AI In Real Estate: What Agents Need To Know
You may have been hearing the buzz about artificial intelligence (AI) all of a sudden, but this technology has actually been around since the 1950s, when computers became faster and smarter. AI is being used in many fields to make processes easier and find answers quicker.
AI is being used in real estate. As an agent, it’s useful for streamlining processes. AI tools are being used to do things such as write property descriptions, create social media posts, and improve lead generation. AI is often used in predictive analytics to create property value estimates. This technology can also be used for 3D modeling, such as creating virtual tours and allowing potential home buyers to see properties using augmented reality.
As you can see, artificial intelligence is useful in the real estate industry. Yes, it comes with a lot of benefits, but don’t overlook the fact that there is some potential for liability. Here are some things you should be looking for:
- Watch for accuracy. AI platforms make mistakes, just like us. They are not 100% accurate, so be careful of how you use it and what you publish. People have gotten in trouble for posting inaccurate information they have gotten from AI platforms. Your oversight is critical, especially in the real estate industry, where accuracy is key. Property descriptions must be correct or else you could get in legal trouble. Members of the National Association of Realtors are bound to the REALTOR® Code of Ethics, so they must avoid exaggeration and false advertising.
- Watch how you use it. Avoid using AI as a legal tool. It should not be used to draft contracts or provide legal advice to clients. You should also avoid using this technology to modify forms. Using AI could be considered an unauthorized practice of law, which is illegal. Remember that AI is not a licensed professional, and the information it gives you may not conform with the law. Use it wisely.
- Watch for bias. AI has the potential for bias, which can be risky. AI tools such as ChatGPT are only as unbiased as the data they’re trained on. Biased data will result in a biased output. This can result in inaccurate advice, which can hurt the buyer or seller. Also, using artificial intelligence in real estate can be challenging due to its inability to understand the nuances of human behavior. With real estate transactions, there are emotional factors at play as well — not just numbers and data.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Artificial intelligence is making its way through various industries. It has a lot of benefits, but it needs to be used wisely.
If you don’t use AI ethically, you could get in legal hot water. Contact a Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. to protect your license and livelihood. David Rankin has been involved in over three hundred license discipline proceedings before the Florida Real Estate Commission and was the attorney for the Greater Tampa Realtors for 18 years. To schedule a consultation, fill out the online form or call (813) 968-6633.