More and more companies are leveraging technological advances in machine learning, natural language processing, and other forms of artificial intelligence to provide relevant and instant recommendations to consumers. From Amazon to Netflix to REX Real Estate, firms are using AI recommenders to enhance the customer experience. AI recommenders are also increasingly used in the public sector to guide people to essential services. For example, the New York City Department of Social Services uses AI to give citizens recommendations on disability benefits, food assistance, and health insurance. However, simply offering AI assistance won't necessarily lead to more successful transactions.
What is AI? Everything you need to know about Artificial Intelligence Like just about every other business sector, the real estate industry is quickly learning that data is one of its most valuable assets. After 36 years in the business, Keller Williams has plenty of data to work with -- as well as a vast network of real estate agents it can turn to for help keeping that data fresh and useful. When Neil Dholakia joined Keller Williams as chief product officer in 2017, the company was already intent on modernizing. "We didn't want to be the Blockbuster to Zillow's Netflix, or the Blockbuster to Redfin's Netflix," Dholakia told ZDNet. "You name the company that started up in the last five years, or 10 years for that matter -- they all look at us as an old guard company, and we're the Blockbuster that they're going to Netflix."