Artificial intelligence expert Jeff Turner warns that the technology is advancing so rapidly that the real estate industry is behind on figuring out its most equitable uses.<\/p>\n\n\n\n
It was 2016 when Jeff Turner, cofounder of Tangilla, a REALTOR\u00ae association management platform, gave his first presentation on artificial intelligence. At the time, Siri and Alexa were the only real examples of AI, so the urgency he conveyed wasn\u2019t received by the audience.<\/p>\n\n\n\n
Today, there are ChatGPT, apps like HeyAnnie, and websites like Humanistic.ai and heypi.com. AI is transforming the world at a much more rapid pace, and real estate is no exception. The foundational models of openAI and ChatGPT provide the infrastructure for what\u2019s to come, much like a computer chip enables software. Society is at an inflection point with technology, almost unlike anything Turner\u2014who has worked in technology since the first personal Macintosh computer came out in 1984\u2014has ever seen. Even the internet wasn\u2019t as transformative as what we\u2019ll see with AI, he said.<\/p>\n\n\n\n
But, he warned, the pace at which AI is advancing is unfathomable. \u201cThink about it: When you went to bed on Nov. 29, 2022, none of this was possible. But you woke up on Nov. 30, 2022, all of this was possible,\u201d Turner said.<\/p>\n\n\n\n
It\u2019s been a mere six months since ChatGPT launched and it\u2019s already in its third generation. In the next six months, Turner said, \u201cour heads will be spinning.\u201d As an example, Turner says a customer can upload an entire real estate contract and talk it through with AI. A site like heypi.com can answer any question a customer might have about that contract. AI can help the customer understand risk, pricing, logistics\u2014just about any aspect. \u201cIt\u2019s pretty accurate. It\u2019s also patient and kind because it doesn\u2019t care how long it takes for me to get this information.\u201d<\/p>\n\n\n\n
Though he uses and loves AI, Turner is sounding the alarm once again. The conversations around regulation and control of AI should have happened in 2016. The conversation must happen now, and action must be swift, he said. Data privacy is one of the biggest risk factors for the real estate industry when it comes to AI. Real estate data is highly valuable, unique, and largely private, which is why policy is needed right away.<\/p>\n\n\n\n
Turner proposed a four-point framework in which to discuss what policy and regulation might look like for AI:<\/p>\n\n\n\n
\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"
Artificial intelligence expert Jeff Turner warns that the technology is advancing so rapidly that the real estate industry is behind on figuring out its most equitable uses. It was 2016 when Jeff Turner, cofounder of Tangilla, a REALTOR\u00ae association management platform, gave his first presentation on artificial intelligence. At the time, Siri and Alexa were … <\/p>\n