By Kevin Hawkins with Korey Hawkins | Vol. 1 Post 19
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate, posting a new edition every Friday.
AI in 2024
“This is only the beginning.” That’s what my youngest son said when we talked about AI during a holiday family dinner with three generations this week. He was explaining this to his 83-year-old grandparents how AI’s exponential growth will continue.
Proud dad here: He is one smart kid (Boise State grad with highest honors in Mechanical Engineering and a minor in Electrical Engineering, now working for Epic Systems in Madison, WI), who sees what we see in terms of AI being a fabric of our lives and not a fast-fading fad.
2024 could make 2023’s rocket-speed growth of Generative AI look more like a trot than a sprint. The real estate industry has a jump-start on embracing AI and we see that continuing. The emergence of AI personal assistance is not a future thing, it’s a 2024 thing.
If you want to validate the continued explosion of all things AI, as my wife’s dad told me years ago: follow the money. The Economist got it right: Generative AI will go mainstream in 2024. Data firms are going to continue to be showered with dollars.
Ponder this: ChatGPT is only a year old; think what it might do as a two-year old!
Yes, there will be bumps in the road. We had to chuckle when the NY Times claimed in its lawsuit against OpenAI that ChatGPT alters The NY Times content and even attributes stories that The Times never wrote. No duh (see “AI lies”).
But AI will prevail in 2024. Watch out for greater use of these buzz words, driven by AI advancements: voice activated, content intelligence, smart search and personalized search, omnichannel experiences, AI analytics, immersive experiences, mixed reality, super screeners, and your own personalized bot.
And because of real estate love acronyms, because of AI, more of us will be using ML, NLP, and LLM in our daily lexicon, not just tech heads.
Ryan Thomson, a sports enthusiast and motivational speaker said, “It’s not about how fast you go. It’s about how long you go fast,” which is likely to be the mantra for AI in our lives in 2024 and beyond.
AI Five Fast Facts
- Generative AI’s potential annual impact on the global economy may range from $2.6 trillion to $4.4 trillion, based on the 63 use cases examined by McKinsey. Note: The total GDP of the United Kingdom in 2021 was $3.1 trillion.
- Goldman Sachs reports that AI could potentially replace 7% of all jobs in the United States, while improving 63% of US jobs, and leaving 30% untouched by AI.
- Generative AI has the potential to boost marketing productivity, with a value equivalent to 5% to 15% of the entire marketing spending, according to McKinsey.
- Media firm Insider found 56% of survey participants believe that AI-generated content is biased or inaccurate.
- A study by Tidio discovered the tasks that people most frequently delegate to ChatGPT are writing code (27%), explaining complex concepts in simple terms (25%), and preparing for job interviews (24%).
Source: Various collected by AIMultiple
AI Headlines Take 5
Demystifying Responsible AI For Business Leaders | 12/22/23 Information Week
Striking a balance between ownership, privacy, and accuracy is crucial for using AI successfully.
After a big 2023, make no mistake: Artificial intelligence is here to stay | 12/26/23 Inman News
AI is no fad, fast becoming an essential part of the real estate industry.
New York Times Sues Microsoft and OpenAI, Alleging Copyright Infringement | 12/27/23 Wall Street Journal
When content is used to train AI, is it “fair use” or “copyright infringement”? The courts will eventually decide, and the impact could be massive.
Trends to Watch: The Impact of AI on Startups Across Industries in 2024 | 12/22/23 AI Business
Consolidation of AI platforms, the adoption of fully integrated solutions, and focus on specialized sectors are some of the emerging trends among AI startups.
Artificial Intelligence (AI) is revolutionizing the real estate market | 12/26/23 Medium
A practical review of how real-estate related consumer search, marketing, and investing will impact real estate.
Quote of the week
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Content suggestions welcomed: email korey@wavgroup.com.
