How to Use AI in Real Estate

If you’re like us, you’ve probably been hearing a lot about AI in the past year or so. The sweeping adoption of AI has caused a paradigm shift in the way we go about our day-to-day lives.

Some might write AI off as a fad or a bubble that’s going to eventually burst. But here at Chin Fleming Harris Luxury Resort Real Estate, we feel that AI is here to stay.

In an industry like real estate, AI is a fascinating tool with numerous use cases and applications. But will it completely rewrite the way properties are bought and sold in the US? Likely not. At the end of the day, there are so many things that an AI cannot, and never will be able to do.

There is no one right way to use AI in real estate. It’s a smaller part of a larger, nuanced conversation, which is why it’s best to take a pragmatic approach to AI.

In this post, we’re exploring how AI in real estate can help buyers and sellers, and what you need to watch out for.

Using AI as a Research Resource

We like to say that AI can help get you to the house, but only a real, live real estate agent can open the door and show you around.

Using AI for general research can be immensely helpful to help refine your options or gather data. For example, it can give you a shortlist of neighborhoods that meet specific criteria. But only a boots-on-the-ground human can give you a real perspective of what it’s really like to live there.

AI tools use content from across the internet to compile their answers. If you’ve researched Park City neighborhoods using AI in the past, you’ve likely come across some of our content! We’ve written extensively about PC neighborhoods. Take these posts, for example:

AI Can Help You Visualize Things

If you’re more of a visual person, you may struggle to picture yourself living in a space when viewing a staged-to-perfection property. Or maybe you’re curious what the space will look like decorated to your tastes, or even what a space would look like with major renovations.

Snapping a picture of the home and asking AI to change the paint color, furnishings, or even remove walls is a great way to really visualize the space. We’ve even had clients do this on their phones during showings!

At the same time, the AI can show you what’s possible, but only a real person can help you turn it into reality.

Basic Real Estate Rules Still Apply

There’s a commercial out there currently that shows a home buyer prompting AI to show them properties in a specific area with specific criteria. At the end of the commercial, the AI asks the buyer if they would like to be connected to the listing agent for these properties.

While this is a very interesting concept, we can’t help but cringe a little bit. Why?

A listing agent is legally bound to work on behalf of the seller. When you have a buyer’s agent, you have someone in your corner advocating and negotiating on your behalf.

So, although AI can recommend people to work with, traditional rules about real estate are still applicable.

Learn more about the benefits of working with a Buyer’s Agent with these posts next:

AI Can Be Used to Quantify Things

Selling a home is one of the biggest decisions a person can make. And since it’s not something a person does every day, there are many unknowns. As part of your research, you can use AI to qualify yourself and quantify answers before talking to a real estate agent.

For example, if you ask AI what the standard real estate commission is in your area, that might help when interviewing potential listing agents. If someone is wildly higher or lower than the standard, it could raise some flags or allow you to ask more follow-up questions.

Whether buying or selling, information is your friend during a real estate transaction.

Get a better idea of the costs associated with selling by reading: How Much Does it Cost to Sell a Home in Park City?

Real Estate is About Real Relationships

At its core, real estate is an industry about people, and that’s not something AI can ever replicate. While your AI might be the tool you use to gather information, your Realtor is your trusted advisor. We’re the boots on the ground, the people who are in your home who you know and trust. That type of relationship will never go away.

Get answers to more real estate questions with these posts next:

AI is Good, But It’s Not Infallible

Would you let a GPS guide you blindly without any idea of where you are going? Probably not. Just like with any tech, you still need common sense to guide it. Making a home purchase or a sale is a big decision with lots of moving parts, and the choices you make during the transaction can have an impact on your life for years to come.

When using AI in a pragmatic way, it’s always a good idea to go into things with a little bit of skepticism. Doing your due diligence is key.

Thinking about selling soon? Read our post: Common Mistakes When Selling a Vacation Property and How to Avoid Them for more advice.

Park City Real Estate and AI

In our unique market specifically, AI has an excellent use in answering questions and giving vacation home buyers and sellers insights into the market. But AI will only get you so far. Consider this:

Will an AI be able to pick you up from the airport to show you around?
Does an AI have a relationship with local restaurants and businesses to elevate your time here?
Can an AI ski with you to home showings at various ski-in, ski-out properties?
Has an AI spent the past 30+ years growing up, living, working, and playing in Park City?

While all of these things are not directly related to the transaction, they certainly have an impact on your experience and the outcome.

AI is a Great Start

Don’t get us wrong, we think AI tools are fabulous, and the implementation of them into daily life has made a big difference in how things are done. But AI can only get you so far in real estate. An experienced real estate agent picks up where the AI leaves off.

If you’re ready to start the process of buying or selling a home in Park City, get in touch with Chin Fleming Harris Luxury Resort Real Estate. We’re here to help! Fill out the form below, give us a call, or send us an email to speak with our team today.

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