It is beyond a doubt that AI (Artificial Intelligence) is reshaping the way we operate and interact, and there’s no shortage of hype around it right now.
AI in real estate is not just about flashy new tools and advanced tech solutions, it is a revolution in customer experiences, efficiency, and data handling.
The Promising Landscape of AI in Real Estate
In real estate, AI’s immense potential can be seen in its ability to provide superior buyer and seller experiences. Several proptech companies are harnessing the power of AI in their applications, either through their own models or tapping into OpenAI’s API (the creators of ChatGPT), to drive these experiences.
We’re also observing a shift towards Google’s burgeoning AI tools, particularly their AI tool BARD (which is still ‘experimental’), which promises real-time data access and more seamless integration with the World Wide Web. With Google holding a hefty 95%+ market share in the search engine space, it’s safe to say that Google’s AI will have a profound influence on the real estate sector, given Google’s reach throughout the web, in real-time.
The Challenge of Data Control and Ownership
However, AI’s integration isn’t all smooth sailing. With its advent, we face new challenges, specifically regarding data control and ownership.
When we welcomed real estate portals in the early 90s, we handed over just property data, which in turn helped shape their business models.
Today, we could be handing over something far more valuable. AI tools offer a far more personal interaction where users impart their data by merely typing or speaking to an AI assistant.
The question is – who controls and owns this data? Currently, there is a lack of regulations that prevent the misuse of data by third parties. This lack of oversight leaves a gaping hole for potential data exploitation, an aspect of AI that is often overlooked.
Towards a Responsible Data Policy
As we stand at this critical juncture, it is our collective responsibility to navigate this transition with an ethical approach. We (and I mean everyone involved in the real estate industry) need to ensure that data ownership and control are taken seriously and the policies implemented are designed with the utmost concern for user privacy.
We have a chance to do this right only once. And the future of the real estate industry could be decided in the months ahead.
The proptech companies who value these ethics will be the ones that will lead the real estate industry’s AI revolution whilst ensuring a level of transparency and trust with their user base.
It’s on you, the real estate professional, to be curious and ask questions about where data is going and who is getting access to it before deciding to purchase the next shiny piece of tech.
The AI revolution in the real estate industry is not years away, it’s here now. And, in fact, it’s been here for years. We’re only just now seeing exponential growth in consumer adoption.
We need to see it as a tool that aids in delivering exceptional service to buyers, sellers, and agents. Full stop.
The journey will be complex, and regulation is on the horizon, but the key lies in adopting a balanced approach that leverages AI’s potential while protecting user data integrity.
As we move forward, we must always remember that the primary aim is for humans to provide superior service to humans using AI. Technology is just the means to achieve this end.