It really is supposed to be the next “Big Thing” isn’t it – Artificial Intelligence or AI as it is known by just about everyone.
The claims are that it will completely transform nearly every part of our personal and busines lives within the next 5 years, 2 years, 1 year or even the next few months – depending on which guru you choose to believe. But will it significantly impact the world of estate agency and if so… when?
I freely admit that when I first heard of Artificial intelligence about 7 years ago I put it down as a fad, one of those ideas that was vaunted as a “game changer” and “disruptor” that would be nothing of the kind. How many times have we heard those claims about new ideas and business propositions, only to see them fade away or at best impact our business only slightly?
However, I really do think that this time it’s different and that AI is about to change (nearly!) everything in the world of house selling and renting. In fact, as I’m sure many of you will testify, some of that change has already happened.
I have attended numerous industry events over the years where AI was at first mentioned as something that may impact us in the future, then something that could provide a competitive advantage for early adopters and more recently an essential tool to run an efficient estate agency business. I have seen evidence of this in my own little agency as well as those I provide consultancy services for across the country – many use various services and functions without even realising that these functions are based on, at least in part, by the use of Artificial Intelligence.
So in the spirit of this article (and I promise not as a result of laziness!), I asked ChatGPT the following question…
How Will AI Impact Estate Agency In The UK?
Here’s what came back…
AI is already starting to impact estate agency in the UK and will continue to do so in increasingly significant ways. Here’s a breakdown of the key areas where AI will affect the industry:
🏠 1. Property Valuation & Market Analysis
- AI-Powered Valuations: Tools like Zoopla and Rightmove already use machine learning to estimate property values. Expect greater accuracy through real-time data and predictive analytics.
- Local Market Trends: AI can analyze historic and live market data to forecast price changes and demand in specific neighbourhoods — helping agents advise clients more effectively.
🤖 2. Automation of Routine Tasks
- Client Onboarding & Admin: Chatbots and virtual assistants can handle initial enquiries, schedule viewings, and manage documentation — reducing time spent on admin.
- Document Processing: AI tools can read and extract information from contracts, ID verification, and compliance documents (e.g. AML and KYC checks).
📈 3. Enhanced Lead Generation and Targeting
- Predictive Analytics for Buyer Behaviour: AI can identify who’s likely to move, what kind of properties they’re interested in, and when — allowing agents to target leads more precisely.
- Marketing Automation: Personalised listings and dynamic ads based on user preferences and browsing behaviour improve engagement and conversion rates.
🏘️ 4. Virtual Tours and Remote Viewings
- AI-Powered Imaging: Platforms now use AI to generate virtual staging, floorplans, and 360° tours. This tech reduces time on-site and increases remote interest.
- Voice-Guided Tours & Custom Experiences: Tools can offer intelligent, voice-guided property walk-throughs that adapt to the user’s interests in real time.
🔎 5. Fraud Detection and Compliance
- AML & Identity Checks: AI can verify documents, detect forgeries, and flag suspicious behaviour faster than manual checks, helping agents stay compliant with UK regulations.
- Transaction Monitoring: Algorithms can detect unusual patterns that may indicate fraud or money laundering, providing protection and audit trails.
👤 6. Changing Role of Estate Agents
- From Salesperson to Advisor: With AI handling admin and search, agents will focus more on negotiation, relationship-building, and nuanced local knowledge.
- Pressure on Fees: As tech automates more of the sales and lettings process, there’s potential downward pressure on traditional commission models, especially in the hybrid/online sector (e.g. Purplebricks model).
🚧 Risks & Challenges
- Data Privacy: With more personal data being processed, agents must ensure compliance with GDPR and other data regulations.
- Bias in Algorithms: If AI models are trained on biased data (e.g. undervaluing properties in certain areas), they can produce unfair outcomes.
- Disintermediation: Some clients may bypass agents altogether if AI platforms become robust enough to handle end-to-end transactions.
🔮 Looking Ahead
In 5–10 years, a typical estate agent’s tech stack may include:
- AI-generated property descriptions
- Virtual assistants for 24/7 enquiries
- Automated CRM pipelines
- Intelligent price optimization
- Predictive analytics for portfolio investors
Estate agents who embrace these tools early — and combine them with strong interpersonal skills and local expertise — will likely outperform those who resist change.
Ok – back to me, a simple human estate agent! To be honest, I was a little disappointed at the response. Not only because the default language appeared to use American spellings, annoying for what was clearly a UK based question, but I didn’t actually learn anything new. As for the “Looking Ahead” section, I think it really is behind the times. As far as I am aware, most of these predictions are already in place and used on a regular basis by huge numbers of agents including me.
Then again, it is still impressive that within a few seconds I can access a coherent argument which though disappointing in many ways, at least summarises the current situation.
Personally, I think that apart from improving property searches for buyers and renters, the biggest area where AI can and should assist in is the conveyancing process. To my simple brain, the current cumbersome and time-consuming process is perfect for artificial Intelligence to do its thing… but what do I know?
So what of us human estate agents? Well personally I wouldn’t fear what is coming, and to some extent is already happening, unless of course you choose to ignore it. I totally agree with the following now well known mantra…
AI Will Not Replace Your Job, But Someone Using AI Will
Simon Bradbury is a consultant specialising in securing new instructions and runs a (very) small estate agency powered by eXp.
Read the orginal article: https://propertyindustryeye.com/how-will-ai-impact-estate-agency-in-the-uk/
