ChatGPT disrupts Asian property industry, but it’ll be a while before an AI agent sells you a home
- An age of experimentation is under way as real estate companies invest in artificial intelligence to explore its advantages and limitations
- AI looks set to absorb some drudge work, freeing agents to focus on building relationships and providing valuable counsel, experts say
In a city of the future, a citizen looking to buy a home will simply explain their requirements to an artificial intelligence (AI)-based assistant, which will orchestrate the entire selection and buying process without a human property agent – or the commissions such agents command.
Well, maybe.
While real estate agents – a small army that in Hong Kong numbers more than 40,000 – may be wondering whether their jobs are in danger given the rise of ChatGPT and other AI services, the above vision remains science fiction.
As the real-world capabilities and limitations of ChatGPT and its ilk come into clearer focus, worries about AIs replacing millions of workers overnight appear overblown, at least for now. Yet across sectors, an age of AI experimentation has begun, with companies investing to understand the technology’s potential advantages and pitfalls, as well as how it might impact their way of doing business. And property is no exception.
For example, Marcus Chu, CEO of APAC Realty and ERA Asia Pacific, sees AI as a golden opportunity to differentiate his company and his agents from the competition.
“When ChatGPT was launched globally in late 2022, which was the talk of the town in the tech world, we immediately seized the opportunity to customise ChatGPT into Sales+ [our app for agents]”, said Chu.
