'It's The Game Of Attention' – Ryan Serhant Explains How AI Is Disrupting The Real Estate Industry

Ryan Serhant, CEO of Serhant and star of reality TV show "Owning Manhattan," believes artificial intelligence (AI) is revolutionizing real estate.

At the CNBC Evolve AI Opportunity Summit in New York City, Serhant predicted that agents will increasingly focus on building personal connections rather than simply providing property information. As AI tools become more sophisticated, agents must find unique ways to stand out in a competitive market.

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"If we are all using AI and have the same level of expertise, who wins? It's all the game of attention," Serhant said at the CNBC event.

Buying a home is one of the most significant financial decisions Americans make. Serhant believes that real estate agents prioritizing personal connections will be more successful. He sees AI as a tool that frees up agents to focus on building deeper relationships with their clients.

"The product in sales is no longer just the skill set," Serhant said. "It is the attention to the skill set."

Serhant's company has created S. MPLE, a tool that automates routine tasks, giving agents time to spend more with clients. AI is streamlining lead generation, marketing and analysis, but it won't replace the human element. Serhant believes that AI will strengthen relationships between agents and clients.

By providing easier access to market data and insights, AI can help smaller real estate firms compete more effectively with larger corporations.

"There is a trust factor in sales," Serhant said. "It isn't about who is the largest but who is the most empowered."

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Serhant believes that AI will benefit homebuyers and sellers by increasing the number of qualified agents offering personalized services.

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While the real estate industry is still exploring AI, interest is high. A JLL survey found that investors, developers and corporate occupiers ranked generative AI among the top three technologies impacting real estate.

But many real estate professionals still have limited understanding of AI. Serhant predicts that agents who embrace AI will have significant opportunities to grow their market share in the coming years.

While beneficial, AI poses new risks. Wire fraud is a growing concern in real estate and AI could exacerbate the problem. The FBI reported a significant increase in wire fraud cases in 2023, often linked to real estate transactions. Advanced AI technology is making it easier for scammers to operate.

Serhant acknowledges the risks but believes the real estate industry will adapt, just as it did with digital listings.

"With every advancement in technology, greater rules get put into place that can help stop those fakes," Serhant said.

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