Artificial Intelligence in Miami Real Estate

How We’re Using AI to Transform Your Real Estate Experience

We at the Miamism sales team have been using AI to help our customers and streamline our services, making us more efficient and able to provide an elevated experience. This approach has been so impactful that I was invited to speak about AI and its role in real estate at Inmocionate, the largest real estate conference in Spain. What an honor it was to share how we’re leveraging AI in our own business with a global audience and teach others how they can apply the same innovations in their markets!

I also had the opportunity to write an article for their real estate publication, which I’ve translated for this blog post. I’m excited to share with you how AI is shaping the future of real estate and how it can benefit you as a consumer!

(warning:  it’s a bit long)

Ines in Inmocionate Valencia Spain
Ines in Inmocionate Valencia Spain

The AI That Will Empower Real Estate Agents

Artificial intelligence has been seamlessly integrated into numerous everyday technologies for years, often without consumers even realizing it. Common applications include recommendation systems used by platforms like Netflix, Spotify, Amazon, and Facebook; voice assistants like Siri, Google Assistant, and Amazon Alexa; email filtering that enhances security and user experience; popular car navigation tools like Google Maps or Waze; autocorrect and predictive text on mobile devices and computers; and smart home devices that manage thermostat settings and lighting.

Proptech companies (or property technologies) have also embraced AI in their solutions, something I became familiar with through my involvement with Second Century Ventures and its international REACH program, which accelerates technological innovations in real estate. Second Century Ventures is the venture capital arm of the NAR—The National Association of REALTORS®.

The real estate industry truly began adopting artificial intelligence with the launch of OpenAI’s ChatGPT in November 2022. This Generative Pre-trained Transformer has captivated our industry with its ability to produce human-like text from simple prompts.

Some common applications of ChatGPT in real estate include:

  • Customer Support and Engagement: It is used as a chatbot on real estate websites to provide continuous customer support, answering common questions about property details, pricing, and availability, thus improving engagement and user satisfaction.
  • Lead Generation and Qualification: AI chatbots collect essential information such as budget, location preferences, and specific needs to efficiently pre-qualify leads before passing them on to human agents.
  • Document Automation and Management: ChatGPT assists in automating critical documents, from lease agreements to purchase contracts, ensuring that details are correctly filled in and providing summaries of complex legal documents.
  • Market Analysis and Reporting: It analyzes extensive market data to offer insights into market trends, pricing, and potential investment opportunities.
  • Virtual Tours and Property Descriptions: ChatGPT helps create compelling and detailed descriptions for property listings and supports virtual tours by explaining features and answering questions in real time as potential buyers explore properties online.

There are also some high-level uses of ChatGPT in real estate that continue to amaze us every day—some examples include:

  • Predictive Analysis for Investment Opportunities: Leveraging extensive datasets, including historical property prices, demographics, economic indicators, and market trends, ChatGPT predicts future real estate values and identifies promising investment locations.
  • Negotiation Simulation and Training: This tool facilitates the simulation of negotiation scenarios with buyers, sellers, and other agents. It is invaluable for training purposes, helping to refine negotiation strategies and tactics through interaction with a virtual counterpart skilled at mimicking various human negotiation behaviors.
  • Advanced Client Profiling for Personalized Marketing: By analyzing communication histories, individual preferences, and past interactions, ChatGPT enables the creation of personalized marketing strategies. These strategies are designed to meet client needs and preferences, from targeted marketing campaigns to communication tactics that significantly enhance client engagement.

In the United States, federal AI policy development is rapidly advancing. A notable example is the AI LEAD Act, which aims to establish “Chief Artificial Intelligence Officers” in federal agencies to oversee AI use and ensure compliance with ethical standards. Other legislative efforts focus on improving transparency, security, and protection, promoting equitable and responsible AI use across sectors, and addressing risk management.

In Europe, the AI Act is shaping a risk-based regulatory framework for AI, imposing stricter regulations on high-risk applications and prioritizing the protection of fundamental rights. Negotiations regarding the final form of the AI Act are well underway, involving key players like the European Parliament, the Council of the European Union, and the European Commission.

I’m pleased to share that, as Chair of the Federal Technology Policy Committee of the National Association of REALTORS® (NAR) in 2023, we recognized the need for specific policy frameworks within the real estate industry. We successfully advanced a comprehensive set of AI policies through the executive committee and board of directors during NAR’s Legislative Meetings in Washington, D.C., in May 2024. This achievement ensures NAR’s inclusion in federal discussions on these matters.

The final approved draft is as follows:

NAR supports the development, innovation, and use of AI in real estate that:

  • Promotes and protects public trust and confidence in the U.S. real estate market and broader financial services markets;

  • Establishes a uniform federal standard and human oversight of AI;

  • Ensures AI tools are responsible, secure, reliable, auditable, explainable, support a competitive market, and are consistent with NAR’s Code of Ethics;

  • Addresses fraudulent, unfair, deceptive, and misleading practices;

  • Keeps sensitive consumer data safe and private;

  • Treats everyone fairly, without bias, and in accordance with all Fair Housing laws;

  • Protects intellectual property, innovation, and copyrights, while ensuring informed notice and requiring consent for the use of data;

  • Provides meaningful transparency and disclosure of AI tools, modeling, and data sources;

  • Supports appropriate legal and/or regulatory compliance mechanisms.

This first policy framework is just the beginning and ensures NAR has a seat at the table when it comes to federal laws and policies in the U.S. It will continue to evolve and represents the start of hard work by NAR to protect not only the real estate industry but also the consumer.

I don’t want you to finish reading this article feeling apprehensive about AI; rather, I hope you feel empowered. In my AI presentations, I emphasize that real estate professionals are not at risk of being replaced by AI. Instead, those who effectively use AI will be the ones who stand out.

The world of artificial intelligence is exciting: it makes us more efficient, smarter, and allows us to offer more personalized services to our clients. Remember, this is just the beginning! Let’s keep pushing the boundaries of innovation while always being mindful of our responsibility to use not just AI, but all technology wisely and ethically.

Ines Hegedus-Garcia
Avanti Way Realty Executive Vice-President