TECHNOLOGY
Artificial Intelligence ( AI ) has been hailed as the ‘ ultimate disruptor ’, with companies from all sectors excited about its potential to fully automate tasks and improve efficiencies .
But as the mainstream use of AI has skyrocketed in recent months , many have found themselves wondering if the ‘ AI revolution ’ is a sign of great things to come – or a threat to traditional work as we know it .
John Jack , CEO of Galetti Corporate Real Estate believes that the use of AI in the local commercial property sector has many positive and farreaching implications , when used strategically . “ The use of technology in our industry has accelerated , and now with the advent of easy-to-use AI tools , we have the ability to improve efficiencies , reduce costs , and make better-informed decisions ”.
“ This doesn ’ t mean that AI is better than a human workforce , and business leaders should keep in mind that these tools are most effective when utilised by a skilled professional . Don ’ t view AI as a threat to job security , but rather to ‘ work smarter ’ and provide tenants , landlords and property managers with a better experience .”
Jack adds that while many AIpowered tools have come onto the market in the last six months , ChatGPT is by far the most popular , boasting one million users within a week of its public launch .
What is ChatGPT ?
ChatGPT is a machine learning algorithm designed to understand and respond to text input in a humanlike way and can be used for a wide range of natural language processing tasks , such as language translation , text summarisation , and question answering .
The free-to-use service was launched by San Francisco-based OpenAI , the creator of DALL · E 2 , at the end of 2022 . It is widely considered to be the most powerful and user-friendly language-processing AI model to date .
“ In the commercial property context , the primary benefit of ChatGPT is as a tool to analyse data and communicate more efficiently with clients through fast and accurate responses ,” explains Jack . “ However , as AI capabilities are constantly and rapidly evolving , we believe that this technology will transform even the most advanced tasks associated with real estate transacting in the near future .”
SA Real Estate Investor Magazine FEB 2023 87