SITUATION
After a nationwide settlement with the National Association of Realtors, the era of 6% commissions for real estate agents is over. The settlement will make commissions subject to negotiation, and could thus lead to real estate agents losing major business. To help real estate agents in this time of change, I created an app to allow them to navigate their business using AI.
TASK
- Understand how realtors use home tours to sell houses
- Research the pros and cons of virtual home tours
- Present a quick and effective solution for realtors/brokerages to implement into their business
ACTION
- Gain insights through interviews with licensed realtors
- Conduct literary review to validate assumptions
- Test ChatGPT's ability to create a house tour script
- Design, prototype & test low fidelity version of NOKI application
- Finalize high-fidelity NOKI application
RESULT
With further testing, we could potentially see increased productivity for realtors and an overall more efficient way of home-selling. With the introduction of NOKI could have the potential to shift the real-estate industry completely, and drive it towards the technological market. Overall NOKI would reduce the pressure that real estate agents now face due to the absence of a guaranteed commission.
RECOMMENDATIONS
With further development NOKI should allow users to access client data collected from the scripts created by ChatGPT and allow clients to make offers during the tour. These two features are imperative in allowing NOKI to create an almost hand-off experience for realtors and maximize efficiency.
