Tech Corner: Using Artificial Intelligence in Real Estate

Technology is modernizing and often simplifying the world daily; the use of artificial intelligence in real estate has the potential to save time, resources, and increase productivity.

What is artificial intelligence? The Merriam-Webster dictionary defines artificial intelligence (AI) as, “the capability of computer systems or algorithms to imitate intelligent human behavior.” It combines computers, data, and machine learning to create content and handle problem-solving with the click of a button.

There are various AI platforms brokers can use to assist them with completing straightforward tasks in their brokerages such as:

• Chatbots:
  • Provides data/resources to consumers by navigating data from the company’s website to answer specific questions
• ChatGPT:
  • Allows the imputation of questions and generates a list of responses
• Email Campaigns:
  • Creation of automated email campaigns that could increase client engagement
• Social Media Monitoring:
  • AI can respond to inquiries obtained via email
• Virtual Assistants:
  • Online assistants that can schedule appointments, maintain calendars, and complete routine administrative tasks

Although AI can be a valuable tool for real estate brokerages, it is imperative for brokers to review/verify the information that is created to maintain compliance with License Law and Commission rules.

Staff Appearances

Bob Ramseur, North Carolina Real Estate Commission Member, Len Elder, Director of Education and Licensing, and Kristen Fetter, Assistant Director of Regulatory Affairs spoke at the Real Estate Lawyers Association of North Carolina (RELANC) on January 27^th.

Charlie Moody, Deputy Legal Counsel, spoke at Premier Sotheby’s International Realty on January 9.

Brian Heath, Consumer Protection Officer, spoke at Better Homes and Gardens Real Estate Paracle on January 10.

Bruce Rinne, Information Officer, spoke at Lantern Realty and Development LLC on January 17.

Kristen Fetter, Assistant Director of Regulatory Affairs, and Lyndi James, Auditor, spoke at Peak Swirles & Cavallito Properties on January 23.

Miriam Baer, Executive Director, spoke at Mooresville Realty on January 23.

Bruce Rinne, Information Officer, spoke at Engel & Voelkers on January 24.

Kristen Fetter, Assistant Director of Regulatory Affairs participated in the Legal Landscape panel discussion at NC REALTORS® on January 24^th.

Alec Glenn, Associate Legal Counsel II, spoke at the NC REALTORS® Risk Management Committee on January 25^th.