Artificial intelligence changing real estate
Advocates say new tools streamline work, leave more time to spend with their clients
For Ivan Estrada, ChatGPT is like “your smartest best friend.”
The Beverly Hills real estate agent uses it daily to research and write emails, blog posts, newsletters and listing descriptions in a fraction of the time it normally takes.
“Whatever we get back is like 90% complete,” Estrada said of the artificial intelligence tool. “It will give us more time and cut down on the process of research and the data-generating portion of our jobs.”
Moreno Valley agent Nallely Quintero uses AI to create posts for Instagram, TikTok, Pinterest, Snapchat and at least four other social media sites.
“I don't have a budget right now to pay someone to do my marketing,” Quintero said. But with the help of AI, “I do that myself.”
Over the past year, the real estate industry has, like business in general, embraced the latest AI tools in a big way.
Seminars and webinars touting the benefits of AI have abounded. Brokerages are investing heavily in “generative” and “natural language” AI. Lenders
“AI isn't going to take your job as a Realtor. But somebody using AI probably will. AI tools are going to give your business the speed and agility it needs to focus on what's important.” — Chris Linsell, a real estate coach and technology analyst
use AI to streamline the underwriting process.
The transformation came on suddenly in early 2023 with the release of new versions of ChatGPT and Google Gemini, formerly called Bard.
Proponents admit there are drawbacks to letting machines do our reading, writing and arithmetic.
Results need to be double-checked. Overdependency could lead to a loss of technical skills and perhaps the personal touch that humans provide. The Wall Street Journal reported last Monday that AI could soon threaten a big share of white-collar jobs in all industries; an International Monetary Fund estimate said last month it could affect almost 40% of the world's jobs.
Even developers say there should be guardrails to protect against “deepfakes” and misrepresentation. Left unchecked, AI could even be a threat to our species, they say.
Despite the fears, advocates say the new tools make it easier to focus on the jobs humans do best: spending time with clients, holding their hands when they're nervous, explaining the details of a contract.
Advocates say real estate professionals need to get on the AI bandwagon or risk getting left behind.
“AI isn't going to take your job as a Realtor,” Chris Linsell, a real estate coach and technology analyst, told agents at the National Association of Realtors conference in November. “But somebody using AI probably will.”
The technology will automate mundane tasks like data entry and posting listings to the Multiple Listing Service, Linsell said. That will free agents up to give their clients more quality time.
“If your value to your buyers and your sellers is that you can schedule listing appointments and host open houses, you are in trouble,” Linsell said. “AI tools are going to give your