Advancing Property Industry Innovation With AI Implementation 

Advancing property industry innovation with AI implementation 

First there was logic. Then there was machine learning. This was followed by deep learning. Most recently, generative AI took center stage. While the forms of artificial intelligence have continued to evolve, its basic building blocks remain the same.

Gone are the days of dashboards. Now questions like “Can you help write an appraisal report for me? Can you generate some drawings of this property? Can you create a virtual environment about this property?” can be answered almost instantaneously.  

This alleviates the task of entering various inputs and instead lets AI indicate what the next step in the workflow should be, leaving professionals time to better serve their customers and move them quickly through the homebuying journey.   

These discussions about the importance of rapidly adopting this technology are not just theoretical; they reflect the rapidly evolving landscape of AI in the U.S., where innovation must be balanced with good data and responsible use. 

AI Is Fueled by Data. Data Unlocks AI.  

The saying “garbage in, garbage out” succinctly captures the essence of AI’s dependence on data quality. As Gromowski and Singh emphasize, data is the foundational element upon which AI is built. 

“There is no AI recipe without the data being the ingredient,” said Singh in a HousingWire podcast. “The size of the data that goes into the models is one thing… But what is more important is, is the data really accurate? Is the data a source of truth that I can rely on? When you combine the source-of-truth data into the AI model, the results are something that you can depend on.” 

Whether it’s setting policy, accelerating business workflows, or providing insights that serve as the single source of truth, an emphasis on data quality over quantity is not just a technical necessity but a strategic imperative. 

Just look at ChatGPT. This technology has undeniably brought AI to the public, but its wide user base also requires the generative AI model to have a vast amount of expertise. The result is that when real estate professionals ask industry-specific, pinpointed questions, the answers will be general summaries or even simply reference material.  

That is where expertise becomes invaluable. Infusing accurate, high-quality, source-of-truth data into AI models unlocks the true power of technology. CoreLogic’s CoreAI infusions provide results that professionals can depend on. 

Dependability Also Means Responsibility 

The removal of bias in AI is one of the most pressing issues in the development and deployment of AI systems, particularly in fields like real estate, where historical biases can have far-reaching consequences, including systemic inequalities.  

AI systems trained on biased data can unintentionally perpetuate these biases, leading to discriminatory outcomes in areas such as property valuations, mortgage approvals, and housing availability. 

CoreLogic’s approach to bias removal involves rigorous scrutiny of its data sources and AI models to identify and mitigate potential biases. This includes implementing fairness algorithms and conducting regular audits to ensure that their AI-driven insights are equitable and just. 

“Every piece of intelligence or solution that we create goes through a strong governance program,” explains Gromowski. “And it includes outside legal counsel… Our internal counsel focuses more on ensuring that we’re following process across all the teams, as well as just monitoring what’s happening out in the regulatory environment and bringing that back into CoreLogic.” 

Innovative Use Cases: Conversational AI, Operational AI, and Data as Assistants 

For decades, CoreLogic has implemented AI into its solutions. However, as the technology has evolved, so too has the sophistication of these solutions, which has led to the development of CoreAI. 

Today, whether you’re a lender, an agent, an insurer, a data scientist, or you develop policy, AI technology has entered your industry. But sometimes, its integration is so natural that its innovation is overlooked.  

Here are a few key ways that AI is improving the property industry: 

1. Conversational AI  

This type of AI leverages natural language processing (NLP) to enable AI systems to understand and respond to human language in a way that feels natural and intuitive. 

Conversational AI could be used to enhance customer service, allowing clients to interact with AI-driven systems to get real-time insights, schedule appointments, or even complete transactions. The potential for this technology to reduce friction in customer interactions and improve the overall user experience is immense.  

Furthermore, as conversational AI becomes more sophisticated, it can be expected to handle increasingly complex tasks, such as providing personalized property recommendations or offering detailed explanations of market trends. This not only saves time for property professionals but also empowers clients with more accessible and user-friendly tools. 

2. Operational AI  

AI can optimize and automate business processes, thereby improving efficiency and decision-making. In the real estate industry, operational AI can streamline a wide range of activities, from property management to market analysis. For example, AI algorithms can analyze vast amounts of market data to identify trends, forecast demand, and optimize pricing strategies. Additionally, operational AI can automate routine tasks such as data entry, document processing, and customer support, freeing up human workers to focus on more strategic activities. 

3. Data as Assistants 

The concept of data as assistants involves using AI to transform raw data into intelligent assistants that can autonomously perform tasks and make decisions.  

At CoreLogic, we use AI in this form to automatically monitor property listings, identify anomalies in market data, and even predict future market conditions based on historical trends. These data assistants can act independently, providing real-time insights and recommendations without the need for constant human intervention.  

With this level of automation, property professionals can automatically adjust valuations based on changes in the market, ensuring that clients always have the most up-to-date information.  

Adopting artificial intelligence into property industry workflows is quickly becoming the expectation. By embracing these technologies, property professionals can enhance efficiency, reduce bias, and provide more accurate insights to their clients.  

The removal of bias and the adoption of AI-driven tools like conversational AI and data as assistants are no longer luxuries but necessities for companies looking to stay competitive. As AI becomes more ingrained in the industry, those who adapt quickly will lead the way, setting new standards for excellence and innovation. 

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