Those who find success in real estate know that you need to evolve with the times. One of the more recent innovations that impacted real estate was the advent of the internet and video calls. These pieces of tech allowed buyers to research properties from afar and get a look at the property through a remote showing.
Investors, sellers, and buyers of real estate alike widely use these forms of technology. Now a new advance is starting to take hold: artificial intelligence.
Artificial intelligence (AI) is having a moment in the spotlight. The recent release to ChatGPT and similar language model based AI systems have brought new excitement to the conversation of the role AI will play in our daily lives. Media led conversations about its use to make art and even build legal arguments have led to interesting questions and examples of what could go wrong when misused or relied upon too heavily.
Like previous types of tech before it, AI is poised to make an impact in the real estate market.
How will AI help buyers?
Use of AI can help investors and those looking for real estate to narrow down available properties to a list of those that meet the buyer’s needs. This including use of AI to find a location that is set for commercial or residential growth and, according to the National Association of Realtors, Guam may make that list.
AI can also serve to help with the underwriting process and increase the efficiency of real estate transactions.
How can we use AI wisely?
Although AI may make the process more efficient it is important to note that it is not acting in the buyer or seller’s best interests. As such, those who are looking to move forward with a real estate transaction are wise to have legal counsel review the documents.