Artificial Intelligence, AI, is so prevalent that sellers are now using this tool to value and validate their residential or vacant land properties. This past week I have been working with a seller who happens to believe AI is an exceptional research tool. Fortunately being old school, I have been able to educate him specifically that AI does not always compare apples to apples.
One of the very critical issues is AI fails to look at any expired listings. In this case there was a a vacant land expired listing for more acreage and that vacant land listing sat on the market for 365 days. Another even more serious issue is the presence of EPA flood plains along with the presence or lack thereof utilities.
By the way, if I printed out all the documents this seller has sent me along with the email exchanges we have had, I am sure it would be near a ream of paper, printed on both sides.
My sense is we must remember that AI is a tool and not necessarily an accurate tool. This is were the experience and knowledge of local real estate agents is required. The good news is that I received this email message that made me smile.
“You guys were picked for a reason. You’re good!!! Thank you.”
Today after meeting with my broker to confirm my thoughts, I traveled to our local Mohave county office to meet with the Flood Control Dept or hydrology. What I learned confirmed what I suspected. However, now I have a person and additional documentation to share with the seller that AI did not initially provide specific to his vacant land parcel. HINT: The question to AI must be very specific.
The lesson learned here and one I believe some agents fail to understand is the client (sales lead) determines value, not we as real estate agents. What matters to one client may not matter to another. For this client, communication, responsiveness and willing to undertake additional research was the seller’s value drivers.
P.S. Please consider checking out my Facebook business page, The Grit and Gratitude Agent that will focus on the Dirt Roads in Mohave County as well local real estate, lots of dirt or vacant land parcels as some of the local attractions.
#LetsGetBackToRealConversations #WeDoThingsDifferently #BuyerEducation #RealEstateGuidance #LandOfferPocess #ArizonaRealEstate #TheHelpfulAgent #GoldenValleyAZHomesAndLand #KingmanHomesAndLand
Leanne M Smith, The Grit and Gratitude Agent Who Goes the Extra Mile Because Life Begins Where the Pavement Ends.
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