While technology offers an opportunity to broaden perspectives and open minds, sometimes algorithms can perpetuate bias in the housing and real estate markets. People tend to focus on statistics surrounding demographics and income levels, which can perpetuate housing discrimination. Furthermore, some agents don’t have the best intentions and use these biases to perpetuate discrimination further.
Many professionals in the real estate and housing industry want to use emerging technology for the convenience and efficiency it offers, but don’t want to adopt the bias that comes with it. Below, six experts from Forbes Biz Councils share the various ways that professionals in the industry can learn to better leverage emerging technology for the convenience and efficiency they need without perpetuating discrimination or adopting bias.
Forbes Biz Council members share strategies on how real estate professionals can leverage technology with maintaining systematic bias.
Photos courtesy of the individual members.
1. Combine New School With Old School
Real estate is a people business despite technological advances. The winning combination is combining new school and old school. Using technology to download neighborhood names and addresses that might otherwise be overlooked and sending old-school “snail-mail” directly to residences and apartment buildings is the win-win approach to inclusion. – Eileen Lacerte, Better Homes and Gardens Real Estate Island Lifestyle
2. Focus On Serving Clients No Matter What
Humans build these technologies, so the real problem isn’t the technology but the people who develop the tech platforms or choose to use them in a biased way. As real estate professionals, we just need to do what we’ve been trained to do—stay focused on serving clients whoever they are and wherever they come from. – Kevin Markarian, Marker Real Estate
3. Use Tools Based On Client Needs And Wants
We like to call it art and science. Art is the old school way of doing business face to face and science is the utilization of technological tools to further an objective. It is essential to remain versatile and utilize tools based on the client’s needs and wants. – Marco Del Zotto, LIV | Sotheby’s International Realty – Breckenridge CO
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4. Be Aware Of Society’s Structural Inequities
Recognize that using emerging technology may inherently exclude certain classes of prospective clients due to access issues. While your privilege offers you the ability to improve your business efficiency, many other people do not have those same advantages. By remaining aware of the structural inequities in our society, you will be less likely to adopt biases against underprivileged groups. – Megan Micco, Compass
5. Vet All Tools Before Adopting
In this industry, it is vital to stay engaged and to be at the forefront of new trends. However, it is important to not just jump onto new trends without thoroughly reviewing the impact they will have on your business, and more importantly your clients. We would never engage in the use of a technology that is known to us to be biased, so the first step of vetting before adopting is key. – F. Ron Smith, Smith & Berg Partners at Compass
6. Don’t Try To Replace The Senses
No matter how great technology gets you can never replace the five human senses. Human sight over virtual reality will never replace watching a sunset. The unsightly neighbor’s house is usually edited from the drone video as well. Good luck smelling the cat food plant a few blocks away as well. Hearing the fire trucks and feeling the energy physically and energetically is out too. – Chris Ryan, Beyond Properties Group (eXp Realty)