Imagining Real Estate in the Age of AIApr 21, 2023
By Vin Vomero, CEO
Artificial Intelligence has made tremendous strides in recent years, and one of the most exciting developments is the emergence of multimodal functionality in language models like Open AI’s GPT-4. This technology allows large language models to analyze both text and imagery, which will have significant implications for the Real Estate industry.
GPT-4 builds on the success of its predecessor, GPT-3, which is already one of the most powerful language models in existence. However, GPT-4 will take things a step further by incorporating visual data, such as images, into its understanding of language. This means that GPT-4 will be able to recognize and generate text based on visual input, and vice versa.
With the coming of GPT-4’s multimodal functionality, the Real Estate industry will be transformed. Instead of relying on static images, buyers and renters could use AI-powered virtual assistants to interact with rich, detailed, and interactive models of potential properties.
Imagine asking an AI-powered assistant to show you how the space might look with different furnishings or wall colors. With GPT-4’s ability to interpret natural language, these interactions could be as easy and intuitive as having a conversation with a human.
Additionally, GPT-4’s ability to analyze both text and imagery could help buyers and renters make more informed decisions. By analyzing data from past transactions and user interactions, AI-powered assistants could help buyers and renters understand the value of a property and negotiate more effectively.
While the image functionality of GPT-4 has yet to be released by OpenAI, and there’s no given timeline— FoxyAI has already combined its extensive Real Estate image and property data ,our computer vision expertise, and large language models—into “FoxyAI-GPT”. This unique combination enables proptechs to incorporate instant natural language image search, knowledge base creation, property descriptions, condition reports, and so much more directly into their products and workflows.
So what’s beyond GPT-4? OpenAI’s Sam Altman has said there isn’t a GPT-5 in the works, but that doesn’t mean the boundaries of AI won’t continue to expand. Many other companies like Google and Microsoft are working on their own versions of similar models. The future of AI after GPT-4 is likely to involve further advancements in multimodal functionality, as well as increased focus on ethical considerations and transparency in AI development. As AI models become more complex and powerful, there will be a need for greater understanding, oversight, and most likely, regulation of their potential impacts on society as outlined in the Harvard Business Review (Fall 2021).
Overall, the coming of GPT-4’s multimodal functionality is an exciting development that will have far-reaching implications for the Real Estate industry. By combining the power of large language models with rich, interactive imagery, AI-powered assistants could revolutionize the way we buy, rent, and analyze properties. FoxyAI is truly only just scratching the surface of AI in Real Estate.