AI In Real Estate Address Scoop
Sep 14, 2023By H. Trost

Let's be real. AI often looks, well, REAL.

 It has already tricked the minds of many, and still, it holds unlimited potential to get more powerful and persuasive.

 Aren't we all just a little scared?

 AI is beginning to take over in various forms. One of the more well-known AI is ChatGPT, a type of AI that can comprehend and generate human-like text. Easy to use and understand, this AI is like a virtual assistant.

 AI and Ethics: A Chilling Question Mark

Ethical Questions About AI And Real Estate

No doubt, AI is convenient. However, while we appreciate the convenience, it's crucial also to remember there are lurking dangers.

Recent advancements in AI show that you can develop AI that can learn independently. Somehow even scarier, Cornell University recently developed a robot that repairs itself.

 Almost as shocking (but not really) is an increasing trend of people ditching human relationships and instead choosing to engage in relationships with artificial intelligence. It's hard for me to imagine how one can develop deep emotions and a connection with something that is not alive.

I recognize that these relationships can offer companionship and emotional support. However, they also raise important questions about the nature of human-AI interactions.

As artificial intelligence continues to evolve rapidly, many ethical questions have been raised about the future. Concerns about AI's impact have sparked intense debate and discussion among experts and the general public. 

But what about the real estate industry? 

AI in the Real Estate Industry

AI Real Estate Working On Laptop

The real estate industry is not immune to the power of AI. While AI has many positive aspects and what it can do for the real estate industry, there are also many potential disadvantages here now or coming REALLY soon. This wave of futuristic robotics is no longer science fiction. It's reality knocking on our doorsteps.

The advancements in AI technology put the real estate industry at serious risk. These activities may include using AI-powered deepfakes, hyper-realistic virtual tours of non-existent properties, and convincing chatbots that impersonate real estate professionals and manipulate even the most luxurious property listings. Such tactics have the potential to severely damage trust and compromise the integrity of online real estate transactions.

Therefore, buyers and sellers must exercise caution, thoroughly verify information, and stay well-informed about emerging threats in the digital real estate landscape. While AI can benefit the industry, it also introduces new challenges and risks, including the possibility of fraud.

AI and Home-Selling Scams: What You Need to Know

Sharing Loudly About Real Estate Scams Address Scoop

In the intricate world of real estate, Artificial Intelligence can be a stealthy accomplice in real estate scams. Here are a few examples:

False Property Listings: AI can create convincing but entirely fake property listings. Fraudsters can use AI to generate detailed property descriptions, manipulate images, and even create virtual tours of non-existent properties to lure unsuspecting buyers into scams.

Targeted Phishing Campaigns: AI can analyze vast amounts of data to identify potential targets for phishing and social engineering attacks related to real estate transactions. Scammers often send personalized and convincing messages to increase success rates.

Phishing and Social Engineering: AI-powered chatbots or virtual assistants can impersonate legitimate real estate agents, lenders, or other professionals involved in the transaction. Cybercriminals can use AI tools to deceive people into sharing confidential financial information or transferring funds to false accounts through phishing attacks.

AI-Generated Deepfakes: AI-powered deepfake technology may become more sophisticated, enabling scammers to create highly convincing videos and audio recordings of real estate professionals by endorsing fake listings or transactions. These deepfakes could deceive buyers or sellers into trusting fraudulent parties.

Automated Scam Calls: AI can automate scam calls to potential buyers or sellers, attempting to extract personal information, initiate fraudulent transactions, or convince individuals to wire money to scammers.

Real Estate Robots: How to Not Get 'House' Trapped

House Trap On Door Address Scoop

To protect yourself from home selling fraud involving AI or other technology:

 Verify Information: Always verify the authenticity of property listings and the identity of real estate professionals involved in the transaction. Use trusted websites and platforms for property searches.

Avoid Unsolicited Communications: Avoid unsolicited emails, text messages, or phone calls related to property transactions. Verify the legitimacy of the communication before providing any personal or financial information.

Use Secure Payment Methods: Use secure and trusted payment methods when making payments or wiring funds. Avoid making payments to unfamiliar accounts.

Verify Virtual Tours: If you rely on virtual tours, cross-reference them with other sources of information, such as property photos, to confirm the property's existence and condition.

Beware of Pressure Tactics: Scammers may use high-pressure tactics to rush you into making decisions. Take your time and conduct due diligence before proceeding with any transaction.

Consult a Trusted Professional: Work with reputable real estate agents, attorneys, or financial advisors who can help you navigate the transaction safely.

Report Suspicious Activity: If you encounter what you suspect to be fraudulent activity, report it to the appropriate authorities and platforms to help stop others from falling victim to the same scam.

So, while AI has the potential to enhance the real estate industry, it's important to remain vigilant and practice caution when dealing with unfamiliar online listings and communications to avoid falling victim to home-selling fraud facilitated by AI or other technologies.