From the Desk of the CEO
AI has made remarkable strides in recent years. While it has been powering a lot of systems behind the scenes for some time, it was not until recently that it really took center stage and became a useful tool to help streamline various aspects of our lives. One noteworthy advancement is the emergence of AI language models, such as ChatGPT and Google Bard. These intelligent systems have demonstrated impressive capabilities in understanding and generating human-like responses, raising intriguing possibilities for both businesses and individuals.
The integration of AI into businesses has already begun. AI can analyze vast amounts of data to identify patterns and make accurate predictions based off the data, which has enabled organizations to optimize decision-making, streamline processes, and gain a competitive edge. In addition, AI-powered chatbots and virtual assistants have already made an impact in customer service by providing personalized recommendations and addressing inquiries in real-time. This can lead to improved customer satisfaction and increased operational efficiency.
Our residential properties have already seen how useful AI can be with regards to leasing. By incorporating these virtual assistants into our websites, they are able to interact with prospective tenants and provide them with information, assistance, and support throughout the leasing process. Round-the-clock availability, lead generation, prompt information dissemination, and automated appointment scheduling, are just a few of the upsides, and we’ve really only begun to scratch the surface.
We have also been able to significantly streamline how we research potential new developments by utilizing AI to gain valuable insights and make data-driven decisions. Everything from data aggregation, to predictive analysis, to market demand, location evaluation, competitor analysis, and more can be pulled together much more efficiently utilizing the power of AI. Traditional search engines may easily take a back seat in the coming years – as evidenced by Google’s foray into AI with Bard – as we lean more heavily toward AI to not only locate pertinent information, but to present it all in a clear, cohesive manner.
Beyond business applications, AI is increasingly impacting our personal lives, enhancing convenience and providing new opportunities. AI-powered voice assistants like Siri, Alexa, and Google Assistant have become standard in almost all of our devices, offering information, performing tasks, and syncing with/controlling other smart devices. We can literally get updates from our refrigerator that one of our items will be expiring soon and order a new one on the spot.
As AI becomes more prevalent, it is crucial to address ethical considerations and ensure responsible deployment. Transparency, accountability, and fairness should be prioritized to prevent bias and discrimination in AI algorithms. Safeguards should also be in place to protect privacy and data security. Providing guidelines for responsible AI use is a step in the right direction, but continued dialogue and collaboration across industries and with stakeholders is essential.
Looking ahead, the next 5-10 years hold immense potential for AI development. AI language models like ChatGPT and Bard will likely become even more sophisticated, with enhanced contextual understanding, emotional intelligence, and improved conversational abilities. With that said, it is now, and will remain, incredibly important to fact check and cite information generated by these language models. AI should augment human expertise and judgment, and our oversight remains critical for interpreting and validating the outputs generated by AI algorithms.
Would love to hear your thoughts on the matter as well. How has AI become a part of both your personal and professional life? Also, stay tuned for my next blog where I take a deeper dive into how AI may impact real estate investing.
Chief Executive Officer