By Kevin Hawkins with Korey Hawkins | Vol. 1 Post 10
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate, posting a new edition every Friday.
2024: The Year of AI
The accelerated growth we are seeing and experiencing in artificial intelligence continues to be unlike any other game-changing technology ever.
If you think AI in 2023 has been incredible, just wait until 2024. Based on its trajectory, 2024 will be the year of AI.
Some signs and signals:
- Investment: Goldman Sachs says AI investment in startups could reach $100 billion in the US and $200 billion globally by 2025. They are probably underestimating it.
- Research: Industry, not academia, is dominating AI research, says a new MIT study. “70% of individuals with a Ph.D. in artificial intelligence get jobs in private industry, compared with 20% two decades ago.” Google alone has invested a reported $30.7 billion in AI. Facebook comes in at $22.1 billion and Microsoft and Amazon at $10 billion each, ExoInsight said in March. And don’t forget IBM, one of the earliest pioneers with Watson, so far investing $200 billion. Again, we are seeing just the tip of this research iceberg.
- Breakthroughs and Milestones: Over time, AI gets smarter. Coupled with the fact that we are putting more brainpower behind AI innovations than ever, we are likely to see a stunning increase in the use of AI, especially in early adopting industries like real estate. If you’re shocked that at the RESO meeting last week, the opening recording of the voice of Rebecca Jensen, Chair of RESO and head of MRED, was not Rebecca, wait until you see what will blow you away in 2024. Next year will provide new AI tech even more jarring than the demo Ylopo showed at the T3 Sixty Tech Summit, where agents can create automated, personalized instant videos – digital twins complete with their artificially created voice – to send to a client.
- Regulation: The regulatory battles are just beginning. Next week, the Biden administration will issue an AI Executive Order, expected to attempt to put guardrails around AI. Governments have done so well regulating social media – not! On the plus side, the order is also likely to unlock immigration barriers for high-skilled workers.
- Government: The White House is reportedly preparing a website to recruit AI workers, which will include the ability to submit a resume to apply for AI-related jobs in government. Just watch how many AI positions will instantly open up. Remember, the Federal government spent $3.3 billion on AI last year.
- Impact: Protesters and advocates will marshal forces next year. The Green movement has yet to make a serious dent in the conversation, and that’s one area that’s prime to be poked.
- Legal: They take years, but we are likely to see some initial rulings and decisions in 2024 that likely will be landmark rulings for AI. But the legal battles are just beginning, and the path to the US Supreme Court on some of these suits is likely, and that is rarely a fast path.
- Adoption and affordability: Agents use AI whenever they take a photo on their smartphone. Just watch the adoption rate in tech when AI finally delivers the promise of saving an agent time and money. AI is the Easy Button every agent has been asking for and will now be able to afford. The ROI for a real estate agent when it comes to new AI tech in 2024 should drive adoption to the point that AI next year will be ubiquitous.
- Hype vs. Table Stakes: If you set your Google Alerts to include all things AI-related to real estate, as I do, you know how your inbox has exploded this year as AI use exploded in the real estate sector. Just wait until 2024. The hype mode is about to hit warp speed. Fortunately, AI will be table stakes in 2024 so in many cases, AI is likely to live up to its hype.
I’ll stop here, but there are many more reasons that 2024 will be the Year of AI, and the overall benefits for real estate agents could be massive. That’s as long as they remember author John Niasbitt’s advice: “High tech/High touch.”
PS Time Magazine’s “Person of the Year” just might be AI. That could even happen this year.
- More than half of all employees (54%) have no idea how their company is using AI.
- Companies using AI today estimate that 70% of their total workforce will use AI to automate or augment some of their job tasks by 2028.
- 75% of workers believe AI makes them more efficient, productive, and accurate.
- Globally, only 44% of employees believe they interact with AI in their personal lives.
- 62% of executives say they are at least slightly concerned that their company is not moving fast enough with AI.
AI Headlines Take 5
AI fakes are everywhere: here’s how you can spot them | New York Post 10/25/23
How to avoid AI trying to trick you into buying something with a deep fake.
AI Is Here To Stay As Real Estate Industry Shows Increased Signs Of Adoption | Realty Biz News 10/23/23
Real Estate professionals and consumers are using AI more and more.
20 Jobs Artificial Intelligence Can’t Replace | Yahoo! News 10/23/23
Is your job something AI can’t do? Take a look at a new study.
How Generative AI Will Change the Way You Use the Web, From Search to Shopping | The Wall Street Journal 10/17/23
Tech leaders from companies like OpenAI and Meta gather to discuss how AI will lead to seismic changes and put the $100 billion search industry up for grabs.
Inside Apple’s Big Plan to Bring Generative AI to All Its Devices | Bloomberg 10/22/23
Current Generative AI runs on the cloud; Apple wants it to run on your iPhone. Huge.
Quote of the week