AI, big data and social media are leading sources of innovation for real estate

• Day 1 of MAREC 2024 explores industry innovations and how different sources of technology and social media may provide the keys to sustainability.

BANDAR UTAMA (March 6): As global and national change spur shifts in internal and external industry dynamics, protecting the longevity of real estate via innovation and sustainability is key. The Malaysian Annual Real Estate Convention (MAREC) 2024 explored this with its ‘Real Estate Evolution: Winning through Innovation & Sustainability’ theme.

This year marks the 38th anniversary of MAREC and the 50th anniversary the Malaysian Institute of Estate Agents (MIEA), and the former is the platform to bring value to professionals in the industry, said Ethan Leong, MAREC 2024 chairman.

Leong highlighted that AR, VR, AI and machine learning as well as big data analytics, predictive analytics, and smart home technology are tools of innovation.

“All these are very powerful tools and could become very prevalent in the industry’s future. Besides that, data visualization and analytics are also transforming the way we present complex market insights and property details to clients,” said Leong.

MIEA president Tan Kian Aun explained that to support sustainability, there needs to be a balance between staying true to the fundamentals of the organisation and business, while embracing innovation to maintain industry relevancy. Tan also touched on the need to engage with the society and build trust and value with clients and customers.

Invest in CRM systems

Meanwhile, the first panel session explored how innovation can contribute to sustainability in real estate.

The discussion focused on innovations through the advancement of technology. Sr Hj. Adzman Shah Hj. Mohd Ariffin, RISM president; and Datuk Sr Firdaus Musa, FIABCI Malaysian Chapter president  encouraged the capitalisation of social media and video content -- utilising its interactive and advertising capabilities.

Tan suggested that agencies should collaborate with third party providers for content creation, as well as to invest in effective customer relationship management (CRM) systems.

The panelists agreed that a challenge to innovation in real estate would be resistance to the adoption of new practices.  

Make the shift from transaction to consultation

Melvin Lim, PropertyLimBrothers, co-founder and CEO, predicts that the demand for transactors in real estate will diminish and be replaced by consultancy. In his fireside chat with Jonathan Lee, MIEA director, Lim said that agents can make the shift from transactor to consultant by ‘talking like an analyst.’

“Utilise charts, news, and market trends to educate your audience. Most of this information is already out there, but consumers want to hear your viewpoint. Break this information down into simple and usable concepts,” Lim explained.

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