The real estate industry is turning to artificial intelligence (AI) tools for a variety of new use cases ranging from identifying potential investments to forecasting how renovations may impact a property’s value.
David Conroy, director of emerging technology at the National Association of REALTORS® (NAR), told FOX Business that he has seen a "particularly rapid uptake" of AI tools by real estate industry firms, which are playing a "transformative role in refining numerous processes within the real estate journey." That includes tasks like improving presentations, identifying similar attributes in a variety of properties using valuation models to optimize a sale price.
"Although AI has been on the horizon for some time, we’ve observed a marked surge in its adoption within the last 10 months with the introduction of generative AI tools like ChatGPT," Conroy said. "This recent acceleration underscores the value that both firms and individual investors are recognizing in AI tools for the real estate sector."