5 minute read
Generative AI in real estate
Commentators consider the inception of generative AI a game-changer in so many different areas of the property community.
Most of the noise thus far has centred around ChatGPT and the utilisation of that within real estate. Like any other piece of technology, when used correctly this could be a huge time-saving advantage for tech-savvy agents.
Aside from ChatGPT, there are many more areas where generative AI is appearing within the property community and some of them are not quite what, or where, you’d expect them to be.
Interior design
High-end properties are often staged as a part of the marketing campaign with the help of interior designers. Imagine begin able to come up with a style concept in minutes based on photographs of the existing space for just $2.99. With the help of AI, that’s now possible.
DALL-E also has an image-editing tool. The image pictured below shows what it did when asked to “remove the light fittings and take out some of the kitchen clutter”.
architecture and design
Generative artificial intelligence is set to have a large impact on the building and design process. Most leading architects are tipping that simple functions will be replaced with artificial intelligence guided by parameters.
Opoplan and Maket are two AI companies looking to have an impact on the creation of pre-build/off-the-plan home design. AI such as Grasshopper3d allows architects to look at multiple outcomes for a building design by entering a series of constraints.
These outcomes could save months of work and arrive at destinations the architects did not think of. Similarly, town planning looks to be following a similar path.
Listing copy
Closer to home, ListAssist is like a ChatGPT for real estate listings.
The New Zealand founders of this tech only need a few basic details about the property for sale or rent. After you hit ‘generate’, that 30 minutes you were going to spend writing listing copy (or were not going to spend) is gone and your copy is done.
‘generate’, that 30 minutes you were going to spend writing listing copy (or were not going to spend) is gone and your copy is done.
Mortgage broking
In the mortgage industry, generative AI is working to better profile a prospective client faster, which in turn leads to a faster and more reliable outcome for the broker.
Many agents refer directly as the source to the broker, and there is no reason why this tool could not be used to better qualify clients from a real estate perspective, especially in lucrative referral scenarios or ‘in-house’ mortgage services. GPT-3 is an extension of the Open AI framework being used for this purpose.
Valuations
It’s worth mentioning how generative AI will infiltrate home valuations/appraisals. During the pandemic period, valuers learned how to appraise using many AI tools remotely, as was required at the time.
The biggest issue standing in the way of generative AI and any form of technology disrupting this space is the dataset contained by most engines not being current. For example, ChatGPT is only relevant from the start of 2022.
I’m predicting this industry to be most affected by generative AI as soon as a relevant dataset can be coupled with a functioning generative AI.
Integration
Finally, if you’re looking for a way to integrate generative AI into your business right now, one of the most functional ways I have seen is an extension of OpenAI.
OpenAI will integrate with Google Spreadsheets or Microsoft Excel. It has use cases in repetitive business operations including, content calendars for social, staffing plans and rosters, sending ‘personalised’ comments to clients on special anniversaries/events and many aspects that just haven’t been considered yet.
Some agents are using it to generate leads, by using OpenAI to drip-feed content to their clients related to their home location, just sold in the area, and market updates factoring in notes within their file (such as a purchased home in 2012). This type of use is not for the faint of heart and needs careful monitoring during setup.
The good and the bad of gen AI
Aside from raising eyebrows, some of these examples are certainly raising ethical questions for industry peak bodies right now.
The potential for creating inaccurate or deceptive material is one of the main ethical issues with employing generative AI in a Real Estate practice. For instance, an agent or broker may be misleading potential buyers or tenants if they utilise generative AI to build property listings with false or erroneous information, which could result in unethical behaviour and have legal repercussions.
There are broader questions for users of generative AI, especially around copyright and ownership of generated content. Who has ownership of the generated content and by way of extension, does one have the right to use it? A lot of this unease is warranted, especially as the birth and development of new technology hit warp speeds.
Finally, the Achilles heel of generative AI will always be the absence of creativity and originality. When given 30 images of landscapes, gen AI will create a landscape based on amalgamations of those 30 landscapes, but gen AI will not create a completely new concept for a landscape. Even twins are incredibly different and it is this originality that drives us as humans to be who we are.
This article should serve as a piece to remind those fearful, that opportunities are everywhere. And the best protection against disruption is to stay informed and focus on being the best in delivering a service to your client. I haven’t yet seen any form of AI that is better at fostering a human relationship than humans themselves.
