ShareArtificial Intelligence (AI) has become a game-changer for the real estate industry, offering a wide range of capabilities to improve efficiency and productivity.
Artificial Intelligence (AI) in Real Estate
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Advantages & Applications of AI for Real Estate Professionals
References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Basics of AI in Real Estate
Savvy Real Estate Agents Look Beyond ChatGPT (HousingWire, Aug. 3, 2023)
“Real estate agents who are not paying attention to AI are putting their livelihoods at risk. Powerful AI tools are already transforming residential real estate and forward-thinking agents are paying attention. The good news is that the early adopters will thrive. In this article, I will explain the history of AI, the projected financial impact on real estate and the cutting-edge tools available today for savvy agents.”
Artificial Intelligence: Real Estate Revolution or Evolution? (JLL, Jun. 22, 2023)
- “AI has enormous potential to reshape real estate, with near and long-term impacts ranging from the emergence of new markets and asset types to innovations in investment and revenue models.
- A rapidly expanding AI ecosystem and its supporting infrastructure will drive demand for real estate in different markets across the globe.
- PropTech adoption has laid a solid foundation for AI integration in real estate. Organizations will need to consider how they can harness AI strategically and ethically, piloting applications before scaling to deliver value.”
Real Estate Agents Say They Can’t Imagine Working Without ChatGPT Now (CNN Business, Jan. 28, 2023)
“In less than two months, ChatGPT has sparked discussions around its potential to disrupt various industries, from publishing to law. But it’s already having a tangible impact on how a number of real estate agents around the country do their jobs – where much of the written work can be formulaic and time consuming – to the extent that some can no longer imagine working without it.”
What Is AI and Why Do We Need to Know About it? (Center for REALTOR® Development, 2023)
“Artificial Intelligence (AI) has rapidly emerged as a transformative technology that has the potential to change the world as we know it. From self-driving cars and virtual assistants to medical diagnosis and financial prediction, AI is increasingly becoming an integral part of our lives. However, despite its widespread use, there is still a lot of confusion about what AI is and how it works. This microcourse aims to provide an introduction to AI and its importance in today's world.”
AI/Chat GPT Quick Start Guide: 5 Things to Do with AI That Can Help Your Real Estate Business Right Away (Center for REALTOR® Development, 2023)
“Are you interested in using artificial intelligence (AI) to enhance your real estate business, but not sure where to start? The technology may be complex, but harnessing its capabilities is simpler than it seems once you have a basic understanding of what it is, how it works, and how to access it. This is a recording of a mini live virtual course, that discusses the fundamentals of AI and receive a quick start guide on how to implement this transformative technology into your business.”
Marketing and Lead Generation
The Role of Artificial Intelligence in Lead Generation (Markettailor, May 2, 2023)
Using AI for lead generation means greater efficiency, stronger targeting, and a higher return on investment. AI can help with lead scoring, personalized marketing, interacting with potential clients, and predictive analytics.
I'm a Real-Estate Broker Who Uses ChatGPT to Write My Listings. It Saves Me Hours of Time, But It's Not Perfect. (Business Insider, April 11, 2023)
“Since ChatGPT is still so new, I've used it for fewer than 10 listings. But since I've discovered the power and ease of it, it's become my go-to resource. I've found that it puts a fresh take on descriptions and dramatically streamlines the process of writing them, allowing us more time to focus on other aspects of our business.”
Writing Real Estate Blogs with AI: A Step-by-Step Guide (Darryl Davis, Feb. 12, 2023)
This quick start guide covers how to use AI for brainstorming blog content, identifying your target audience, writing the content, and proofreading the final product.
How Real Estate Agents Put Artificial Intelligence to Work (firsttuesday Journal, Jan. 23, 2023)
“Specifically, real estate agents use ChatGPT to craft compelling listing descriptions and content to automate their marketing efforts, such as social media posts, blogs and emails. This tool streamlines agents’ more tedious copywriting and content creation tasks.”
Augmented/Virtual Reality
How AI and VR are Helping to Buy and Sell Homes (National Association of REALTORS®, Jul. 28, 2023)
“Artificial intelligence (AI) and virtual reality (VR) technologies have revolutionized the residential real estate market, bringing significant benefits to REALTORS®. These advanced technologies have transformed how properties are marketed, virtual tours are conducted, and the overall homebuying and selling process is streamlined.”
Where Do Virtual Reality & Real Estate Intersect? (The CE Shop, May 4, 2023)
Overview of different virtual reality technologies with examples of how real estate agents can use these technologies in their business.
How Augmented Reality Will Change Real Estate (The Proptech Scout, March 8, 2023)
“So here’s my big technology prediction for 2023: Augmented Reality (AR) will drive one of the largest technological leaps forward in real estate. Actually, I think AR will drive a huge technological leap forward in general, and real estate will, for once, come along for the ride.”
Augmented Reality and Generative AI Could Transform Future of Real Estate Marketing (National Association of REALTORS®, Nov. 12, 2022)
“Augmented reality and image generation through generative artificial intelligence are two emerging technologies that could play a key role in the future of real estate, according to experts at 2022 NAR NXT, The REALTOR® Experience, in Orlando, Florida. Sessions at NAR's annual conference covered the role these technologies may soon play and the possible legal and ethical ramifications REALTORS® should keep in mind when using them.”
Augmented and Virtual Reality: Transforming Commercial Real Estate (BOMA International, Feb. 16, 2022)“Virtual reality (VR) offers real-life, interactive experiences to anyone who has the right equipment. Augmented reality (AR) places computer-generated objects into existing real-world environments. Because of their benefits, both technologies are set to transform commercial real estate by helping sell prospective tenants, support occupants and reduce building system downtime.”
AI for Property Management
How AI Fits into Property Management’s Future (Multi-Housing News, Aug. 16, 2023)
“Advancements in artificial intelligence promise to bring efficiencies to every property management task, from screening and operations to security and communications. But the technology’s greatest benefit is its ability to wrest control of repetitive tasks, freeing managers to focus greater attention on building a sense of community among residents.”
How AI is Revolutionizing Property Management: Opportunities and Challenges (Property Management Insider, Jun. 13, 2023)
This article considers some opportunities of AI for property management, such as automating routine tasks, enhancing the tenant experience, and optimizing operations. It also looks at potential challenges, like data privacy concerns, cost, and the lack of human interaction.
Artificial Intelligence: What is it? And How Does It Apply to Property Management? (National Apartment Association, April 2, 2023)
“Thanks to artificial intelligence, property management is in the early stages of a technological revolution. As machine learning evolves into deep learning, turning the informed decision-making of AI into intelligent decision-making, team members will be free to focus more energy on delighting residents and owners, and less time on what is often perceived as tedious.”
7 Ways to Use ChatGPT in Property Management (Lethub, Jan. 30, 2023)
Detailed examples of ChatGPT use cases demonstrate how the application can assist with listing ads, email communications, rent calculations, summarizing documents, and more.
Risks of AI
Window to the Law: Legal Tips to Use AI in Your Business (National Association of REALTORS®, Jul. 14, 2023)
“Understanding the risks of using AI is critical to avoid ethical issues and potential legal liability. Learn best practices for incorporating generative AI into your business, including creating marketing content and listing descriptions.”
Artificial Intelligence: Opportunities and Threats for Real Estate Brokers (CRES, March 25, 2023)
Be aware of the potential risks in using AI for your business. Inaccurate information, potential copyright issues, and search engine optimization impacts are all dangers to look out for.
Prevent Deepfakes from Hijacking Your Transactions (REALTOR® Magazine, March 22, 2023)
Deepfake technology can put your business at risk through fraudulent listings, impersonating agents or clients, and making wire fraud more difficult to detect. Stay informed, verify identities, and adopt strict security measures to protect yourself and your clients.
You Can Stop AI From Spreading False Real Estate Info (REALTOR® Magazine, March 7, 2023)
“While the benefits of AI are vast, real estate professionals must remain vigilant and take proactive steps to mitigate potential risks, such as fraud and scams, cyberattacks and data breaches. By addressing the potential dangers of AI, adopting ethical standards and safeguarding consumer data and privacy, the real estate industry can continue leveraging technology's benefits while protecting the interests of all parties involved in real estate transactions”
Using AI to Enhance Listing Photos Can Be Legally Risky (REALTOR® Magazine, Nov. 15, 2022)
“Using these tactics, though, requires you to look back at the REALTOR® Code of Ethics for guidance, said Matthew Troiani, NAR’s director of legal affairs. He pointed out that Article 2 prohibits REALTORS® from exaggerating, concealing or misrepresenting pertinent facts about a property or transaction. Still, there are ways to ethically use generative AI in real estate, Troiani said. A buyer’s agent, for example, could show their clients what a home could look like with alternative features if they’re willing to do some improvement.”
Books, eBooks & Other Resources
eBooks & Other Resources
The following eBooks and audiobooks are available to NAR members:
All-in On AI (Audiobook)
Artificial Intelligence for Beginners (eBook)
Artificial Intelligence in Real Estate Investing (eBook)
ChatGPT for Content Writers (eBook)
ChatGPT for Dummies (eBook)
HBR Guide to AI Basics for Managers (Audiobook)
Marketing with Artificial Intelligence (AI): A Comprehensive Introduction (eBook)
Supercharge Your Income with Chat GPT (eBook)
Understanding Chat-GPT (eBook)
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