Artificial intelligence (AI) technology could change the way buyers search for properties and change the way portals work, a proptech boss claims.
The ChatGPT AI tool is making headlines for its advanced machine learning software that can compose everything from books to songs and legal documents.
Specter revealed last week that it was using AI technology to help agents write cover letters, and now there are suggestions that the emerging tools could overhaul the portal.
Healy Hynes, chief executive of real estate tech firm Beagel, a provider of software that helps agents digitize the offer process for buyers and sellers, said: “At their core, traditional portals are essentially a centralized third-party[agent’s]information. center.
“Often this information is limited and relies on manual input from agents or brokers.
“This can lead to lack of accuracy and timeliness of information, such as duplicate listings or sales agreed upon but not updated on the portal.”
He suggested that AI services on top of portals could provide customers with real-time information, answer questions and provide personalized recommendations based on their preferences and search history, directing buyers directly to agents’ websites, bypassing portals.
Hynes added: “This could make the process of finding and buying a property smoother and more efficient for customers, fundamentally undermining the place of portals in the customer journey. Imagine Siri, Alexa or Cortana looking for a house.”
This won’t necessarily replace the portal, but could help them handle more customer inquiries and reduce the need for human customer service staff, Hynes said.
“This could result in significant cost savings for the operator, which can then be passed on to customers in the form of lower fees or commissions,” Hynes said.
AI also has potential applications in back-end operations.
Hynes added, “It automates tasks like data entry and analysis, freeing up staff to focus on more complex tasks. This improves the overall efficiency and accuracy of the portal.”
He suggested that portals will have more resources than agencies to use AI technology, adding: “While AI has the potential to disrupt the portal industry in many ways, it is not a knockout game because AI lives and dies by its data sets, And there are concerns about the depth, accuracy and reliability of the information.
“Their ability to handle more complex or subtle queries remains to be seen.
“But in an industry where exponential growth is the norm, the timetable for this is bound to be fast.”
