Can AI Actually Help Agents With Comps?
Yes, AI-assisted comps and market research have arrived and the future is bright.
Last week, I had the opportunity to present practical ways that AI can help accelerate the day-to-day work of real estate agents at Vanguard Properties, alongside OpenAI (the maker of ChatGPT and global leader in AI research and development). After 45 minutes of walking through an example journey of an agent helping their client, three things became apparent:
We are in the early innings of AI adoption in the real estate industry.
Adoption of AI tools amongst agents is accelerating.
“Getting started” is the hardest part.
When it comes to how agents are currently using tools like ChatGPT, the use cases are fairly narrow. Mostly, it’s helping draft marketing copy — whether for a listing, or an email to a client.
But the possibilities that AI can unlock are so much more, including researching and building comprehensive analyses and presentations in seconds - not hours. Let’s go through an example of how Sidekick can help with CMAs.
Let AI do the heavy lifting
Using Los Angeles as an example, I asked Sidekick to find the newest single-family homes on the market between $1.5-$2.0 million with exactly 3 bedrooms.
Next, I asked Sidekick to create a CMA for the first property for my client, Brooke Buyer.
From there, with limited work on my part, Sidekick created an insightful and polished CMA presentation - ready to send to Brooke - while saving me hours of work.
Now that I have a CMA ready to go, what’s next? For Brooke, she had questions on the market - so let’s see how much work Sidekick can do for me this time around.
Getting smart on the market
The property Brooke’s interested in is in Eagle Rock. Rather than just send Brooke a presentation, I want to give her a more comprehensive view on 3-bed single family home trends over the last 12 months so we both have more context on how to make a decision on this property.
Rather than run a bunch of tedious searches myself, Sidekick can manage that for me with just a simple sentence: “how have 3bd sfh’s performed in Eagle Rock over the last 12 months? Show me the metrics Brooke would probably care about like sales price, DOM, $/sq ft — in a table.”
Pretty great - this saved me at least another hour of research. But I don’t want to send Brooke a table of data (I’d rather keep it in my back pocket if she has questions). Instead, I want to summarize this info in an email to her. I told that to Sidekick, and it handled it for me.
Getting started is the hardest (and easiest) part
Hopefully the examples above showcase some of the many different ways AI can become a force multiplier for agents. The hardest part? Just getting started and trying it out. But that’s also the easy part. With AI, there’s no ceiling and no wall. The only limitation? Your own creativity and desire to learn.
If you’d like to get started and set up a 1:1 Zoom with someone from the Sidekick team, click here and let’s begin!
Michael
Sidekick