PBI's 2024 Real Estate Institute is just around the corner! Get ready to gather in Philadelphia and catch up on the year's most significant case law, current legislation, practice fundamentals, trends, and strategies on Friday, December 6. A host of topics will be covered including risk management, title insurance, ethics, and (you guessed it) artificial intelligence.
As promised, we're going to tackle how artificial intelligence is affecting various sectors connected to law practices. Let's delve into the relationship between AI and real estate together.
Property Valuation. AI is transforming how properties are viewed, bought, sold, and valued, helping to streamline the real estate process with every advancement made. You might notice upon visiting a website such as Zillow that there are property value estimates for each home. This is thanks to AI-powered Automated Valuation Models (AVMs) that use data, recent sales, and neighborhood characteristics to generate quick, reliable estimates. This reduces the need for time-consuming manual appraisals. AI can also assess market trends and economic factors for an even more accurate estimate.
The Buying Process. AI has also simplified and personalized the buying process, making it easier to find homes according to your preferences and budget. AI chatbots are on standby to answer basic questions and assist in scheduling tours. Or you can tour homes from anywhere with a virtual, augmented reality tour! You can click through the house and move around as if you were there walking around in person.
Money makes the world go 'round, which is why AI has been utilized to create a smoother buying and selling process in all things.
Legal Considerations. What's one way all of this can affect lawyers? One issue that many have with AI is the way it learns. It relies on a massive amount of personal and behavioral data to back up its research and predictions. Since this technology is so young, many don't secure the necessary permissions for what it's using for its education. This raises concerns about data privacy and security--another important topic for attorneys. In fact, this Friday is PBI's Data Privacy Update, which will highlight the transformative influence of AI on privacy regulations. With AI evolving every passing day, we need to keep up the conversation to truly understand its influence.
There's also the question of fairness in AI decision-making. AI bias can sometimes lead to distorted results or reinforce harmful biases that impact how properties are valued. Like the humans it learns from, AI is not perfect.
The Future of AI and Real Estate. The landscape of real estate has always been ever shifting, but now more so than ever. Ultra-personalized buyer experiences are merely one facet of this artificial diamond. AI also plays more and more of a role in market forecasting, city planning, digital property, and more...but never forget that it's not without its flaws. It's crucial that attorneys stay abreast of the many updates and advancements being made in their field. Luckily, that's just what PBI is here to do with timely CLE on the hottest issues around! Check out what's coming up here and ensure you never miss a compliance deadline.
Keep an eye out for more AI-centered articles on Raising the Bar in the future!
