Can We Use AI Instead of Real Estate Agents Yet?

Real estate sites use AI to offer cutting-edge listing searches. And lenders use artificial intelligence when sizing up an applicant’s financial strength. Tech-focused online lenders employ AI to help them approve or reject loan applications right away. Additionally, AI can automate various business tasks, thereby reducing the risk of fraud.

But can AI manage a real estate deal? Not exactly. You can already use ChatGPT-enabled chatbots to review the public data on markets, specific homes and tours, and mortgage rates. But AI is a tool for real people — not a replacement for them.

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What a New Executive Order Says About Artificial Intelligence—and How It Could Help People Buy Homes

A new Biden Executive Order will influence the development of artificial intelligence (AI). The Executive Order will both steer and facilitate the use of AI in many aspects of our lives.

So, is any of it relevant to how deeds change hands, and homes are bought and sold? The answer is yes — especially where financing is involved. Let’s take a look.

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ChatGPT Technology Supercharges Smart Homes (Just Ask Josh!)

First there was ChatGPT. And now, drawing on the same technology, there’s a new smart home system: JoshGPT. Is this the shape of things to come?

Josh is a complete home automation system, driven by the very latest in artificial intelligence (AI). And it’s definitely still in its pricey stage.

Let’s take a look.

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How Self-Driving Cars Could Transform the Suburbs

Self-driving cars are becoming a real thing. As they rise in popularity, they’re likely to shake up the way we move, the way we cope with age and disability, and the way things look and feel in our cities and suburbs.

How? First, let’s distinguish between the actual developments and the hype in the self-driving car world. Then let’s look at the open questions, and the kinds of changes some observers see coming.

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And the Winner Is… NAR’s AI Contest “Homes In” on Phone Call Tech

The National Association of Realtors® (NAR) is on the hunt for “the next big thing in real estate tech,” says Bob Goldberg, the group’s CEO.

Last month, in our update on artificial intelligence for home searches, we saw NAR advertising a contest to showcase the best uses it could find for artificial intelligence in real estate. NAR invited 12 AI firms to its Innovation, Opportunity & Investment Summit (Aug. 29–30, 2023, Miami).

We tried to guess who’d win.

So… Were We Right?

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Artificial Intelligence for Home Searches Actually Works! And Look at What Else AI Can Do.

If you’ve noticed improved property valuations and descriptions on real estate sites lately, you might want to credit artificial intelligence (AI). Platforms like Compass, Zillow, and Redfin are all utilizing AI to enhance the user experience. They’re introducing impressive new search features that truly deliver.

Millennials and the younger generations are resonating with AI. Many are entirely comfortable with AI educating them about home buying, assessing them for loans, or guiding their home searches. They have high expectations of chatbots, which now come with charming names and faces, evolving into 24/7 online personalities.

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Can I Use AI in My Real Estate Business? How?

Real estate agents, in small businesses or nationally known agencies, are integrating artificial intelligence into their standard operations.

No, this isn’t about outsourcing everything to robots. Communicating the values and personality of a business needs the human touch. But generative AI models can certainly get work done for you.

A recent article in The Real Deal points to a Compass agent in Florida, for example, who’s been experimenting with OpenAI’s chatbot since early 2023. Turns out ChatGPT is a great marketing copywriter for the office.

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Update on AI in Real Estate: Innovations on Our Radar

Artificial Intelligence (AI) is all about training computers to digest, comprehend, and act upon large amounts of information. A number of use cases for AI have entered the real estate scene. Artificial intelligence is:

  • Producing real estate companies’ property estimates.
  • Reshaping the way lenders vet botential borrowers’ loan applications.
  • Taking virtual home tours to the next level.

So, have the machines finally taken over?

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Not Just the Flavor of the Month: In Real Estate, AI’s Here to Stay

Real estate is data-driven. That makes it a key space for innovating with artificial intelligence (AI).

Computers can now digest huge data sets. The patterns they find can be used in market forecasts and even single home value estimates. Zillow applies AI in the home valuations it calls Zestimates. Zillow and Redfin now collaborate with OpenAI to elevate the experiences they offer through their websites. And Rocket Mortgage applies AI to approve loan applications in minutes.  

Suddenly, everyone in the field is looking for ways to implement AI. The technology has become essential for business survival.

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