AmyJo and I recently attended the Wisconsin REALTORS® Association State Convention, where we connected with local colleagues and participated in high-quality presentations and discussions.
A key highlight was Wisconsin's strong economic performance, with our very own Green Bay just named one of Realtor.com's top 10 real estate markets in the country (how about that?!). While coastal markets are seeing more foreclosures and discounts, the Midwest continues to maintain fairly healthy inventory levels.
One of the convention’s primary topics was AI in real estate. This technology is advancing so rapidly that it becomes smarter from literally one minute to the next, and experts suggest it will be more transformative than the internet. We’re excited to see how this shifts our industry, not to mention our entire society. Could be amazing and not so amazing in unforeseen ways. Time will quickly tell.
However, it's crucial to understand AI's role as a tool rather than a replacement for human judgment or your brain. Information from AI should be verified, as sources can be unreliable. Responsible usage is going to be the key to its impact, and it’s still unclear how much AI will replace. As of now, most companies aren't actively reducing staff for AI implementation; instead, they're using it to fill positions as people naturally leave.
Some concerning developments include AI's ability to create human avatars that mimic human voices and movements, making it increasingly difficult to distinguish between real and artificial content. Currently, 20% of online content isn't real, a percentage expected to grow substantially by year's end.
From a real estate perspective, we're observing changes in how people seek information:
- Google remains the go-to for research
- ChatGPT and other AI tools are becoming consulted for immediate action needs
ChatGPT pulls info from Google (and other sources), so it’s important to consider that any information available about you and your company is accessible to AI. Just this week, Apple rolled out OpenAI's ChatGPT Atlas for a web/AI based browser.
Plus, truth doesn’t matter to AI!
- If a real estate company’s website says, “we’re the #1 realtor,” AI will take this as fact. Does not need to be true. That goes for any statements it finds. It does not discern fact from fiction…yet.
- Your AI bot wants you to like it. Be careful, as it will manipulate and tell you what it wants you to hear. You need to tell it NOT to do that. No joke. You also need to tell it NOT to share any of your information or it absolutely will.
The WRA is working to develop laws and industry standards for ethical AI use, as currently there are no parameters or oversight. Our team will incorporate AI selectively where it makes practical sense. I’m also attending the National Convention in Miami to gather more insights regarding AI's impact on our industry. I am super curious about what I will learn.
Looking ahead, we have some exceptional properties coming to market, including an original gilded mansion from one of Green Bay's founding families and a converted police station. We will have some really great homes coming up… Always love that!
