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Max Yuan
  • Specialist
  • New York
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AI in Real Estate - What's hype? What's real?

Max Yuan
  • Specialist
  • New York
Posted Jan 4 2024, 23:23

I've been delving into Real Estate focused AI tools, drawing from my experience in Machine Learning research at UC Berkeley, UCSF, and Apple, and I thought it'd be helpful to share some insights.

Understanding AI-Generated Text - Technologies like Chat GPT generate human-like text by predicting the next word in a sequence. However, this process can create convincing yet factually incorrect information due to its probabilistic nature. This unpredictability, while fostering diverse ideas, demands careful management.

Some applications in Real Estate - 1) Lead Qualification: AI can manage initial text-based interactions with potential leads, streamlining the qualification process. 2) Data Processing and Analysis: AI enhances data-heavy tasks like lead generation. 3) Deal Evaluation and Underwriting: AI aids in analyzing financial statements for preliminary assessments.

AI: A Tool, Not a Cure-all - It's crucial to understand that AI is a tool, not a miracle worker. If a task can't be done manually, AI likely won't solve it either. AI's strength lies in automating defined, albeit tedious, processes. For instance, when processing owner names in tax delinquencies, I use AI to automatically segregate names into distinct fields, such as in "HERBERT W. & ESTHER F. GORDEN", identifying first, middle, and last names for each owner.

AI in Daily Life - The auto-suggest on smartphones, a basic form of AI, is so integrated into our routine that its AI nature often goes unnoticed. The term 'AI-powered' has become a buzzword, signifying enhanced performance or additional features. Understanding AI's true capabilities allows for informed decisions, leveraging its benefits while staying realistic about its applications.

Ultimately, AI tools are emerging across all industries, not just real estate. Those who effectively utilize AI will undoubtedly gain a significant edge. It all boils down to discerning the genuine value amidst the hype. Are you using any AI tools today? If so, how do they enhance your workflow, or if not, what's holding you back?

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