{"id":2810,"date":"2023-02-27T09:38:53","date_gmt":"2023-02-27T14:38:53","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=2810"},"modified":"2024-04-25T23:18:09","modified_gmt":"2024-04-26T03:18:09","slug":"will-ai-chatbots-change-real-estate-theyre-already-starting","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/will-ai-chatbots-change-real-estate-theyre-already-starting\/","title":{"rendered":"Will AI Chatbots Change Real Estate? They\u2019re Already Starting."},"content":{"rendered":"\n
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A link to your real estate agent\u2019s latest newsletter appears in your inbox. Did the agent write it \u2014 or was it done through artificial intelligence (AI)?<\/p>\n\n\n\n

Some agents are already trying out the latest in AI \u2014 like the ChatGPT tool by OpenAI. ChatGPT, Microsoft\u2019s Bing Chat for smartphones, and an international batch of rising competitors, are at the leading edge of emulating human thinking and conversation. And some real estate professionals already depend on chatbots<\/a> on a daily basis. (To try out ChatGPT, people can sign up at OpenAI.com<\/a>, log in, and begin entering queries.)<\/p>\n\n\n\n\n\n\n\n

Fastest-Growing Consumer App Ever<\/h2>\n\n\n\n

ChatGPT triggered both acclaim and controversy when it launched in November 2022. By January 2023, the chatbot had reached 100 million active subscribers. It\u2019s become the fastest-growing consumer app ever.<\/p>\n\n\n\n

But ChatGPT is just a new iteration of AI technology. And AI has been used in financial settings for four decades. AI algorithms are now in full swing, enabling advances in everything from search engine technology, to image captioning, to loan decisions, to robotics in factories and in the automotive industry.  <\/p>\n\n\n\n

So, how do these things work? Companies process ever-larger sets of data, so the machines can \u201clearn\u201d from many queries and situations. Every error becomes an opportunity for engineers to tweak and improve the technology, until it essentially trains itself.<\/p>\n\n\n\n

How Will It Work in the Real Estate Business?<\/h2>\n\n\n\n

Artificial intelligence has a number of uses in real estate. AI can supplement, or simply inform, the traditional appraisal research, for example. It could help plan out climate-related risks. Buildings are being created and fortified based on machine learning.<\/p>\n\n\n\n

Real estate professionals can comply with laws with AI\u2019s fine-point guidance. Budgeting, accounting, and auditing can all get better and more secure. AI has the potential to change how conversations, agreements, marketing materials, and legal instruments are produced, authorized, updated, and stored.<\/p>\n\n\n\n

Some companies use AI to match shoppers to homes for sale or rent. AI can tailor search results to people based on their past preferences and search habits. The more data it gets, the more powerful AI becomes. Agencies with massive collections of data now have marketing tools that can deftly separate the serious shoppers from the curious browsers.<\/p>\n\n\n\n

Meanwhile, AI could really flesh out the real estate descriptions they view. It could add in everything from plans for a new, local EV charge point, to transit routes, to online reviews of local businesses and so on. And it could converse with people, like a real agent.<\/p>\n\n\n\n

Can Home Buyers and Renters Benefit?<\/h2>\n\n\n\n

ChatGPT and other AI bots can inform buyers and renters. They can suggest ways of finding housing or funding, or ways to deal with property owners who won\u2019t hold up their end of a bargain.<\/p>\n\n\n\n

AI can do all kinds of things for renters and owners. It can be programmed to:<\/p>\n\n\n\n