technology Archives - REM https://realestatemagazine.ca/tag/technology/ Canada’s premier magazine for real estate professionals. Thu, 30 Jan 2025 15:15:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png technology Archives - REM https://realestatemagazine.ca/tag/technology/ 32 32 FCT acquires majority interest in Fintracker https://realestatemagazine.ca/fct-acquires-majority-interest-in-fintracker/ https://realestatemagazine.ca/fct-acquires-majority-interest-in-fintracker/#respond Wed, 29 Jan 2025 10:00:10 +0000 https://realestatemagazine.ca/?p=36993 In a move to tackle one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital ID verification company

The post FCT acquires majority interest in Fintracker appeared first on REM.

]]>

In a major move to tackle one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital identity verification solutions company.

The Oakville-based company announced the news on Jan. 28, saying the partnership is poised to streamline compliance with KYC and anti-money laundering (AML) regulations while enhancing security and efficiency in real estate transactions.

“Fintracker’s advanced identity verification technology, combined and integrated with our trusted services, will help create a more secure, seamless, and fully compliant experience for all stakeholders while shaping the future of connected and intelligent identity verification processes.,” says Michael LeBlanc, CEO, FCT.

Fintracker has contracts with many of Canada’s real estate boards and brokerages, including TRREB subsidiary PropTx. 

 

Why Fintracker?

 

Founded by former Realtor Simon Fiore, Fintracker was born out of a need to simplify the tedious FINTRAC compliance process. In a 2023 interview with Real Estate Magazine, Fiore shared that the idea for Fintracker originated in his Winnipeg brokerage. “I was like many agents struggling with these forms and not handing them in in a timely fashion,” Fiore said. His initial goal was to solve the problem for his own brokerage, but the solution gained traction.

The platform has since evolved into a tool for completing FINTRAC forms, digitizing workflows and reducing the potential for human error. During the pandemic, its ability to facilitate remote identity verification for non-physically present clients made it an important tool for many brokerages.

 

A shared vision for the future

 

With Fintracker’s solutions now integrated into its operations, FCT says its goal is to create a “connected identity ecosystem” that accelerates the home-buying process while safeguarding sensitive personal data. Fintracker’s founders, Fiore and CTO Matt Amihude, will continue leading the company as it expands under FCT’s umbrella.

“Partnering with FCT enables us to scale our mission of simplifying compliance for agents and brokerages across Canada,” says Fiore. “Our shared vision is to minimize friction for both the public and our clients, while raising the bar for KYC and AML compliance. Together, we’re fostering greater trust, transparency, and efficiency in real estate transactions.”

Fiore, who described himself as “the least tech-savvy agent in the country” when he started Fintracker, believes there’s no replacement for human relationships in real estate.

“Technology is always going to try and replace us, but one-on-one and face-to-face interactions, gaining trust and building relationships are still the keys,” Fiore told REM.

The post FCT acquires majority interest in Fintracker appeared first on REM.

]]>
https://realestatemagazine.ca/fct-acquires-majority-interest-in-fintracker/feed/ 0
OPINION: AI agents will change real estate—here’s how https://realestatemagazine.ca/opinion-ai-agents-will-change-real-estate-heres-how/ https://realestatemagazine.ca/opinion-ai-agents-will-change-real-estate-heres-how/#comments Tue, 28 Jan 2025 10:05:19 +0000 https://realestatemagazine.ca/?p=36971 "The agents who thrive will be those who embrace this change, adapting their businesses to work seamlessly with AI agents..."

The post OPINION: AI agents will change real estate—here’s how appeared first on REM.

]]>
I experienced something recently that made me rethink the future of our industry. I used an AI agent app to book a haircut, and while that might seem completely unrelated to selling homes, stay with me—because this technology is about to reshape how real estate agents work.

Before we dive into the implications for Realtors, let’s break down what an AI agent actually is, because this is crucial to understanding the coming change in our industry.

 

Siri “on steroids” 

 

An AI agent is essentially a digital assistant that can take real actions on your behalf—not just answer questions or provide information. Imagine, Siri, but on actual steroids. Think of it as having a highly capable personal assistant who can:

  1. Understand your specific requests and preferences
  2. Take concrete actions in the real world (make calls, send emails, book appointments, negotiate…)
  3. Make basic decisions within the boundaries you set
  4. Communicate with other AI agents

 

Here’s a simple example of how it works in practice:

When I needed that haircut, instead of spending time searching, calling, and negotiating, I simply told my AI agent what I wanted. I opened the app and said, “I need a haircut appointment nearby on Friday at 6 pm”.

The agent knew my schedule from my calendar, understood my preferences, and within 10 minutes made actual phone calls with a natural-sounding voice to a whole bunch of hair salons in my area. It handled the entire booking process—calling multiple salons, checking availability and scheduling the appointment.  It even confirmed the pricing.
Within a few minutes, the appointment appeared in my calendar.

 

AI agents could handle scheduling at lightning speeds

 

Now, this example just scratches the surface.  It uses AI and a fancy combination of Google searches to actually make AI voice calls.  I’m sure some of the salons were spooked to hear an AI calling them on my behalf and asking for an appointment, however, most of them interacted with the AI and were more than willing to book the appointment.

But imagine taking things to the next level. Many Realtors struggle with keeping up with phone calls, texts and emails. In an era where clients seek instant gratification, a missed call often equals a missed opportunity. 

The real power comes when businesses also have their own AI agents. Then the interaction becomes lightning-fast. From beginning to end, it too my AI agent seconds to book my haircut and put it in my calendar. 

Now, imagine this same efficiency applied to real estate. Instead of the traditional back-and-forth that can take days or weeks, we’re looking at a future of instant, intelligent interactions between buyers’ AI agents and real estate agents’ AI agents.

 

Five key implications for real estate 

 

1. The evolution of property search and matching

Forget about buyers endlessly scrolling through listings. Soon, a buyer’s AI agent will communicate with multiple Realtors’ AI agents simultaneously, instantly matching properties based on detailed criteria. 

But here’s the key—it won’t just match based on bedrooms and bathrooms. 

AI agents will understand nuanced preferences like “character homes with good natural light” or “quiet street with a strong community feel.” This means agents need to be incredibly thorough in their property documentation and descriptions, making sure their listings communicate both tangible and intangible features in a way AI agents can understand.

 

2. Showings and open houses transform

The traditional open house schedule is about to get a major upgrade. AI agents will coordinate showings by matching multiple buyers’ schedules with agent availability.

Smart agents will need systems that can interface with these AI schedulers to make the showing process nearly frictionless. This will mean the in-person experience becomes even more critical—because when buyers do show up, they’re more likely to be serious and well-matched to the property.

 

3. Local expertise becomes programmable knowledge

Your deep understanding of neighbourhoods, school districts, and local market trends needs to be digitized and structured in a way that AI agents can access and communicate. This isn’t just about writing blog posts—it’s about creating detailed, structured data about neighbourhood characteristics, local amenities, and market insights that can be easily parsed by AI systems. The goal is to make your local expertise programmatically accessible while maintaining its human value.

 

4. Relationship building gets supercharged

When AI handles mundane tasks like scheduling, document collection and initial property matching, agents can focus on what truly matters: building relationships and providing strategic advice. The successful real estate agent of tomorrow will be more advisor than scheduler, using the time freed up by AI to develop deeper client relationships and provide more sophisticated guidance about neighbourhoods, investment potential, and property values.

 

5. Transaction coordination becomes seamless

The days of manually coordinating with stagers, mortgage brokers, and inspectors are numbered. AI agents will handle the complex dance of transaction coordination, automatically scheduling inspections, following up on mortgage approvals, and keeping all parties updated on progress. This means agents need to ensure their transaction management systems can communicate effectively with AI agents while focusing their own time on handling negotiations and solving complex problems.

 

How this could work in practice

 

Let’s envision a typical property search in this new world: You have a buyer who says, “Find me a three-bedroom home with a big back yard, a renovated kitchen, and a finished basement apartment,  in a family-friendly neighbourhood under $800,000 with a good school district.”

Buyer’s AI agent:

  • Analyzes past search and lifestyle preferences
  • Communicates with multiple real estate agents’ AI agents
  • Cross-references school ratings and neighbourhood data
  • Looks through pictures and descriptions to identify a modern kitchen and a finished basement
  • Schedules viewings based on buyer’s calendar
  • Pre-qualifies mortgage options
  • Coordinates with other service providers (inspectors, title companies)

 

Realtor’s AI agent:

  • Matches listings with buyer criteria
  • Provides detailed neighbourhood analysis
  • Schedules and coordinates showings
  • Generates comprehensive property reports
  • Initiates preliminary paperwork
  • Coordinates with seller’s agent AI

This entire initial process could happen in minutes rather than days, freeing up real estate agents to focus on what truly matters—providing strategic advice and guiding clients through the emotional journey of buying or selling a home.

The implications are clear—real estate agents need to start preparing for this shift now. This means:

  • Structuring your listings and market knowledge to be AI-friendly
  • Building systems that can communicate with AI agents
  • Creating detailed, structured content about your local market
  • Developing unique value propositions beyond basic property matching
  • Focusing on the human elements that AI cannot replicate

 

The traditional model of real estate—where success was built on MLS listings and phone calls—is evolving into something more sophisticated. Soon, the first point of contact with a potential client might be your AI agent speaking with theirs. The question is: will your business be ready?

Just like my simple haircut booking experience showed me the future of service scheduling, it’s clear that the industry is heading toward an AI-agent-driven model. The agents who thrive will be those who embrace this change, adapting their businesses to work seamlessly with AI agents while doubling down on the human expertise that no AI can replace.

The future of real estate isn’t just digital—it’s delegated. Those who are preparing will have a significant advantage in this new landscape. Because soon enough, “have your agent call my agent” won’t just be a phrase for Hollywood or haircuts—it’ll be how real estate deals begin.

The time to prepare for this future is now. Are you ready?

The post OPINION: AI agents will change real estate—here’s how appeared first on REM.

]]>
https://realestatemagazine.ca/opinion-ai-agents-will-change-real-estate-heres-how/feed/ 2
Homz.io real estate portal expands across Canada with AI https://realestatemagazine.ca/homz-io-real-estate-portal-expands-across-canada-with-ai/ https://realestatemagazine.ca/homz-io-real-estate-portal-expands-across-canada-with-ai/#comments Tue, 14 Jan 2025 10:01:07 +0000 https://realestatemagazine.ca/?p=36548 The platform will use generative AI and other new technologies while staying committed to its user-centred philosophy

The post Homz.io real estate portal expands across Canada with AI appeared first on REM.

]]>

Quebec-based real estate portal, Homz.io, recently announced its rebrand aimed to help new homebuyers and renters across Canada. Formerly known as GuideHabitation.ca, the portal has been around since 2004 and is now growing, starting with British Columbia.

The team has been expanding its presence in B.C. for over a year, offering the technology and business model as a SaaS platform to third parties, like communication firms and specialized websites.

 

The portal

 

The portal attracts over 100,000 monthly visits from home seekers comparing real estate projects—from pre-sale condominiums to move-in-ready homes, to new rental units. The company notes the traffic is partly due to its focus on user needs over a purely advertising-driven approach.

“Our strength is in making new real estate searches easier and providing new homebuyers with comprehensive, factual and fairly objective information,” said Founder Denis Sauvé in a press release.

 

A 20-year journey

 

Sauvé reflected on the company’s two-decade journey: “20 years on the web feels like 100 in other industries. Yahoo was still a giant when we launched, and social media platforms like Facebook and YouTube didn’t even exist.”

When it first launched in 2004, the website had what Sauvé described as a “fast-food menu design.” However, it was ahead in search engine optimization, which laid the foundation for the site’s growth into a hub for new real estate projects.

Since then, the company says most of Quebec’s builders and promoters have showcased their houses and condominium projects to potential customers.

 

Future plans with AI

 

Moving forward, the company’s co-founders face the expanding impact of artificial intelligence. “Search habits are constantly evolving. People are turning to YouTube, Instagram, TikTok, Reddit, ChatGPT and countless other apps for any information … AI is just getting started. Who knows what the next few years will bring?” Sauvé pointed out.

So, Homz.io is integrating generative AI along with other new technologies into its proprietary codebase. The platform remains committed to its user-centred philosophy.

“Being here after 20 years is an achievement in itself. And the future looks exciting,” Maurizio Furnò, associate, expressed. “We are happy as a small business, and we aim to continue our journey controlling our growth path.”

 

The post Homz.io real estate portal expands across Canada with AI appeared first on REM.

]]>
https://realestatemagazine.ca/homz-io-real-estate-portal-expands-across-canada-with-ai/feed/ 1
The Nova Scotia Association of Realtors celebrates 25 years of progress https://realestatemagazine.ca/the-nova-scotia-association-of-realtors-celebrates-25-years-of-progress/ https://realestatemagazine.ca/the-nova-scotia-association-of-realtors-celebrates-25-years-of-progress/#comments Tue, 24 Dec 2024 10:01:30 +0000 https://realestatemagazine.ca/?p=36285 From technological advancements to advocacy and education, NSAR reflects on its legacy and looks ahead to the future

The post The Nova Scotia Association of Realtors celebrates 25 years of progress appeared first on REM.

]]>
Written by Tanya White, communications director for the Nova Scotia Association of Realtor

Decades before the establishment of a dedicated organization for real estate practice in Nova Scotia, the market operated with little regulation. Property advertisements appeared in local newspapers like The Chronicle Herald and The British Colonist. Short notices directed interested buyers to one of the province’s few practitioners of property trading.

(Photo: The British Colonist – September 8, 1860.)

Since its founding in 2000, the Nova Scotia Association of Realtors(NSAR) has grown to include over 2,100 members. These professionals adhere to high service standards and a strict code of ethics. Over the last 25 years, the industry has undergone significant transformation, much of it driven by technology.

In 2003, NSAR launched Nova Scotia’s first online MLS, allowing Realtors to upload property photos directly to listings. That same year, the association began sharing MLS statistics with the media, solidifying NSAR as the province’s leading source for housing data.

Reflecting on NSAR’s evolution, Mary MacDonald, the association’s first president, said, “Technology has been one of the biggest changes…from having to hire (photographers) to now being able to do them ourselves and using equipment such as drones.”

 

Education and professional development

 

NSAR manages the provincial MLS system and provides all real estate licensing courses in Nova Scotia through an agreement with the Nova Scotia Real Estate Commission. In 2024, the association introduced an enhanced salesperson licensing course designed to better prepare new professionals for the industry’s demands. NSAR offers annual mandatory courses and a broker licensing course.  

CEO, Roger Boutilier emphasized the importance of innovation, “Constantly looking ahead and being aware of the latest technologies to help our members stay at the forefront of the industry is a key priority. With the pace of new technologies being introduced, this can be challenging, but our industry must continue to evolve to offer the best service possible to clients who are also doing their homework and staying tech-savvy.”

 

A commitment to advocacy

 

NSAR has become a voice for Nova Scotia’s real estate industry, boasting a strong advocacy program. Its award-winning Political Action Committee (PAC) collaborates with the Canadian Real Estate Association to advance national housing initiatives. At the local level, the Provincial/Municipal Action Committee (PMAC) works to improve attainable housing for Nova Scotians.

“Prior to the fall provincial election, we surveyed members on the issues that were top of mind to them. Deed Transfer Tax reforms, innovative housing ideas, housing affordability, and disbursement of municipal lands were at the forefront and formed the advocacy plan for that,” Boutilier shared. “These issues were similar to NSAR’s plan in the municipal elections earlier in the fall. Overall, NSAR’s ‘asks’ were evident in the various candidate and party platforms. NSAR members feel passionate about opening up homeownership in all areas of the housing spectrum- from low-income housing to moderate and beyond. Our members care about their communities.”

Looking ahead, NSAR is gearing up for the Nova Scotia Cross-Sector Housing Summit in January 2025. This collaborative event, hosted with partners like the Nova Scotia Non-Profit Housing Association, will bring together private, social, and non-profit housing professionals to tackle pressing issues and develop actionable solutions.

 

Innovation for accessibility

 

As part of its commitment to inclusivity, NSAR recently added mandatory fields to the MLS system, helping homebuyers assess a property’s accessibility and adaptability. These updates, introduced in June 2024, include details like door widths, bathroom dimensions, and special features.

“Everyone’s definition of an accessible home is different,” said Bonnie Wigg, NSAR’s MLS® director. “So adding more information to listings will enable people to determine if a home is adaptable for them.”

 

Navigating the current market

 

Past President Matthew Dauphinee noted that the current market can be divided by by price point, “Sellers and buyers at different price points have very different experiences. Below $500,000 has more buyers, the down payment assistance program has helped that end of the market, where the $800,000 plus market has fewer buyers or may see more homes selling subject to the sale of the buyers’ home.”

Dauphinee also highlighted challenges like rising property taxes and insurance costs, which have made affordability a growing concern. Despite these pressures, he predicted a steady market for 2025, with a slight uptick driven by lower interest rates and increased construction.

 

What lies ahead

 

Looking toward spring, President Andrew Gilroy foresees a potential spike in inventory as mortgages come up for renewal. “If interest rates stabilize, we could see a surge in activity,” he said.

 

The post The Nova Scotia Association of Realtors celebrates 25 years of progress appeared first on REM.

]]>
https://realestatemagazine.ca/the-nova-scotia-association-of-realtors-celebrates-25-years-of-progress/feed/ 1
New AI tool promises to save Realtors hours on admin tasks https://realestatemagazine.ca/new-ai-tool-promises-to-save-realtors-hours-on-admin-tasks/ https://realestatemagazine.ca/new-ai-tool-promises-to-save-realtors-hours-on-admin-tasks/#comments Wed, 11 Dec 2024 10:06:04 +0000 https://realestatemagazine.ca/?p=36008 Realtors spend up to 35 hours to close a single deal, says the creator of Mave, an AI tool that promises to streamline tasks

The post New AI tool promises to save Realtors hours on admin tasks appeared first on REM.

]]>

Realtors can spend up to 35 hours on administrative tasks to close a single deal, according to Raz Zohar, who left his job in tech to work as an assistant in the industry to uncover its pain points. This realization sparked a “lightbulb moment,” inspiring him to create Mave—an AI-powered assistant designed to streamline tedious workflows and empower agents to focus on what they do best: serving clients and closing deals.

At its core, Mave uses AI technology to streamline tasks. Realtors interact with the tool through messaging platforms like WhatsApp or iMessage. For instance, an agent might text, “What’s the pet policy for ‘X’ building? When was it built? Does it have rent control?” Mave retrieves and organizes relevant information in seconds, enabling agents to provide instant answers to clients—avoiding the dreaded “let me get back to you” response.

 

Supporting agents in two key roles

 

Zohar identifies two primary roles agents juggle: consultant and marketer. Mave is designed to support both areas.

When representing a buyer, agents must act as consultants to help solve their problems, while for sellers, he adds, it goes beyond winning the deal. “Clients want agents to sell their property as fast as possible for the most amount of money,” Zohar notes.

Tasks that traditionally take days—such as creating social media strategies, filming scripts and promotional campaigns—can now be completed in minutes. Agents can quickly produce polished, branded content for platforms like TikTok, Instagram and email, driving engagement and results with minimal effort.

Mave is set up to adhere to brand guidelines for compliance. This means if agents need to market a property with, say, a social media post, a feature sheet or other collateral, they can text their request, and in a few seconds they’ll have branded content ready to go.

 

How Mave was born

 

Zohar’s curiosity was born from his own experience in buying a home—he knew his Realtor was working hard behind the scenes, but admittedly, he didn’t know what they were doing. He saw an opportunity for innovation in an industry often criticized for being slow to adopt new technology. 

He began with a question: What do Realtors actually do during those 35 hours? To understand, he quit his job in tech to work as a real estate executive assistant, immersing himself in the processes behind winning listings, staging homes, arranging repairs and managing marketing.

“The only way was to become someone in the industry doing the dirty work that no one sees.,” he explains. This hands-on experience revealed inefficiencies, particularly for brokerages grappling with shrinking margins and limited resources to hire full-scale marketing teams.

Agents often relied on outdated processes or had to wait days for in-house teams to deliver materials. With Mave, Zohar says those delays are eliminated, allowing agents to act quickly and decisively.

 

Adoption and growth

 

Mave started small but has rapidly scaled, onboarding nearly 6,000 agents across 90 brokerages in the Toronto area. Of the 1,000 beta users actively engaged, about 60 per cent use Mave daily, according to the company’s founder. 

Zohar emphasizes that trust is non-negotiable. “If an agent’s showing a home and Mave says it’s 10 bedrooms but it’s really one bedroom, you’re just not going to trust it,” he says. Mave’s engineers ensure data accuracy and train the AI to minimize errors.

Still, Zohar and his team see certain situations where AI needs to be fact-checked and reviewed “because it’s performing about 30 steps in one.” So, they advise users to thoroughly review any deeper analysis from Mave to be sure the results look right.

 

Collaboration with boards and data providers

 

The tool’s functionality hinges on partnerships with real estate boards and data providers. Zohar cites PropTx, a tech-focused initiative of the Toronto Regional Real Estate Board (TRREB), as an example of industry interest in innovation.

While TRREB President Jennifer Pearce clarified that the board has no formal partnership with Mave, highlighting in a statement, “TRREB is a facilitator of technology for our members who are permitted to have individual contractual agreements with Virtual Office Website providers of their choosing.”

Mave takes data security seriously, adhering to strict protocols from real estate boards and brokerages. “Whenever we onboard a brokerage, we must go through a legal process we’ve guaranteed with the boards to sign off on the right to access data,” Zohar explains.

 

Human touch meets AI efficiency

 

Despite Mave’s capabilities, Zohar believes human interaction remains at the heart of real estate. “Psychologically, consumers are going through what’s usually the most meaningful purchase of their lives. They want support, a human touch and to feel that there’s a trusted companion by their side. This isn’t going to change because of AI,” he says.

Currently, Mave has onboarded one thousand users in Southern Ontario to its beta program with plans for expansion across North America. 

Zohar’s ultimate goal is to reduce administrative time by up to 90 per cent. For now, Mave continues to refine its features and onboard more users, aiming to revolutionize real estate by giving agents their time back.

 

The post New AI tool promises to save Realtors hours on admin tasks appeared first on REM.

]]>
https://realestatemagazine.ca/new-ai-tool-promises-to-save-realtors-hours-on-admin-tasks/feed/ 2
Wahi rolls out AI image search for consumers https://realestatemagazine.ca/wahi-rolls-out-ai-image-search-for-consumers/ https://realestatemagazine.ca/wahi-rolls-out-ai-image-search-for-consumers/#respond Fri, 22 Nov 2024 05:01:40 +0000 https://realestatemagazine.ca/?p=35828 Wahi’s new AI tool lets homebuyers search by image features, as Realtors adopt similar technology, marking a broader shift toward AI in real estate

The post Wahi rolls out AI image search for consumers appeared first on REM.

]]>

Artificial intelligence is reshaping industries worldwide, and real estate is no exception. From streamlining property searches to automating listings, AI-powered tools are rapidly becoming integral to how homes are bought and sold. 

Toronto-based real estate platform Wahi has launched Canada’s first consumer-facing AI image search tool. This feature allows homebuyers to filter property photos for specific features like “renovated kitchens” or “finished basements,” promising a faster, more tailored search experience.

 

A game-changer for consumers?

 

Wahi’s new feature, developed with Western University researchers, uses generative AI to analyze property photos and prioritize listings that match specific buyer preferences. Instead of scrolling through listings, buyers can search by visual attributes, making it easier to find homes that align with their needs and wants. 

Eman Nejad, Wahi’s head of data science, highlights the potential of this technology, noting that it “adds a new dimension to the real estate industry.”

 

AI tools Realtors are almost using

 

Realtors may find Wahi’s news familiar. In 2022, the Toronto Regional Real Estate Board (TRREB) announced a partnership with Barcelona-based Restb.ai to integrate AI into its MLS system. The technology promised to analyze listing photos, tag features like architectural styles or interior finishes, and even detect property conditions, all while speeding up the listing process.

At the time, TRREB described the technology as a “Pinterest-type experience,” with CEO John DiMichele touting its potential to revolutionize how agents work and match buyers with homes. Realtors anticipated faster workflows, greater listing accuracy, and a new level of search sophistication.

However, despite claims that the Restb.ai integration would be complete by early 2023, PropTx, TRREB’s for-profit subsidiary, lists the feature as “coming soon” on its website. It remains unclear when the promised technology will become available to its members. TRREB did not respond to REM’s requests for comment.

The Saskatchewan Realtors Association announced it integrated the technology into its MLS in November 2023.

The post Wahi rolls out AI image search for consumers appeared first on REM.

]]>
https://realestatemagazine.ca/wahi-rolls-out-ai-image-search-for-consumers/feed/ 0
Adapt or be left behind: Natalka Falcomer on Garry Bhaura’s blueprint for success https://realestatemagazine.ca/adapt-or-be-left-behind-natalka-falcomer-on-garry-bhauras-blueprint-for-success/ https://realestatemagazine.ca/adapt-or-be-left-behind-natalka-falcomer-on-garry-bhauras-blueprint-for-success/#respond Thu, 14 Nov 2024 05:03:28 +0000 https://realestatemagazine.ca/?p=35719 Columnist Natalka Falcomer spotlights Garry Bhaura’s innovation-first mindset and his approach to technology and collaboration at his 200-person brokerage

The post Adapt or be left behind: Natalka Falcomer on Garry Bhaura’s blueprint for success appeared first on REM.

]]>

“If you don’t change, others will change you,” says Gurcharan (Garry) Bhaura, president and broker of record at ReMax President Realty. In a rapidly evolving industry, Bhaura says this mindset has guided him for over 25 years, helping him stay ahead in a market shaped by technological disruption and shifting consumer expectations.

 

Embracing disruptive innovation

 

Bhaura’s guiding principle is rooted in experience. It aligns with the core message of Clayton Christensen’s book, The Innovator’s Dilemma, which warns that even successful companies can fall behind by failing to embrace disruptive technologies. Bhaura’s brokerage, however, has thrived by adopting a “disrupt before being disrupted” approach.

Examples of Bhaura’s proactive approach are his early adoption of customer relationship management (CRM) software, electronic transfers of commission payments (versus paper cheques) and paperless office systems — well before the COVID-19 pandemic made such tools essential. By anticipating industry shifts, Bhaura positioned his team at the forefront of the real estate sector, demonstrating the power of technological foresight.

Christensen’s work emphasizes that disruptive innovations often start as seemingly inferior alternatives to established products or services. However, they gradually improve and eventually overtake traditional offerings. In real estate, we see this playing out with technologies like virtual property tours and blockchain-based transactions. Bhaura’s willingness to explore and implement these emerging tools aligns perfectly with the behaviours adopted by companies that successfully ride the waves of an evolving market.

 

Fostering a culture of collaboration and continuous learning

 

At the heart of Bhaura’s success lies a culture that values teamwork and shared knowledge as much as technological innovation. “Any agent in my brokerage can ask questions without fear,” he notes, highlighting the importance of creating a supportive and open environment.

This leadership style resonates with Simon Sinek’s concept of Leaders Eat Last. In his book, Sinek argues that the most effective leaders create environments of trust and collaboration where team members feel safe to share ideas and support one another. By promoting this culture, Bhaura has cultivated a diverse team of agents, each contributing unique skills to the brokerage’s success.

 

Counterintuitive to sales competition? Collaboration can boost performance

 

It might seem counterintuitive, however, to foster collaboration in the highly competitive world of real estate sales. Despite this, Bhaura’s approach demonstrates that a collaborative environment can actually enhance individual and team performance. He explains the reason is that in a rapidly changing industry, no single agent can stay on top of every new development, technology or market trend. By encouraging open communication and knowledge sharing, the entire team benefits from each member’s experiences and insights.

By fostering this collaborative culture, Bhaura has created a brokerage where the whole is greater than the sum of its parts. This approach not only improves individual agent performance but also strengthens the brokerage’s overall market position and resilience to industry changes.

 

An emphasis on professional development

 

Bhaura’s emphasis on professional development further reinforces this collaborative culture. His team regularly participates in forward-thinking education, including everything from AI workshops to mindfulness training. This commitment to continuous learning ensures that his team is always ready to adapt to new challenges and opportunities in the real estate market.

Before moving to ReMax in July, Bhaura was with Century 21, where his team consistently ranked among the company’s top offices. Bharua is currently serving as vice chair for the Canadian Real Estate Association’s board of directors. 

As Nelson Mandela wisely said, “Education is the most powerful weapon which you can use to change the world.” Bhaura not only frequently quotes this wisdom but has also taken it to heart. He’s made ongoing education a cornerstone of his brokerage’s success strategy. By investing in the team’s knowledge and skills, Bhaura is not just changing his brokerage— he’s helping to shape the future of the real estate industry.

 

Leveraging technology for enhanced client service

 

Bhaura’s vision for the future of real estate is deeply intertwined with technological advancement. He sees artificial intelligence (AI), blockchain and virtual reality (VR) as game-changing technologies that will reshape the industry landscape. His belief that “AI will play a very, very large role” in real estate is already being realized through the implementation of AI tools for market analysis and transaction management.

However, Bhaura’s approach to technology is not about replacement, but enhancement. He believes that the most successful organizations will be those that harness AI’s capabilities while ensuring that human expertise remains at the forefront.

In practice, this means training agents to use AI tools like ChatGPT to enhance client communication and service delivery. “We’ve trained agents to use AI to be rockstars,” Bhaura says, but he also cautions against over-reliance on automation without understanding its limitations. This balanced approach ensures that technology serves to augment, rather than replace, the human touch that is so crucial in real estate transactions.

 

Navigating the digital landscape

 

One of the most profound shifts Bhaura highlights is the evolving role of social media and digital engagement in real estate. “Look how TikTok has replaced traditional platforms with algorithms and videos,” he observes, emphasizing that today’s brokers must be as comfortable with content creation and data analytics as they are with closing deals.

Bhaura’s advice to train agents on AI tools, leverage social media and personalize client outreach demonstrates how real estate professionals can thrive by embracing these new digital realities. By staying ahead of digital trends, Bhaura ensures that his brokerage remains relevant and competitive in an increasingly online-driven market.

 

Bhaura’s blueprint for future-ready real estate leadership

 

Bhaura’s career offers a blueprint for success in the ever-evolving real estate industry. His approach combines technological innovation with human-centred leadership, creating a brokerage that’s well-positioned to navigate future challenges and opportunities.

For real estate brokers looking to make their companies defensible against technology and industry changes, here are three key takeaways:

  1. Embrace technological disruption. Stay ahead of the curve by actively seeking out and implementing new technologies that can enhance your business operations and client service. Be willing to disrupt your own processes before external forces do it for you.
  1. Foster a culture of continuous learning and collaboration. Create an environment where team members are encouraged to continuously update their skills and share knowledge. This collaborative approach enhances individual performance, accelerates innovation and builds a more resilient team capable of adapting to industry changes.
  1. Balance technology with human expertise. While leveraging AI and other advanced technologies, remember that the real estate industry is fundamentally about human relationships. Use technology to augment, not replace, the personal touch that clients value in real estate transactions.

Follow these principles to build a resilient, forward-thinking business capable of thriving amid change.

As Bhaura’s experience shows, those who view technological disruption as an opportunity rather than a threat, and who harness the power of collaboration in a traditionally competitive field, will be best positioned to lead the real estate industry into its next era of innovation and success.

The post Adapt or be left behind: Natalka Falcomer on Garry Bhaura’s blueprint for success appeared first on REM.

]]>
https://realestatemagazine.ca/adapt-or-be-left-behind-natalka-falcomer-on-garry-bhauras-blueprint-for-success/feed/ 0
The mystery and reality of AI in real estate  https://realestatemagazine.ca/the-mystery-and-reality-of-ai-in-real-estate/ https://realestatemagazine.ca/the-mystery-and-reality-of-ai-in-real-estate/#respond Tue, 12 Nov 2024 05:01:09 +0000 https://realestatemagazine.ca/?p=35693 For many, the reality of AI remains a mystery. For others, it has become a tool that is gaining ground and becoming a pillar in their business

The post The mystery and reality of AI in real estate  appeared first on REM.

]]>

For many, the reality of AI remains a mystery. For others, it has become a tool that is gaining ground and becoming a pillar in their business. The further you are from using AI, the more this mystery causes fear and anxiety. As the evolution of the real estate industry progresses, it becomes quite apparent that what worked in the past, may not be the way forward.

Historically, we saw the end of the traditional consumer, alternatively known as the uninformed consumer which gave rise to the educated consumer. This shift in empowerment paved a way for the Realtors who leveraged specific marketing to stand out and build a unique business. 

Early in my career, I was told repeatedly I had to build a geo farm and fight for market share in a particular neighbourhood. I was told stories of how the legends in my area all owned a piece of the city before they became billboard faces. Sure, this worked for them, but understanding that information is even more accessible for clients today than ever before, I had a hard time resonating with this philosophy. 

 

Redefining the game in real estate

 

One thing I could agree with: those agents worked hard.  But to stand out, I realized I didn’t need to play by the same rules. True industry disruptors know that repetition only goes so far.

Take Stephen Curry, for example. In a game of basketball where slam dunks made highlight reels and the iconic Michael Jordan dunk gets imprinted into our minds, Stephen Curry impacted the game significantly by playing a different game within the game itself. Statistically speaking, few athletes have ever impacted the way a game has been played, but Curry gave rise to the three-point game while everyone else was focused on a two-point gain. 

Sure, that’s a nice basketball analogy, but how does it relate to real estate?

 

Moving beyond traditional marketing

 

Yes, traditional marketing— door knocking or cold calling—can result in a slam dunk; however, this one-dimensional effort is slowly becoming a vision of the past. 

With the introduction of AI, not only does that three-point line offer more points, but it also requires less grind and takes a much more skilled shot. 

 

Adapting to the entitled consumer

 

I built my career by recognizing the power of educational marketing, which has become essential with the rise of what marketers call the entitled consumer.

The beauty of marketing is the constant evolution of change. Everything has a season and life cycle within marketing. Once you find something that works, you have a short window before it becomes oversaturated and the game needs to shift. Sometimes that shift happens within the consumer mindset, and sometimes with a change in technology. 

With the rise of AI, clients are self-educating, meaning they often come with their own insights from Netflix shows or ChatGPT, requiring agents to build trust and navigate through various sources of information.

Whether I’m speaking at a brokerage or with clients at the kitchen table, I emphasize one mantra: “change equals opportunity.” While AI might replace certain tasks, it also opens doors to new opportunities. Yes, AI can create content and strategies, even write effective clauses—but there’s more to consider.

 

AI integration

 

Ah, but let me guess, it can’t open doors for the clients, right? It may seem unlikely, yet with advancements in tech—facial recognition, GPS tracking—it’s conceivable that agents may need to rethink their roles. 

Reflecting on your business at the close of 2024, ask yourself: Are you on track with your goals? If not, it may be time to shift your approach.

 

Three ways to thrive in a changing market

 

The game is changing, and sellers are no longer an easy win. If you want to stay relevant, here are three strategies to consider:

  1. Lean into human connection: As humans, we crave human interactions. The more artificial things become, the more value a true professional becomes. 
  2. Focus on your mindset: Major brands have already started leveraging AI to increase the client journey. Look at the way you run your business, now imagine yourself as the Client. Their entitlement isn’t going away, so how can you cater to your client and leverage AI and other tools to elevate their experience with you?
  3. Explore different tools: Focus on you! Maintaining a positive mindset creates perseverance. If you truly believe AI will replace you, it will. If you choose to believe that you will use AI to impact and increase your business so that it flourishes, it will. 

 


Embracing change can give you a competitive edge 

 

The game is changing and the best defence is a solid offence. You have the power now to redefine your role and recalibrate your business. Get ahead, embrace the tools available and position yourself as the go-to Realtor in the evolving real estate landscape.

The post The mystery and reality of AI in real estate  appeared first on REM.

]]>
https://realestatemagazine.ca/the-mystery-and-reality-of-ai-in-real-estate/feed/ 0
Can AI help Realtors create compelling content? https://realestatemagazine.ca/can-ai-help-realtors-create-compelling-content/ https://realestatemagazine.ca/can-ai-help-realtors-create-compelling-content/#comments Tue, 05 Nov 2024 05:02:41 +0000 https://realestatemagazine.ca/?p=35550 New AI technology from Google promises to create personalized podcasts, turning market reports into a lively discussion between two hosts

The post Can AI help Realtors create compelling content? appeared first on REM.

]]>

It just seems like a week doesn’t go by and AI is changing the landscape of industries and real estate.  This next AI technology blew me away because it’s incredible lifelike voices it creates for podcasts.

In the fast-paced world of real estate, staying updated with the market, real estate forms and technology. However, not every Realtor has the luxury of time to sift through pages of dry reports or articles. Enter Google’s NotebookLM, the AI-powered tool that’s setting a new trend in information consumption through its innovative podcast feature. Realtors can leverage this technology to turn mundane data into engaging, personality-infused content.

 

From text to talk

 

Imagine transforming a 50-page market analysis report into a lively discussion between two knowledgeable hosts. That’s exactly what NotebookLM does with its audio overview feature. Realtors can upload documents, whether it’s the latest housing market stats or a new listing, and receive a podcast-style audio file. 

What I like about it the most are the hosts of the podcast. They have engaging “personalities” that make the podcast something you enjoy listening to. The AI-generated voices dive deep into the material, offering insights, debates and even anecdotes that can make learning about real estate trends as enjoyable as listening to your favourite podcast.

 

Why this matters for Realtors

 

This business thrives on engagement. Properties are not sold with facts and figures but through stories and connections. By using NotebookLM, realtors can:

  • Create engaging content: Convert property listings to market forecasts into podcast episodes. This can be particularly appealing for clients who prefer listening over reading, potentially increasing client engagement.
  • Educational tools: Use the generated podcasts to educate new home buyers or investors about the market. An audio format can be more inviting, making complex information accessible and entertaining.
  • Marketing strategy: Share these podcasts on social media or during open houses. A discussion about local market trends or the backstory of a neighbourhood can attract potential buyers, offering them value beyond the visual tour.
  • Professional development: I use it now when I come across complicated or boring content.  I just upload the content into NotebookLM and minutes later I have an engaging and understandable podcast that I can listen to. Realtors can keep up with industry changes on the go. Whether they’re driving between showings or waiting at a coffee shop, they can turn that time into a learning session without needing to read a single line.

 

The future of client interaction

 

Imagine sending your clients a personalized podcast episode discussing the potential of a neighbourhood they’re interested in, complete with market trends, future development plans, and historical anecdotes. This not only positions the Realtor as an innovative professional but also adds a layer of personal touch that text-based reports can’t match.

Google’s NotebookLM isn’t just a tool; it’s a gateway to transforming how information is consumed and shared. For Realtors, this means an opportunity to turn every piece of information into an engaging story, every market update into a conversation, and every client interaction into an experience. In an industry where personality and presentation can make all the difference, turning the page from reading to listening might just be the next big move in real estate. 

Want to see how it works? Have a listen to this article in podcast form:

 

The post Can AI help Realtors create compelling content? appeared first on REM.

]]>
https://realestatemagazine.ca/can-ai-help-realtors-create-compelling-content/feed/ 1
Mave raises $2 million in pre-seed funding; launches beta program for its real estate industry AI assistant https://realestatemagazine.ca/mave-raises-2-million-in-pre-seed-funding-launches-beta-program-for-its-real-estate-industry-ai-assistant/ https://realestatemagazine.ca/mave-raises-2-million-in-pre-seed-funding-launches-beta-program-for-its-real-estate-industry-ai-assistant/#respond Thu, 24 Oct 2024 10:30:54 +0000 https://realestatemagazine.ca/?p=35278 Agents text Mave a question, and in seconds it automates backend tasks like social media posts, marketing materials, emails, presentations & more

The post Mave raises $2 million in pre-seed funding; launches beta program for its real estate industry AI assistant appeared first on REM.

]]>

Today, Mave, an artificial intelligence (AI) assistant for the real estate industry, announced it has raised $2 million in pre-seed funding and launched its beta program for agents and brokers.

The investment was raised and closed in a few weeks and was led by Relay Ventures and N49P with participation from Alate Partners, Clarim Ventures, Gambit Partners, along with several angel and strategic investors including a past president of the Toronto Real Estate Board.

 

Mave’s journey to today

 

After Mave founder and CEO Raz Zohar worked as an executive assistant for agents across the Greater Toronto Area (GTA) and gained experience with the demands on agents’ time, he discovered a gap: brokerages try to support agents, but with their commission split per deal getting smaller, many lack the resources for dedicated backend assistance.

So, Mave began as a result of this opportunity, along with the rapid improvements in AI and large language models (LLM).

“Not much has changed in recent years about the way the real estate industry operates. To modernize their brokerages, many look to existing tools for help. But these can be overwhelming for agents … Mave is the first solution we’ve seen that really solves the core problems the industry faces in a way that is easy enough for any agent to adopt,” says Alex Baker, managing partner at Relay Ventures.

 

Its current state

 

Mave currently has a team of 10. While the product has been operating in stealth mode, it has attracted interest from over 6,000 real estate agents across more than 90 brokerages in the GTA. From these prospective users, Mave has selected 1,000 to initially onboard as part of its beta program.

The team has worked to secure access to extensive market data and related property information through partnerships with real estate boards and other data providers. As the Mave AI assistant is trained using this information, it enables agents to harness market and neighbourhood insights to respond instantly to client requests and deliver a greater level of customer service.

”While our initial focus is on handling marketing tasks, with the funding in place we’re expanding our development to establish Mave as a full-time assistant,” says Zohar. “Mave will handle key back-end administrative tasks, from coordinating an open house to finalizing contracts better and faster than ever before.”

Baker adds, “We believe in Raz and his team and are confident that this is the right approach for the industry.”

 

How Mave works

 

Agents text questions to Mave such as “What is the price per square foot of homes in “X” postal code?” Then, in seconds, Mave can automate backend tasks, such as creating social media posts, marketing materials, emails and presentations.

The product fits into existing workflows, enabling agents to interact with the AI assistant via text messages just as they would their real assistants to get tasks done.

 

Use cases

 

The number of reported daily wins and use cases shared by agents testing the platform have exceeded Mave’s expectations. For example, for one agent participating in the beta program, the ability to immediately respond to a client’s questions and very quickly price the property enabled them to secure a listing within 24 hours.

Another agent that used Mave to optimize a listing saw showings go from zero to 11 in one week. A third used Mave to create the concept, script, post and caption for an Instagram campaign that led to a sale for $100,000 over-asking price.

Among the first Mave beta customers is PSR Brokerage, a luxury boutique real estate firm with over 150 agents in Southern Ontario. The brokerage specializes in resale and pre-construction sales, supported by high-end marketing services for its clients. Within the first week of signing up for the Mave beta program, 60 per cent of agents are actively using the AI assistant at least six times per week.

“Clients have high expectations of realtors to know every detail about thousands of listings,” notes Joshua Chisvin, VP of resale, partner at PSR Brokerage. “With Mave, we finally found the perfect solution to enable our teams to meet this demand effortlessly.”

 

The post Mave raises $2 million in pre-seed funding; launches beta program for its real estate industry AI assistant appeared first on REM.

]]>
https://realestatemagazine.ca/mave-raises-2-million-in-pre-seed-funding-launches-beta-program-for-its-real-estate-industry-ai-assistant/feed/ 0