AI is becoming table stakes for real estate tech
More than half of the technology products highlighted in T3 Sixty's newly released Tech 200 incorporate AI. This year’s list also includes 20 startups.
When looking at the latest technology to hit the real estate market, one trend is clear: Artificial intelligence is becoming a standard feature rather than a shiny new toy.
In its annual Tech 200 list of best-in-class technology products for brokerages and agents, T3 Sixty found that more than half (51.6%) use AI — a significant jump from a year ago when less than a third (30.4%) were AI powered. Common uses of AI in real estate include content generation, lead routing and business intelligence, T3 Sixty noted in a news release. (Note: Real Estate News is an editorially independent division of T3 Sixty.)
As AI becomes more ubiquitous, adoption of the technology has surged. Nearly 9 in 10 brokerage leaders in a recent survey said their agents are using AI, and those leaders are (gradually) warming up to the idea, with 42% saying they were "highly concerned" about the tech, down from 50% a year earlier.
While not everyone is using AI — yet — agents, brokerages and MLSs increasingly rely on tech tools to do their jobs. "Technology is no longer optional in real estate, it's foundational," said Jack Miller, president and CEO of T3 Sixty.
M&As heat up: Consolidation continues to be a trend in real estate, and the tech sector is no exception. Six companies in the 2024 edition of the Tech 200 were acquired in the past year: Collabra Technology, Curated Social, Payments.io, Realvolve, Shaker and Verse.io.
Still plenty of newcomers: While some firms are being absorbed, others are just getting started. Twenty new companies made the Tech 200 for the first time this year, including Blended Sense, which describes itself as a one-stop shop for video needs; CertifID, which provides fraud prevention technology; and Gitcha, which helps connect homebuyers to property owners and agents.
Big firms still dominate: Well-established companies continue to lead the way in tech, according to T3 Sixty. Constellation Real Estate Group — which recently unified its products under the Constellation1 brand — and Lone Wolf Technologies each had 11 products on the list, more than any other company. They were followed by MoxiWorks, with 7 products, and Inside Real Estate, with 5 products.