Source: The Urban Developer —
Artificial intelligence (AI) is revolutionising real estate, with tools such as 3D virtual tour software CAPTUR3D and automated value estimation tech Zestimate already transforming the nature of an agent’s work. The question is whether AI can replace real estate agents.
The answer lies in AI’s potential to combine with human intelligence and skills. Computers and robots can be used right across the real estate value chain to improve processes by absorbing huge amounts of data and creating insights from it. Then it’s up to people to make the most of the value this creates.
Exploring the options
There’s an array of tech that agents can already use. Tools such as computer vision can analyse images such as aerial photographs to identify the condition of a building. Geographic information systems (GIS) can scrutinise geographical data such as maps and satellite imagery, to identify patterns and trends across an area. Predictive analytics can forecast future demand trends, to identify areas where house price growth is likely.
Natural language processing (NLP) can be used to investigate social media and other online data sources to identify buyer preferences. The NLP tool that’s likely to get the most attention this year is called ChatGPT. This is a chatbot that responds to questions, queries and requests much like a human can, drawing on mammoth banks of data. Its ability to learn is exponential.
“For real estate agents, tools like ChatGPT are able to generate more value from the extensive knowledge agents have of their portfolios. For example, it can rapidly create property descriptions from a simple prompt with basic parameters,” Melbourne tech studio Phoria chief executive Trent Clews-de Castella says.
Clews-de Castella says AI tools such as ChatGPT will be able to cut down the hours agents spend creating compelling listings. This is time that can be repurposed with potential and current vendors and buyers.
“AI is capable of a lot more than just writing listings for agents. It can help prepare legal documents and monitor lead generation for property listings. It can digest big data sets and identify trends like demographics and crime rates; patterns that can impact the desirability of an area and marketing strategies.”
For example, if AI can show a suburb is demographically skewed towards young families, then agents can make sure marketing for properties in that suburb showcases schools, parks and other family-friendly features.
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