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still in diapers?
that's what people are saying about AI in real estate
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Hey, welcome to another edition!
TL;DR
In this edition, we’re diving into AI in the Real Estate industry to see what’s happening. Is it truly promising, or is it just all hype? Let’s find out!
Would you be okay with an AI agent as your broker? |
Why AI in Real Estate Is Actually a Mess Right Now
Look, everyone's losing their minds over AI in real estate, dreaming about robots picking their next investment property. But here's the thing - it's kind of a disaster. Let me tell you why.
First up, the elephant in the room: the data is absolute garbage.
And AI without good data is like trying to make a gourmet meal with ingredients from a gas station at 3 AM. Sure, you can try, but you probably shouldn't.
Here's the kicker - some real estate firms are using FORTY different software platforms that don't talk to each other. Yes, you read that right. FORTY..
As Lisa Stanley from OSCRE puts it (and I love how direct she is): "Even with AI, garbage data in still yields garbage data out."
And it gets better.
The whole industry is built on keeping data private. Andrea Jang from AJS Advisory spills the tea: investment managers literally work off "asymmetric information" - basically, they succeed because they know stuff others don't.
Try explaining that to your AI model that needs mountains of clean, standardized data to work properly.
Now, some companies are trying to make it work.
Take Faropoint - they hired 20 data engineers out of 120 employees just to get their AI stuff running.
After four years of work, they're still just using AI as an "advisor" rather than letting it make actual decisions.
Look, I'm not saying AI in real estate will never work. But right now? It's still "in diapers," as Matias Recchia from Keyway perfectly puts it. The industry needs to grow up a bit first.
The real talk? If you're in real estate and someone's trying to sell you on their amazing AI solution, maybe ask them about their data first.
Because right now, it's like trying to build a skyscraper on quicksand - technically possible, but probably not the best idea.
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