How brokerage Compass sold its 83,000 real estate agents to use more AI
The brokerage has leaned on executives and trained staff to laud a new AI tool intended to make real estate transactions more efficient.
Compass, a real estate brokerage, has made strides in encouraging its 83,000 agents to adopt artificial intelligence (AI) tools. CEO Robert Reffkin, President of Growth Rory Golod, and other senior executives showcased the new AI Assistant at a demo day, which was attended by more than 10,000 agents. The AI Assistant is designed to handle repetitive administrative tasks and nudge agents toward new sales opportunities.
Since its debut in July, about 15,000 agents have generated over 97,000 conversations with the AI tool. Despite the industry trend showing that nine out of ten agents are using or planning to use AI, the median age of a real estate agent is 57, presenting a challenge for adoption. Younger agents are more likely to use AI chatbots for work, according to Pew Research.
With the rise of online real estate marketplaces, there is skepticism within the industry about the effectiveness of AI tools. The emergence of AI regulation in New York City adds another layer of complexity. While some believe AI cannot replace the personalized experience a human agent provides, others see the potential for AI to streamline processes and improve efficiency.
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