operate and what data they use. Not only will real estate companies want to know how vendors are using this critical data, but customers will want to know that their information is safe and that AI is making the right decisions on their behalf.

When asked which industries are currently leveraging AI most effectively, the panelists highlighted travel, healthcare, and hospitality as sectors to watch. These industries successfully combine the human touch with cutting-edge AI technology, offering both efficiency and personalized experiences. Real estate companies could learn valuable lessons from these sectors as they strive to balance AI automation with the personal relationships central to the industry.

The rise of generative AI presents exciting opportunities for real estate. While we’re not yet at a stage where AI manages every aspect of the process, we’re getting closer to a time when real estate portals are commanded by generative AI.