Artificial Intelligence (AI) technology could change the way consumers search for properties and change the way portals work, says a proptech boss.
The ChatGPT AI tool has been making headlines for its advanced machine learning software that has seen it transcribe everything from books to music and legal documents.
Specter last week revealed that it is using AI technology to help agents write prospectuses and now there is speculation that portals could be revamped thanks to the upcoming tools.
Healy Hynes, chief executive of the proptech company Beagel – a software provider that helps agents to digitize their purchasing and sales processes – said: “In the middle, traditional portals are the starting point between third-party information (the agent).
“In most cases this information is limited and is dependent on manual input from agents or brokers.
“This can lead to information not being accurate and timely, such as duplicates or transactions that are consistent and not updated on the portal.”
He said that the AI service on top of the portals can provide real-time information to customers, answer questions and provide personalized recommendations based on their preferences and search history, directing the buyer directly to the provider’s website, through the portals.
Hynes added: “This would make the process of finding and buying a property easier and more efficient for customers, which would destroy the place they visit in the customer journey. Imagine Siri, Alexa or Cortana doing a house search.”
This won’t replace portals, Hynes said, but it can help them handle more customer inquiries, reducing the need for customer service staff.
Hynes said: “This would allow operators to cut more costs that could be passed on to customers through lower fees or commissions.”
There are also applications that can be used for AI in background processes.
Hynes added: “It can completely automate tasks such as typing and analyzing data, freeing up employees to focus on more complex tasks. This can improve the efficiency and accuracy of the portal.”
He also said that portals will have more tools to use AI technology than assistants, adding: “Although AI has the potential to disrupt the portal sector in several ways, it is not a knock-out because AI lives or dies with its data and there are concerns about, depth, accuracy and reliability of information.
“It’s also clear how well they’ll be able to handle the most difficult or difficult questions.
“But the timing of this should be fast in a sector where high volatility is common.”
