ChatGPT disrupts Asian property trade, nevertheless it’ll be some time earlier than an AI agent sells you a house

Midland Realty is adopting ChatGPT for evaluation of market statistics and consumer knowledge to foretell tendencies and supply private suggestions; automation of enterprise procedures; writing letters; analysing gross sales brochures; getting ready gross sales proposals; video manufacturing; offering question-answering chatbots. The company has organised 25 AI programs with over 2,000 attendees as of Jun 2.

Chinachem Group, a significant Hong Kong developer, plans to launch two AI-enabled functions: “A company model of ChatGPT to assist our colleagues work effectively and unlock time for creativity, and an AI picture generator to streamline the method of producing required building-design photos and lowering repetitive work,” a spokesperson mentioned.

In mainland China, the place ChatGPT just isn’t obtainable, property platform Beike, owned by KE Holdings, has developed Xiaobei AI-Assistant, an clever on-line software particularly for brokers.

Earlier than brokers exit into the sector, the software presents on-line simulations that practice brokers in displaying properties. Within the area, it offers property suggestions and dialog ideas. After an task, it evaluates agent efficiency and offers tailor-made coaching. The software supplied 136 million assist options and gave 73,325 reviews on agent efficiency in 2022.

The advantages that AI might carry to the true property sector look promising, however consultants warn concerning the limitations and dangers of the know-how.

Putting in measures to observe and handle authorized and moral dangers is essential within the design and implementation levels, in line with worldwide legislation agency DLA Piper.

For instance, China’s current draft measures on regulating generative AI shall be related to firms that use AI to supply buyer providers or generate valuation reviews or market analytics.

Corporations that feed buyer knowledge into AI programs should additionally adjust to data-privacy and cybersecurity guidelines.

Moreover, correct measures have to be taken to keep away from bias and discrimination in AI programs, similar to those who would possibly happen in matching sellers and patrons, to scale back inaccuracy and mitigate in opposition to breaching anti-discrimination legal guidelines.

“The underlying algorithm of synthetic intelligence should embody screening and statistics primarily based on huge knowledge,” mentioned Weng Guanxing, head of Shanghai-headquartered legislation agency Wintell & Co’s Lingang Workplace.

“Synthetic intelligence can predict future market tendencies by analysing a considerable amount of historic knowledge, after which information the decision-making of actual property firms.”

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