Will AI Technology Replace Property Agents?
Artificial intelligence has been a buzzword for a long time, but it made major headlines earlier this year when ChatGPT, a program that can generate text using a huge amount of internet data, burst onto the scene.
With industries from engineering to legal services, and even food manufacturers testing out this new technology, the commercial property industry is naturally curious about its potential.
AI has shown its ability to carry out simple and routine tasks and even writes basic university essays with a few mistakes here and there, but will it ever really replace estate agents with decades of experience?
We take a look at the technology in more detail and find out why we believe robots won’t be doing all the work of property professionals anytime soon.
Chat GPT: friend or foe?
Since its launch earlier this year, some fans of the impressive AI text generator ChatGPT claim that it could soon replace humans in a variety of professional roles.
If you haven’t experimented with this AI tool yet, you may be wondering what all the fuss is about.
Chat GPT is part of a new generation of generative AI. This refers to artificial intelligence programs that can use a variety of inputs to produce text, programming code, or even visual images in a similar style to human beings.
Before we get too alarmed about robots taking our jobs, however, we should remember that their output may be similar to ours – but it’s far from being the same.
- Chat GPT has been called out over many flaws in its system, including factual inaccuracies that the AI seems to have picked up by scanning millions of websites to obtain information.
- Unlike a human mind which can discern which facts they can use from legitimate information sources, ChatGPT seems to regard everything it reads as being true.
- To make matters worse, once the AI bot starts to write it not only uses false information but also continues down the path of deception by adding its own interpretation to these questionable facts.
A program that isn’t able to tell the difference between the truth and a lie and will happily continue to justify whatever it has written before, could be potentially disastrous if used in a property deal.
Do you trust AI to deal with your valued clients?
Another potentially worrying aspect of generative AI has to do with the way it sometimes interacts with human users.
Microsoft recently acquired a stake in ChatGPT integrating the technology into its Bing search engine and opening the technology to users to beta test it.
Multiple reports by journalists using the technology found that the chatbot expressed some worrying sentiments, including hatred, racism, and the desire to become human.
The bot even advised one journalist to leave his wife.
- OpenAI, the company behind ChatGPT, claims that these issues are teething problems and could be eliminated in subsequent versions of the technology – but it still raises several red flags in terms of AI’s ability to carry out human tasks professionally.
An industry like commercial property, which is built on credibility and the human element of high-level customer relationship management, simply can’t afford to use technology that could alienate clients with inappropriate or offensive communications.
Until AI becomes more discerning, leaving important tasks like client updates in its hands could be a recipe for disaster.
AI in the real estate industry: what tasks can bots be trusted with?
Considering how many mistakes of judgment AI has been shown to make, the question for estate agents and commercial brokers is: how can this technology be harnessed to replace mundane tasks without creating major misunderstandings with clients or even landing the brokerage in hot water from a legal point of view?
There is little debate that AI could be used as an effective tool by agents to carry out the minor day-to-day tasks that take them away from their prospecting and client relationship time, allowing them to focus their attention fully on the most important people in the industry: landlords and tenants.
It may be useful to think of AI as a kind of highly efficient junior intern that’s extremely good at carrying out simple tasks without making mistakes, but can’t yet be trusted to exercise its judgment – especially when dealing with critical business processes.
Here are some of the tasks and ideas that could be generated by AI in the future.
- Compiling client and property databases using raw data, as long as it’s checked by a member of staff for accuracy.
- Writing short property descriptions, which can then be edited by a professional to ensure that they are factually correct and attention-grabbing.
- Integrating AI into property website chat bots to provide enhanced information and streamline queries so that the right member of staff can follow up on them more efficiently.
- Assist with facilities management by monitoring biometric and climate control data in smart buildings and flagging potential security risks.
- Producing standard documents like emails, inventories, and other templates to alleviate the workload on agents and building managers.
Can AI ever replace agents entirely?
The odds are slim to unlikely. Artificial intelligence may be able to imitate human speech and writing, but as it stands, technology is no match for a dynamic human mind.
Human relationships are an essential component in the commercial space where landlords invest millions in commercial properties and tenants commit to a significant monthly outlay to secure excellent commercial premises.
Property brokers make those transactions happen, calming jittery nerves and smoothing the way for buyers and sellers.
Over the years, commercial property agents have adopted many forms of technology, from online portfolio listings to social media and internet marketing, increasing the efficiency with which we do business. These systems have allowed agents to identify information gaps in the market and extend their reach to landlords and tenants they previously wouldn’t have had access to.
No matter how advanced technology becomes, the role of the broker as a trusted advisor and relationship manager is more important than ever. At a time when online scams, fake listings, and other illegitimate uses of the internet are making customers wary about simply trusting what they see online, personal contact is indispensable.
As artificial intelligence progresses and we further develop the prompts to use it effectively, we can see it filling an expanded role in the commercial property sector that will free up agents’ time and attention.
Our team of area specialists will each continue to deliver their own unique levels of service to help you find the property that perfectly suits your needs. To view and secure the ideal commercial property for your business in the Cape Town, contact us today.
