Is your Realtor an AI Bot? Probably not, but how is AI being used in Real Estate Today?
Real estate is a dynamic industry, and Realtors must keep up with technology to remain competitive. With the advent of artificial intelligence (AI) and tools like ChatGPT in the news, some wonder whether this technology will replace human Realtors. While it is unlikely, AI is indeed having an impact on the industry, and Realtors should be aware of the trends.
Using AI to write property listings and emails
According to Business Insider, some Realtors are already using AI to write property listings and even some routine emails. AI tools like ChatGPT use natural language processing to write property descriptions that sound as if a human Realtor wrote them. The tool can also help Realtors save time and write more compelling listings.
"The technology takes into account the context of a query and tries to understand what the user is asking, so it can respond in the most relevant and helpful way," said Eran Gazit, CEO and co-founder of real estate AI firm Grips.
While AI-generated property listings are becoming more common, human Realtors are still essential to the industry. AI can help Realtors save time, but it can't replace the human touch. As with any emerging technology, especially those that aim to automate our daily tasks, it is important for the user to understand both the abilities, and the limits of the tool.
AI's impact on residential real estate tech
The Real Deal reports that AI is transforming residential real estate technology. AI-powered tools can help Realtors identify potential buyers and sellers, make more accurate pricing predictions, and analyze data to create more effective marketing campaigns.
"AI is really going to impact real estate in a big way," said Chris Drayer, CEO of Revaluate, a real estate data firm. "It's going to help real estate professionals be more effective with their time, and it's going to allow them to close more deals."
Full disclosure, this blog post was written largely by the publically accessible ChatGPT platform from OpenAI. The AI was provided with a prompt - a text description of what I wanted the post to discuss, some sources to examine, and the factors to consider in its output. The AI then provided me with a (very convincingly written and human sounding) starting point for me to finesse, saving me hours of time, which can be spent serving my clients.
AI-powered chatbots for real estate agents
According to USA Today, some real estate agents are using AI-powered chatbots to answer common questions from buyers and sellers. These chatbots use natural language processing to understand the user's question and provide relevant answers, 24 hours a day.
"Chatbots are not only cheaper but also more efficient in handling a large volume of requests," said Faiyaz Shahpurwala, CEO of IT consulting firm Digital Risk.
While chatbots might help Realtors save time, they can't replace the value of a human Realtor. Buyers and sellers want the personal touch of a Realtor who can guide them through the process and provide personalized advice. This may become an even greater area of differentiation for Realtors in an age of disembodied intelligences.
The role of AI in real estate today
I don't expect we'll see humanoid robots guiding you through your next home showing. AI can't replace the value of a human Realtor who can provide personalized advice and guide buyers and sellers through the process. As the industry continues to evolve, Realtors must embrace technology and use it to their advantage - when and where it's appropriate.
AI does indeed have to potential to change the real estate industry, but it's not replacing human Realtors any time soon. Instead, AI is helping us to be more effective with our efforts. Allowing us to invest our energies in more valuable tasks. AI-powered tools like ChatGPT can help us write more compelling blog posts, attention grabbing listings, and chatbots can help answer common questions from buyers and sellers, but the relationship between Realtor and client won't soon be replaced with something 'artificial'. At least, not in my practice.
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