Ah, Google. The behemoth of the search world, the omnipresent oracle of the internet.
But even the mightiest must adapt or face the risk of being usurped. Enter AI, the new kid on the block, shaking up the status quo and giving Google a run for its money. The tech giant has announced the introduction of "AI Mode," a move that could spell the end for traditional organic search results as we know them.
For years, Google's bread and butter has been its ad revenue, driven by those little blue links that we've all come to rely on. But with its AI Overviews now dominating the search landscape (particularly on mobile, where they take up the vast majority of the screen) the game is changing. Google's AI Mode aims to provide users with a ‘reasoned’ summary of all of its results, effectively pushing those organic links further down the page. It's a bold move, driven by the likes of ChatGPT and Perplexity, which have shown that AI-powered search can be both efficient and effective.
The challenge for Google is clear: how to maintain its revenue streams while adapting to this new AI-driven world. Their fear is that if discovery via AI platforms (such as speaking with ChatGPT) become the norm, users might bypass traditional search engines – and, let’s call it, portals – altogether, heading straight to agent websites instead. This could be a game-changer for the property market, where the likes of Rightmove have long held sway.
But it's not just Google that's feeling the heat. The entire search landscape is in flux, with new players like Manus AI entering the fray. This Chinese model offers a comprehensive search experience, taking into account everything from your salary to your children's ages to find the perfect area for you to move to. It's a glimpse into the future of search, where AI does the heavy lifting, leaving users free to dream.
Of course, with great power comes great responsibility. The potential for AI results to be influenced by those with the deepest pockets is a concern. Transparency will be key, ensuring that users can trust the results they're being shown. After all, if search becomes a pay-to-play arena, it risks alienating the very users it's designed to serve.
For the property market, these changes present both challenges and opportunities. As AI continues to evolve, the need for innovation within the industry becomes ever more pressing. Rightmove, for instance, has this week been busy rewarding its top brass with share options, perhaps as an incentive to tackle the AI challenge head-on. But as the winds of change blow ever stronger, the days of relying solely on portals for property discovery may be numbered.
For estate and lettings agents, this could be the moment many have been waiting decades for. Freed from the shackles of hefty portal fees, they will find themselves with more resources to invest in innovative products and services. And for those of us in the proptech space, it's an exciting time. As AI reshapes the landscape, the potential for new solutions and opportunities is vast.
The battle for search supremacy is only just beginning. As AI continues to advance, the way we discover information will change in ways we can't yet fully predict. But one thing's for sure: it's going to be a fascinating ride.
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