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The Impact of AI on Real Estate

Artificial intelligence (AI) has infiltrated various aspects of our lives, and the real estate industry is no exception. From marketing to selling homes, AI has played a significant role in transforming the way houses are bought and sold. However, this powerful technology also comes with its share of ups and downs.

Using AI to Sell Homes

AI is used in real estate to analyze large amounts of data, such as property listings, real-time valuations, sales information, and demographics, to identify potential buyers and sellers. Virtual reality (VR) is another technology that has found its place in the industry, creating immersive 3D virtual tours of properties and allowing buyers to explore homes from anywhere in the world.

Last winter, OpenAI developed and launched ChatGPT, an artificial intelligence computer program designed to simulate human conversations. This AI tool can be used to write property descriptions, marketing campaigns, and draft legal documents, among other tasks in real estate.

The Dark Side of AI

While AI offers numerous advantages, it also has a darker side. AI decentralizes people and puts the value of the Realtor into question. This powerful technology impacts not only Realtors but also national security and consumer rights. In response, President Joe Biden signed an executive order on the safe, secure, and trustworthy development and use of artificial intelligence to balance the needs of tech companies with national security and consumer rights.

Avoiding the Pitfalls

Real estate professionals must adapt and improve to stay ahead of AI technology. They need to focus on human interaction, trust, and the value they bring to their clients. Marki Lemons Ryhal, who provides social media education and strategies to Realtors, reminded them of their ethical duties to fact-check and proofread everything they produce using AI.

It is essential to review AI-generated content for accuracy and obtain permission in writing before using any third-party content, as questions about the copyrights of AI-generated materials are still being decided by the courts.

Moving Forward in Real Estate with AI

As AI continues to be a significant force in the real estate industry, professionals must adapt and embrace the technology while maintaining their ethical responsibilities and focusing on the human aspect of their work. By striking the right balance, Realtors can leverage AI’s power to provide a better experience for their clients while ensuring accuracy and trustworthiness in their work.

For more real estate stories, check out Embarcadero Media’s latest Real Estate headlines.

Orginal article: Link To Article – provided by Kansas City Realtors