The Rise of AI in the Real Estate Industry


The world of AI and technology, especially in the housing industry, is altering how many view real estate agents and the role they play.

A Harris Poll from April 2019 found that 72% of Americans believe the real estate commission of 6% is too high, and 74% of Americans would like to have an alternative to traditional real estate agents.

This alternative might be something we use every day—technology.

Glenn Orgin, CEO of the real estate tech platform Richr, recently spoke with The MReport about the ever-expanding role of technology, how real estate agents can maintain value in the current market, and what’s next on the horizon.

Orgin originally bought and sold homes in the UK, where agents receive about 1% for selling a home instead of the nearly 6% U.S. real estate agents claim. After moving to Miami, Florida, in 2009 and joining The Faith Group, one of the most well-known, family-run real estate companies in south Florida, Orgin saw a way for homeowners to leverage modern technology to eliminate seller fees and capitalize on 100% of their hard-earned home equity. In 2018, he founded Richr Inc. to help homeowners keep more equity when they sell or purchase property by eliminating real estate commissions.