If you're like me, you believe that artificial intelligence (AI) will transform our daily lives, but you just aren't sure how. Forbes recently predicted that AI would be most impactful in transportation, healthcare, policing, and warfare. That may be, but we're in real estate. How will AI affect our industry? Like all technological advances, it's likely to increase our capabilities and efficiencies. AI should allow us to better anticipate market fluctuations and predict future rent and sale prices and point us to new investment opportunities. AI will also cause us to cut jobs (sorry, analysts).
Don't overreact though, I went to the source itself and asked ChatGPT "How AI will affect Real Estate" and was told that ". . . human expertise and judgment remain essential, real estate transactions involve complex negotiations, legal considerations, and emotional factors that require human involvement and oversight. AI is most effective when it complements human decision-making and enhances operational efficiency."
So I got that goin' for me, which is nice. (To quote Bill Murray as Carl Spackler - Caddyshack - 1980)
