Not a day passes where we don’t read about the powerful capabilities of Artificial Intelligence and the long list of professions that are at risk of being replaced by AI. I figured who better to ask whether my role as a commercial real estate investment sales agent is at risk of disappearing than the two most recognized large natural language artificial intelligence platforms, Microsoft’s ChatGPT and Google’s Bard.
My first question was straightforward enough: can you tell me how artificial intelligence will replace the commercial real estate broker?
Chat GPT Response
Artificial Intelligence (AI) can automate various tasks in commercial real estate like data analysis, property valuation, and market prediction, reducing the need for brokers. AIs can provide 24/7 service, instant responses, and personalized recommendations based on vast datasets. Additionally, AI can facilitate virtual tours, making property viewing more convenient. Hence, as these technologies mature, traditional broker roles may diminish, but they won’t be entirely replaced; instead, they will shift towards more complex negotiations and relationships, where human touch still holds significant value.
Bard Response
AI-powered tools are automating many of the tasks that were once done by brokers, such as lead generation, property research, and contract negotiation. As AI becomes more sophisticated, it is likely to replace even more of the tasks that brokers currently perform. There are several reasons why AI is poised to replace commercial real estate brokers. First, AI can access and analyze vast amounts of data much faster than humans can. This allows AI to identify patterns and trends that would be invisible to human eyes. Second, AI can learn and adapt over time. This means that AI can constantly improve its performance, making it more and more efficient at completing tasks. Third, AI is becoming more affordable. As the cost of AI technology decreases, it will become more accessible to businesses of all sizes. Brokers who are able to adapt to the changing landscape and leverage AI technology to their advantage will be able to thrive in the future. Brokers who are unable to adapt are likely to be left behind.
They both, in their own way, seem to be saying the same thing i.e., much of what brokers do can be done better and more efficiently by AI with each giving their own caveat. ChatGPT suggests we humans are safe from irrelevancy insofar as the role involves tasks that require a human touch. Bard suggests brokers who can leverage AI to their advantage will thrive and says nothing of the need for humanity. I decided to pick up on this need for humans and imbued a bit of anthropomorphism in my next question when I asked the two platforms to answer the same question but make it funny. See how they did.
Chat GPT Response
In the future, commercial real estate brokers might need to have a serious chat with their careers. Why, you ask? Because AI, or as I like to call it, “Artificially Intelligent Real Estate Sharks,” are in town! These Sharks are hungry and they’ve got an appetite for data. They’re like Pac-Man on steroids, gobbling up numbers, statistics, trends, and spitting out property valuations, market predictions, and buyer preferences faster than a broker can say “location, location, location.” They’re the night owls of the real estate world, providing 24/7 service without needing a coffee break or even a power nap. Need a property tour? These Sharks offer virtual tours with more energy than an over-enthusiastic Zumba instructor. And did I mention they do it with all the charm and personalization of a top broker – minus the silk tie and the sweet aftershave, of course. However, brokers, don’t start packing up your corner office just yet. These AI Sharks, with all their data-chomping efficiency, still can’t replace the suave charisma of a human broker or navigate the delicate labyrinth of complex negotiations. So it seems brokers might have to stick around, but they better up their tech game!
Bard Response
Artificial intelligence (AI) is rapidly automating many of the tasks that were once done by brokers, such as lead generation, property research, and contract negotiation. As AI becomes more sophisticated, it is likely to replace even more of the tasks that brokers currently perform. This is bad news for commercial real estate brokers. But it’s also good news for anyone who hates dealing with commercial real estate brokers. Let’s face it, commercial real estate brokers can be a pain. They’re always trying to upsell you on something you don’t need. They’re always late for appointments. And they always seem to be more interested in making a commission than in helping you find the right property. But with AI, all of that is about to change. AI-powered tools can do everything that a commercial real estate broker can do, but they can do it better, faster, and cheaper. So what does this mean for the future of commercial real estate? It means that the days of the commercial real estate broker are numbered. AI is coming for your job, and there’s nothing you can do to stop it. But don’t worry, you’re not the only one who’s going to be affected by this. AI is also going to replace lawyers, doctors, and even teachers. So if you’re looking for a career that’s safe from AI, you might want to start thinking about becoming a stand-up comedian. Because after AI takes over all the other jobs, there’s going to be a lot of people who need a good laugh.
Like beauty, humor is in the eye of the beholder so I’ll let the reader weigh in for themselves as to which is funnier. ChatGPT may suffer from a “dad joke” vibeBut at least it tries while the Bard response is more angry, dark and ominous and about as subtle and nuanced as a roundhouse kick in the face without any attempt at humor. It is also guilty of some generalities about brokers that seem off the mark. A waiter may upsell you on a porterhouse over a filet but not sure brokers are often guilty of attempting to convince a buyer to purchase the 50-unit elevator multi-family in the West Village over the 8-unit mixed-use in Harlem when the buyer’s budget is $2.5 million but, then again, maybe I’m doing this broker thing all wrong. And, as far as being a pain, well maybe, but never late for appointments.
I give ChatGPT the victory on the follow up question but both have a ways to go. That said, the platforms have been live for weeks in one instance and a few months in the other. Humor is like wine that improves with age up to a point and, for now, the platforms are mere toddlers. The adoption rate/usage of the platforms, however, is unprecedented (ChatGPT had 100 million active monthly users only two months after launch) and despite being early innings, I think it’s safe to say the world is going to change in a major way with AI and not just for brokers. Who knows, maybe we’ll all be competing for laughs on the comedy circuit in the months and years ahead.
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