Artificial Intelligence: AI Revolutionizing Real Estate With New Use Cases

“We’ve observed a marked surge in its adoption within the last 10 months with the introduction of generative AI tools like ChatGPT.” – David Conroy, director of emerging technology at the National Association of Realtors.

The real estate industry is experiencing a significant shift towards the integration of artificial intelligence (AI) tools, which are being used for a number of new applications. In an interview, David Conroy, the director of emerging technology at the National Association of Realtors (NAR), highlighted the rapid adoption of AI tools within the industry. These tools are playing a transformative role in refining processes throughout the real estate journey, from improving presentations to optimizing sale prices through valuation models.

Initially, AI was employed for purposes like MLS and ADA compliance, appraisals, quality assessments, and SEO enhancements. However, there has been a notable shift towards using computer vision technologies powered by AI for new use cases, such as turning listing photos into immersive property walkthrough videos. (Fox Business)

While AI adoption in real estate offers numerous benefits, Conroy emphasized the importance of remaining cautious due to potential pitfalls. AI-generated content, while sophisticated, can sometimes miss nuances or overstep boundaries, leading to misinformation or misrepresentation.

Meanwhile, Dave Oster, co-founder and CTO of DealMachine, told Fox about how his firm is incorporating AI into real estate investment. The company uses AI to assist investors in assessing properties by providing relevant data and answering questions about potential deals. DealMachine’s AI tool, Alma, helps draft letters to property owners, practice negotiation strategies, estimate property values, and assess renovation costs.

However, Oster stressed the importance of keeping AI models updated with current market information to ensure the accuracy of insights.

Related Story: First Trust Launches Disruptive Technology Real Estate ETF In Europe

Image by Rheo from Pixabay

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