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Can AI win over Aussies’ trust in real estate?

By Orana Durney-Benson
27 October 2023 | 10 minute read
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Artificial intelligence (AI) may be on the rise in real estate, but recent data suggests it’s unlikely to get a warm welcome from clients.

The latest Dye & Durham Australian Pulse Report revealed that over half of Australians are uncomfortable at the thought of AI being used by real estate agents.

In total, only 27 per cent of respondents stated that they are comfortable with its use in real estate, suggesting an overall lukewarm reception by members of the public.

Despite this, real estate is the most favoured field for the use of AI technology out of all the professions surveyed.

Healthcare is the second most accepted area, with 22 per cent of research participants stating that they are comfortable with the use of AI and machine learning by doctors and healthcare workers. Overall, 45 per cent of respondents reported that they feel uncomfortable at the idea of healthcare professionals using AI at work.

Law has a slightly higher acceptance rate than healthcare, with 23 per cent of participants at ease with the use of AI by lawyers. With 48 per cent expressing discomfort over its use by lawyers, however, sentiment remains firmly tilted towards the negative.

When it comes to mortgage brokers and advisers, AI is even more unpopular. Just under one in five respondents feel comfortable with mortgage brokers using these technologies, versus almost half who feel uncomfortable.

The most hostility by far is in the finance sector. Dye & Durham found that only 3 per cent of all survey takers feel very comfortable with financial planners, advisers and tax agents using AI technology.

According to Dye & Durham managing director Dennis Barnhart, this widespread wariness towards AI and machine learning is most likely a result of its newness.

“About half the population expressed discomfort with AI being used in professional settings, which reflects its novelty,” Mr Barnhart said.

The findings also suggested that Australians may not have had time and experience to grow accustomed to AI. According to the pulse report, more than half of Australians have never before engaged with generative AI.

Of those respondents who did have prior experience with AI, only 3 per cent use it daily. Weekly use is slightly higher but still marginal, at just 7 per cent of participants.

Most respondents who experimented with AI did so only occasionally, and did not go on to use it consistently.

Can AI win over Aussies’ trust in real estate?
dennis barnhardt dye durham reb b22g30
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