I need to begin this article with two important notes:
1. Some of this may be outdated as soon as it is written.
2. This was not written by a machine.
Artificial intelligence (AI) is a game-changer for many businesses, including the real estate industry, which I have been engaged in for 50 years. Its ability to crunch massive amounts of data could be hugely helpful to improve decision making, such as where to invest (neighborhoods and regions) and in what products (multifamily, single-family, commercial, mixed-use).
The latest wildfire in the AI world is generative AI, led by ChatGPT (and its newest iteration GPT-4) and the like. These are programs capable of generating original content, including text, images, audio, videos and more. What will AI and generative AI mean for the business world? Is it an inflection point or the next disruption on the scale of the smartphone?
My take is that these are tools of incredible magnitude and potential value, but they are still just tools. The wheel didn’t change the world…the wheel, coupled with human ingenuity, did.
AI is here to stay.
AI brings the promise of helping us deal with the exponential growth of data, far too much data for humans to process. At lightning speed, AI can crunch data, spot patterns and elevate our decision making—not just in real estate but almost everything—to new levels.It can also do things that we cannot, or that would take us an inordinate amount of time. Consider the fast-growing field of cybersecurity. While consolidating huge volumes of data can also create risks for data breaches, AI can help address those risks.
Continue reading: https://www.forbes.com/sites/forbes...hrough-tool-but-still-a-tool/?sh=5e4c0a72ebe0