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.