ARTIFICIAL INTELLIGENCE (A.I.): HOW WILL IT IMPACT CONVEYANCERS AND PROPERTY PRACTITIONERS

ARTIFICIAL INTELLIGENCE (A.I.): HOW WILL IT IMPACT CONVEYANCERS AND PROPERTY PRACTITIONERS

More than a decade ago, lawyers were singled out as an endangered occupational species, their livelihoods at risk as a result of advances in artificial intelligence.

There are warnings that ChatGPT-style software, with its humanlike language fluency, could take over a great deal of legal work. The new A.I. has its flaws, notably its proclivity to make things up, including fake legal citations. But proponents insist those are teething defects in a nascent technology — and fixable. It seems ready and able to perform tasks that are the bread and butter of lawyers.

Will the pessimists finally be right?

It cannot be argued that A.I. technology is having a significant impact on the property industry, such as:

1. Automating routine tasks, such as data entry, document processing, and paperwork. This saves time and reduces errors, allowing lawyers and property practitioners to focus on more complex tasks.

2. Improved accuracy: A.I. tools can analyse large amounts of data quickly and accurately, reducing the risk of errors and improving decision-making. For example, A.I. can analyse property data to help practitioners determine the optimal price for a property.

3. Enhanced customer experience: A.I. can be used to personalise the customer experience, such as providing tailored property recommendations based on a customer’s preferences and history.

4. Streamlined communication: A.I – powered chatbots can handle customer enquiries and provide real-time responses, improving communication between conveyancers, property practitioners, and clients.

5. Increased efficiency: by automating routine tasks and streamlining communication, A.I. can help conveyancers and practitioners work more efficiently, freeing up time to focus on higher value activities. 

That all said, and while A.I. is transforming the industry (along with many others), it’s important to remember that A.I. is not a replacement for human expertise and judgment. It’s a tool that can support and enhance the work of lawyers and property practitioners. In our view, conveyancers and property practitioners bring a range of skills and expertise to the industry that A.I. cannot replicate. For example, conveyancers review contracts and advise clients on legal issues that arise during the buying and selling process. Similarly, property practitioners have specialised knowledge of the local property market and the ability to provide personalised advice and support to clients. Human judgment, intuition, and empathy remain essential for successful conveyancing and estate agency work. 

The future may be coming, but perhaps not be as fast as some may predict.

P.S. This article was written (mostly) by A.I.

 

  • On April 20, 2023
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