AI, AI, AI. There’s more news about artificial intelligence these days than just about anything else. It’s affecting everything in ways we can and cannot see and the future possibilities are mind boggling-especially like an old Boomer like me!

I’m not technically a Luddite, but I walk a fine line when new tech not only hits me in the face but demands that I learn it and use it.  The term came about in the 19^TH century when factory workers in the UK destroyed machinery they felt was threatening their jobs. I definitely want to throw my laptop or cell phone at the wall when my IT expert is unavailable and I can see inklings of the future, where the technology is going to change how businesses work and how we work at business.

Experts in my industry predict that the AI real estate market is projected to grow by more than $41 billion by 2033; that most of us Realtors are interested in using AI; customers and clients are using AI to value properties, but the error rate is still high VS true values. Automated Valuation Models (AMVs) are on the rise and are mining historical sales data, neighborhood trends, crime stats, walkability scores, school ratings and market sales activity. Zillow was one of the first to incorporate AI and AVMs but they are notoriously inaccurate, but getting better every day.    Real estate investors like AI platforms to predict income on rental properties, price volatility and a huge variety of data

Chatbots are now becoming a norm at some real estate companies especially since they are available to consumers 24 hours a day. A Christie’s broker in Portugal reported closing over $100 million in sales by using AI assistants to qualify leads and schedule showings. Buyers can jump on an AI platform and ask specific questions to search for homes, more than just zip code, number of bedrooms and baths and price. Plus, AI remembers the searches for you to help with future searches.

I have used AI to write property descriptions but have often found them too flowery. I worry that buyers and sellers may rely too heavily on AI than actual people. I contend that nothing will ever beat my four decades of working with buyers and sellers and selling thousands of properties. Human verification and experience will always be the formula for success in real estate and will help ensure that fair housing laws aren’t violated and that clients and customers will see the value in our historic knowledge of neighborhoods and negotiating skills. There are people who never want to use a real estate agent and that will never change, but the majority see our value in helping see their dreams come true You may see me grinding my teeth, hear me grumble, but I  know the future is here and it’s going to help all of us-some more than others!