AI In Real Estate
Over the past few years, Artificial Intelligence has made its way into people’s everyday lives, from chatbots and homework research to virtual assistants and social media content generation. But should you use AI to produce your real estate documents or listings?
Use it as a first draft? Sure. Rely on it? Absolutely NOT.
As it gains sophistication, AI has become a useful tool that can greatly improve a professional’s productivity and efficiency. But it is far from perfect; it doesn’t truly understand the audience or anticipate expectations of clients nor is it cognizant of real estate case law or privacy considerations. It is up to you to carefully review any AI-generated content to correct misinformation, so the end result is an accurate representation of the property you are tasked with selling, buying or leasing.
REIX subscribers are noticing errors caused by a lack of oversight and/or editing of AI-generated copy. While some errors seem insignificant, like mistaking laminate for granite, Dale Ripplinger, Former REIX Advisory Board and Nominating Committee Chair, and Branch Manager at Realty Executives Diversified in Regina, fears that these errors can erode the trust and confidence clients place with their representatives.
“I think the use of AI in listings is dangerous from a liability point of view but even more so as a threat to our perception of professionalism by the public. This is a tool which must be used prudently,” he says. “Using AI in a listing without proper oversight is like driving while texting. Just because we have the technology doesn’t mean that we always need to use it.”
Your clients trust that you as the industry professional are well acquainted with the property in question. You have a fiduciary duty to your clients to represent their interests to the best of your ability. That includes ensuring every aspect of a listing, including segments contributed by AI, contains information that is accurate and verified before signing off on it.
While AI is useful for preparing listings, REIX strongly recommends that industry professionals review everything that is produced by AI, and DO NOT use AI to draft Contracts and Forms; always use association or board forms whenever possible.
Artificial Intelligence can be a great support tool but there is no substitute for conscientious attention to the details. AI has a place in the future of the real estate business, but it takes a backseat to the knowledge and professionalism of the industry members using it.
If you have any questions, concerns or have been served with a lawsuit/demand letter contact REIX immediately at admin@reix.ca.