Tech and RE: Big Changes Now, More on the Way
In general, technology simplifies complicated tasks. It’s doing that now with writing, and it’s expected to soon speed up the mortgage-approval process.
NEW YORK – Real estate already uses automation technology for various applications, including machine-learning algorithms that can identify homeowners likely to put their property up for sale in the immediate future.
Chatbots can also engage with clients or prospects on an agent’s website, and receive answers to routine inquiries without having to wait for a human response.
Looking ahead, home-lending approval automation will likely expand. The increasing refinement of algorithms and neural networks that drive artificial intelligence will shorten the mortgage approval process and, as a result, enable buyers to close on a property faster and with fewer bureaucratic obstacles.
These technologies’ effectiveness hinges on feeding them the most accurate information possible. Tech has always had a GIGO problem, or “Garbage in, garbage out.”
Ultimately, agents should remember that the tech upgrades’ ultimate goal isn’t to write or make better decisions – it’s to give agents more free time to concentrate on other areas of their business.
Source: Realty Biz News (02/17/2023) Shepardson, Ben
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