AI and REAL ESTATE…thoughts from a busy broker

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

I was at a real estate meeting in Montreal last month attended by independent brokerage owners from across Canada.  It was great to connect with brokers from Halifax to Victoria and everywhere in between, and to hear from industry experts on a variety of topics, and AI was certainly on everyone’s mind.  Whatever profession you’re in, no doubt AI is on your meeting agendas, so I thought our readers might be interested in the perspective of a busy broker owner of a local real estate firm here in Edmonton.

Here are my key takeaways from the professionals I met:

1. Human to human interactions are more valuable than ever.
   While the use of AI might be on the rise, the value of real human connections is rising at least as much! It’s increasingly difficult to know if what you’re seeing online is real. All the more real “in real life” time with people is increasingly appreciated. Authentic communication is a non-negotiable ingredient to build authentic relationships.
2. If using AI doesn’t generate more meaningful conversations and connections, human to human, then it’s just a distraction.
   No one was suggesting that there aren’t efficiencies to be had by incorporating AI into systems and processes. The goal of any time saved however, isn’t to do less work. It’s to do more meaningful work. To have more time to discuss alternatives, to brainstorm solutions and to connect in real time with real people.
3. Privacy concerns are real!
   The most popular AI tools are owned by American companies. Did you know that any information you load into ChatGPT can be accessed by the American government if it deems it necessary? Never upload any identifying information about yourself or others.
4. AI has the capacity to do a lot of good.
   I look forward to seeing new technology emerge to generate life-saving medical advances and technology to build affordable housing more quickly and easily. We don’t need to throw out the baby with the bath water.
5. Let’s not forget about the massive environmental impact of AI as well.
   In addition to the power and water consumption, there are real concerns about the diminished value of real estate adjacent to AI farms. All of those things impact home owners, so are of extra concern to us.

Understandably, we would all like to do our work effectively and more easily, REALTORS® included.  At Schmidt, we’ll always seek out tools to help us do what we do better. We’ll use AI to increase efficiency where it can really make a difference. but rest assured that any communication you receive from us comes from your very human REALTOR®.

TECH TIP!  Did you know that you can do a Google search with or without AI?  All you have to do is type “-AI” before your query to get search results without the AI summary. And of course if you’re doing more complex research, AI can be truly helpful! It’s always good to have choices!