A report into the impact of artificial intelligence (AI) on jobs shows how the technology can transform the property industry, according to the head of PropTech firm.

Mal McCallion, CEO of ModelProp AI, said there were ‘significant takeaways for estate agents in the UK’ from PwC’s AI Jobs Barometer for 2024, released this week.

From the analysis of over 500 million jobs, McCallion picked out findings showing:

• 5x higher productivity gains for companies using AI.
• 27% fewer vacancies in companies deploying AI.
• 84% of global CEOs saying AI will increase efficiency of their employees.

According to McCallion, the technology can help estate agents who frequently struggle to recruit and retain the right staff.

“These stats, from a highly reputable organisation surveying over half a billion jobs, show the power that AI can have in every estate agency in the UK,” he said.

“And these aren’t dehumanising shifts where machines take over interpersonal contact. It’s about moving your people away from screens to be able to perform the outreach that they’re best at, leaving AI to shoulder the dull, repetitive stuff.”

McCallion added that AI has the potential to free agents up to enjoy their jobs more, resulting in higher market share, more revenue per transaction as well as lower costs.

“Estate agencies should be increasing productivity and removing recruitment pain with AI right now – their people, and their P&L, will thank them for it,” he said.