Artificial intelligence is revolutionizing the real estate industry, offering a multitude of benefits that are reshaping the way business is done. Gen AI, in particular, is opening up new possibilities and adding significant value to the market. As mentioned in a news article on research from the McKinsey Global Institute, gen AI could potentially add between $110 and $180 billion in value to the real estate market.
One significant benefit of AI in real estate is the ability to focus on original, confidential information, providing valuable insights for investment decisions and reporting. Additionally, the creation of model libraries and the ease of obtaining understandable answers through big language models have sparked widespread interest in the industry.
The real estate industry has the opportunity to learn from its mistakes and adapt to the future thanks to the potential presented by Gen AI. With its flexibility and originality, Gen AI has opened up a new realm of applications, supplementing rather than supplanting analytical AI.