Automation can contribute to the replacement of people on the job. At minimum, it shifts work roles and assignments. Industrial and technological changes have transformed work and the economy. Beyond programmatic automation, however, are vast possibilities for the application of artificial intelligence (AI), including within real estate.
AI is getting its fair share of PR. Tesla and SpaceX’s Elon Musk spoke of unregulated artificial intelligence at the National Governors Association summer 2017 meeting as the, "biggest risk that we face as a civilization." That superlative puts people on edge when talking about the future and economic displacement. And yet, connections to AI are already present.
In simplistic terms, what is AI? In their conversation on the radio program 1A with host Joshua Johnson, Coursera co-founder Andrew Ng said, "One piece of AI that might be easier to craft a more specific definition on is machine-learning, the idea that computers can learn." Ng continued, "A lot of the recent rise of AI has been due to a set of technologies around having computers look at raw data and learn from that." Economists predict AI will grow increasingly capable of performing what were, up to this point, human tasks.
Is AI creeping like algorithmic kudzu into knowledge-based professions in real estate and related service sectors?
To explore, let's begin with a roundup:
“The Next Job Humans Lose to Robots: Real Estate Appraiser” by Joe Light, in Bloomberg Businessweek, published by Bloomberg.
“Can AI Be Programmed to Make Fair Lending Decisions?” by Penny Crosman, on AmericanBanker.com, published by SourceMedia.
“What Financial Jobs are at Risk of Automation?” by Grace Noto, on BankInnovation.net, published by Royal Media.
“Artificial Intelligence in Commercial Real Estate: Three Ways AI Can Drive Savings” by Edmund Zagorin, published on Techemergence.com.
“Artificial Intelligence (AI) in Real Estate: Negating or Monetizing An Agent’s Experience?” Op/ed by Sam DeBord, in The Real Daily, published by The American Genius, LLC.
- July 2017