AI PropertyIQ can analyse, converse with users and do competitive analysis
Richard Morrison, a real estate agent from Vancouver with over 20 years of experience, has been using artificial intelligence to help sell houses. Now, he has invented a tool that pulls data from every multiple listing service (MLS) property in the Lower Mainland to provide positive and negative analysis for buyers and sellers. As per reports, the agent led a team to create AI PropertyIQ, which merges the MLS data with GPT-4 OpenAI technology, analyses the information and converses with users on a chat-based system to tailor their prospects.
As per reports, the tool took months to get created. Morrison said he consulted a lawyer before launching the tool, and scaled it back after researching the Real Estate Services Act.
“You should be able to check whether you are making a good purchase, essentially,” said Morrison. “This data already exists on certain websites, but it’s only data — the thing that changes this is that it’s an analysis.” He added that the tool on his website is accessible to anyone, and that hundreds of people use it on any given day, posing all kinds of questions. “One user was searching one particular property and asking, 'Can I subdivide this property?’” he said. “The engine won’t be able to specifically tell you that right now, but I can go in the back end and train it so that it will be able to look up zoning regulations in the Vancouver area. So it will let the seller or buyer know what they can do with this type of zoning.”
AI PropertyIQ also has the capacity to do competitive analysis. For example, if one is searching for a two-bedroom condo in downtown Vancouver, it will soon be able to pull in sales data from the past three months to offer ballpark figures on similar condos sold in that area, based on market trends. It can also factor in amenities, like a pool and concierge.
As for privacy concerns, Morrison said the questions are not tied to the IP address of a user. So while he does know the questions being asked of the system, he doesn't know who is asking. “I have trained it not to give any particular advice,” he said. “I am not acting as their agent so it's a grey area still, and I certainly don't want to be responsible for the machine giving advice.” He added that he has included a disclaimer on the site, saying anyone using the tool does so at their own discretion. He has also written a blog post about the future of AI in real estate, including ethical considerations.
