In a city of the future, a citizen looking to buy a home will simply explain their requirements to an artificial intelligence -based assistant, which will orchestrate the entire selection and buying process without a human property agent – or the commissions such agents command.
APAC Realty holds the exclusive ERA regional master franchise rights for 17 countries and territories in Asia-Pacific, granted by New York-listed property services group Anywhere Real Estate, formerly known as Realogy Holdings Corp. Chu noted that most agents, although they can talk very well, are not “natural born writers”. Yet their jobs demand they spend many hours preparing written materials.
ERA Singapore has more than 8,700 agents and, as of the end of April 2023, the Sales+ app has been downloaded almost 14,000 times across multiple electronic devices. The ChatGPT feature in the app has been accessed more than 66,000 times since its March launch by more than 3,300 unique users, the company said.
“Secondary school graduates can be property agents,” Shih said. “Since it is not an industry with very much an income guarantee, the level of knowledge among property agents is not high.” Chinachem Group, a major Hong Kong developer, plans to launch two AI-enabled applications: “A corporate version of ChatGPT to help our colleagues work efficiently and free up time for creativity, and an AI image generator to streamline the process of generating required building-design images and reducing repetitive work,” a spokesperson said., property platform Beike, owned by KE Holdings, has developed Xiaobei AI-Assistant, an intelligent online tool specifically for agents.
For example, China’s recent draft measures on regulating generative AI will be relevant to companies that use AI to provide customer services or generate valuation reports or market analytics. “Artificial intelligence can predict future market trends by analysing a large amount of historical data, and then guide the decision-making of real estate companies.”However, legal frameworks may make it difficult for companies to gather the large data sets AIs require for accuracy, Weng added. For example, with China’s Personal Information Protection Law and Data Security Law, which went into force in 2021, the legal risks and costs of collecting personal data are increasing.
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