Chatbots Selling Condos: Generative Artificial Intelligence in Real Estate

Abstract

Generative artificial intelligence (GenAI) has become a hallmark of the 21st century's technological revolution, allowing users to answer questions instantly through an automated conversation. Although GenAI has controlled news narratives and captivated technology companies, minimal academic research exists regarding GenAI’s impact on the real estate industry. We interviewed 13 real estate professionals and completed a thematic analysis to understand how they use GenAI and their sentiment toward it. Professionals highlighted GenAI’s ability to quickly create marketing materials as a catalyst for using the technology. Thematic analysis revealed sentiments regarding efficiency, human intervention, ethics, generational adoption, relational business, and GenAI’s future development. This study forces real estate’s veiled nature into the light by considering the potential impacts of new technology on longstanding industry practices.