This report is available exclusively to subscribers of Inman Intel, a data and research arm of Inman offering deep insights and market intelligence on the business of residential real estate and proptech. Subscribe today.
The “t” in ChatGPT, the hot new artificial intelligence tool, stands for “transformer.”
Get ready for transformative real estate products from AI innovation that should improve the consumer real estate experience. But what exactly?
Home search has already been transformed by some ho-hum AI applications. Recommendation engines being the most familiar, rendering house choices that better fit your needs and dreams. Your priorities during the house hunt will be baked into search results, including your personal preferences for nearby shops, amenities and safety. Seamless.
Say hello to your personal lifestyle and home curator.
Filters will be less important as the chatbot knows you better than you know yourself.
Also, expect transaction automation to get a lift like interactive smart contracts. AI promises to be a bureaucracy slayer.
Predictive models will be enhanced by AI, such as figuring out what consumers want before they know it themselves. Insight on who will buy or sell when, and where the market might be headed. Conceptually old news, but now with better accuracy.
We should make progress automating data population from overlapping but disconnected datasets. AI machinery excels at complex math and memory skills. These reforms are already in motion as AI and the blockchain dance well together, like Baryshnikov and Kirkland.
Information, granular and high level, will permeate everything. But its ubiquitous characteristics will now be integrated into your life, without you asking for it.
AI makes you smarter than you are.
Practically speaking, generative artificial intelligence, which describes algorithms (such as ChatGPT), can be used to create new content, including audio, images, simulations and videos.
Since much of real estate is about marketing, expect a lurch in creative new content about listings, neighborhoods and lifestyles, as words give way to images, 3D and enhanced virtual experiences.
The end game: Consumers will be better informed, doing much of your job themselves. With AI, DIY is getting a boost, as companies pass their work onto the public.
Look no further than customer service. It’s awash in do-it-yourself applications, without a human hand. With digital help, companies have decided to let you figure out their product and services on your own. Egads.
Ideally, some of this should lead to faster and more efficient transactions. Agents should have more time to focus on the tough stuff and be less burdened by the mundane.
Plus, home shopping will be more fun, fulfilling and multidimensional, supercharging homebuyer enthusiasm.
Technology is notorious for over-promising, and you can expect some lame and broken products along the way. And be wary of vendors who pitch AI, selling you duck-taped solutions that do nothing to improve your life.
