Rebec 2024: How will artificial intelligence change the real estate sector? – You can go by foot into the future, and you can also take a plane

Source: eKapija Friday, 14.06.2024. 10:32
Illustration (Photo: jamesteohart/
Artificial intelligence is not going anywhere, but it should be kept in mind that it is only a tool in the hands of people and that it is only up to us what it will do in the future, is the conclusion of the panel “Artificial Intelligence and Impact in RE Sector”, held within the REBEC 2024 conference.

“How many of you use artificial intelligence in your jobs?”, Tamara Zavisic, the panel moderator and a consultant at IWConnect, asked the audience that consisted of employees in the real estate sector. Only a few hands were raised. The answers indicated that AI was still a distant future for real estate people, but the discussion led to a different conclusion: artificial intelligence is already there, it is not going anywhere and it is already used to a major extent, and those who start implementing it first will have a great advantage compared to the competition.

In the real estate sector, the possibilities for the application of AI are manifold, from marketing, branding, sales, evaluation, risk assessment, as well as the systematization and automation of many processes.

AI will not replace us

One of the challenges in using AI in the real estate sector is how to get professionals to use it, believes Ilija Lazarevic, founder of CityScraper from Serbia. At this company, they use artificial intelligence to recommend and evaluate certain property.

When we present AI to professionals, they are pretty reserved, because they believe that it will replace them. Also, among of the challenges are the data themselves. AI is only as good as the data fed into it – points out Lazarevic.

He adds that the price is still a considerable challenge – the use of artificial intelligence can be very expensive.

It is a big misconception that AI will replace people, believes Minet Music, owner of MM Real Estate from Sarajevo.

– We are emotional beings and, for example, when we invest, when we give money, we want credibility, integrity and a person of trust from the other side, and not an AI chatbot – points out Music.

According to him, at MM Real Estate, they use the advantages of artificial intelligence to a considerable extent, and among other things, there’s also a chatbot which serves as a consultant for investments in real estate.

– You can get important information from this chatbot, and it helps our sales team in multiple ways. It can speak all world languages, 24/7 – he points out.

He also agrees that it is a challenge to feed the right data into the AI.

The AI can also lie, if you train it to do so. In fact, it can do whatever you want from it. When ChatGTP was created, many people, for example, asked how to get arms or explosives. So, AI is a tool, like a knife – it can be very useful in a kitchen, but it can also be a weapon – believes Music.

Marko Pavicic, Business Development Director at the Croatian company Climatig, which helps clients get an overview of certain climate challenges for potential locations, says that he sees the biggest benefits of AI in collecting and processing data.

– We have to be honest with ourselves – artificial intelligence is not going anywhere. Also, make a good self-analysis – what are your advantages, and what are your flaws. If you are average, you will stay that way, but if you are extraordinary, the AI can help you be even better – he says.

An early bird…

In the future, AI will be used by everybody, and those who start using it first will have a great advantage, Minet Music believes and adds that people will become more creative.

– In order to get a good answer, you will have to know how to ask the right question, and you will need knowledge for that – he believes.

He also points out that the future of the real estate sector with artificial intelligence is interesting, and what will be different is that those who use it will be more productive.

– It’s like with cars, for example. You can say “it’s technology, I’m not going to use it, God gave me legs”. Alright, then you go by foot, and I’ll take a car or a plane – explains Music.

He adds that, in the future, AI will be accepted by everybody.

– As time goes by, people will increasingly see the benefits of artificial intelligence and accept it. It is in human nature to reject the unknown and that’s alright – says Music.

Creativity is what makes a difference, Ilija Lazarevic believes as well.

– You have to be creative, because AI will not be creative for you – he says.

I. Zikic

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