Artificial intelligence in the real estate industry

To mitigate legal liabilities, REALTORS® should work with legal professionals who are knowledgeable about AI and data privacy laws. They should also stay informed about industry best practices and regulatory developments related to AI in real estate. (Image courtesy of Big Stock Photo)

Artificial intelligence is impacting the real estate industry significantly. AI-powered algorithms can analyze vast amounts of data for property valuation, market research, predictive analytics and property searches. Additionally, agents are using AI to create virtual tours and 3D models for marketing.

While AI brings many benefits to the real estate industry, it also raises concerns related to data privacy, bias in algorithms and job displacement for some roles in the industry. It is essential for real estate professionals and policymakers to address these issues and ensure that AI technologies are used both responsibly and ethically in the real estate sector.

– Pat Pitocchi, Downing-Frye Realty, Inc., The SWFL 100