Is anyone out there using AI as a tool in developing reports?

[MarketValuedEmployee]

Just wondering if anyone is actively using artificial intelligence as a tool/resource? I'm toying with it now and wondering if anyone has had any luck. I know there is some fear (or at the very least some discomfort around how AI might affect our industry), but I'm curious how exactly it can be leveraged. I working on ways to get it to do some regression analysis, and even develop some narrative around market conditions in a market area. I know there's likely infinite ways to work it, just wondering if anyone else has tried - maybe we could even workshop some stuff? Things are rather slow for me in my area and so I've got some time to play around.

there are some software development firms that have created AI programs specifically pointed at our industry, however as far as I can tell their designed to be used by lenders, underwriters, and AMCs to check our work. If they're going to use it on us, we might as well use it back. I can definitely see how it could be used to increase efficiency and cut down on errors. I'd be curious if anyone knows of software designed for use by "us" and not "them." Thanks for reading, I look forward to your response(s).

Edit:
I appreciate the responses, however at this point, I'm not trying to foster debate around the legitimacy or lack thereof; or how AI will eventually graduate into Skynet and kill us all. I just want to know if there are appraisers out there that have tried to integrate AI or are currently using AI as an additional tool in the toolbox.

 

[Terrel L. Shields]

As I just asked elsewhere. When will we become so dependent upon AI that we cannot actually explain or 'do' the work ourselves? When will AI own us rather than vice versa? I am not saying we should not adapt it, but I am saying AI becomes a potential problem to manage and what abuses can it be put to.

Also, don't you think the regulators will be checking to see if part or all of the report is generated by AI and then dissing the appraiser for using it? At some point we need a bright line where our judgment is clearly established, and the AI judgments are well defined. I don't see any software yet that is going to do more than nibble at the margins for some time. But it will and eventually the appraiser won't be needed. We'll have AI generated reports that are as accurate within the data as our own. I mean, that is the definition of "artificial intelligence", right? So, we get demoted to property inspectors...inspectors using 3D video measurements and AI does the rest from a massive database FNMA is and has accumulated?

At what point will humans no longer need to be educated? AI will create AI and expand knowledge without the aid of a human. Humans will be demoted to tool users instructed by AI how to do a task... a sort of android existence. That's a scary future.

 

[alebrewer]

At what point will humans no longer need to be educated? AI will create AI and expand knowledge without the aid of a human. Humans will be demoted to tool users instructed by AI how to do a task... a sort of android existence. That's a scary future.

Counterculture has always existed - and I suspect will take an even larger role as AI continues to threaten humanity's meaningful existence. Not sure what that counterculture will look like - Neo and the Matrix guys comes to mind - but there will be one. Folks who eschew technology to live simple, meaningful lives.

 

[Tom4value]

As I just asked elsewhere. When will we become so dependent upon AI that we cannot actually explain or 'do' the work ourselves? When will AI own us rather than vice versa? I am not saying we should not adapt it, but I am saying AI becomes a potential problem to manage and what abuses can it be put to.

Also, don't you think the regulators will be checking to see if part or all of the report is generated by AI and then dissing the appraiser for using it? At some point we need a bright line where our judgment is clearly established, and the AI judgments are well defined. I don't see any software yet that is going to do more than nibble at the margins for some time. But it will and eventually the appraiser won't be needed. We'll have AI generated reports that are as accurate within the data as our own. I mean, that is the definition of "artificial intelligence", right? So, we get demoted to property inspectors...inspectors using 3D video measurements and AI does the rest from a massive database FNMA is and has accumulated?

At what point will humans no longer need to be educated? AI will create AI and expand knowledge without the aid of a human. Humans will be demoted to tool users instructed by AI how to do a task... a sort of android existence. That's a scary future.

I do not fear it as long as people-both individuals and groups as a whole- use it as a tool rather than a crutch. We can and are doing this.

For years now, commercial jets have had the technology to take off and land themselves. However, all airlines, and I think the FAA, require pilots to utilize it only in extreme situations. Why? To prevent pilots from “forgetting” how to fly an airplane and to force them to be keen on situational awareness.

 

[Carnivore]

The problem with 'AI' is it continuously learns, it never forgets and it is lightening fast"(5G." Wait till we get 6G. es, 6G (sixth-generation wireless) is expected to be faster than 5G: It also can search for more and more information as it gets better and increasing sources. Imagine AI collecting all data that is being said at all city council meeting in the entire USA, Imagine it has access to all municipal records.

Very Scary

 

[J Grant]

I personally think it is overrated for appraisals, while applicable for other professions or uses - in targeted tasks.. I do not see it performing anything more than an AVM, regression, or other programming for appraising- .

They call it AI, but it does not really think - it aggregates or pulls data and can present it in human-sounding writing a long-winded, formal, generic paragraph.

 

[Vermonter]

I working on ways to get it to do some regression analysis, and even develop some narrative around market conditions in a market area.

This is about all you're going to be able to do with an LLM.

Aid in narrative writing for those not very well versed is probably the biggest benefit to the average appraiser. It's helped my mentor quite a bit (after all the arm twisting to get him to try it).

While you're not going to get AI to run regression analysis on it's own, you can get it to walk you thru the steps of mapping a .csv from your MLS to a spreadsheet to do your own regression analysis (also created with the help of AI).

 

[George Hatch]

It seems to me that the appraisalware vendors will integrate the feature as a value-add to their apps. Or customize one on their own.

 

[Terrel L. Shields]

To prevent pilots from “forgetting” how to fly an airplane

Drones fly remotely. Why do you need a pilot? We have the technology. I have a car that will herd you thru between the lines and slow down for cars ahead. What could go wrong?

 

[Mejappz]

Just do a Google search for artificial intelligence real estate software something probably pops up. Although nowadays everyone calls their app software AI.