Good old Uncle Chat

Dear Client

In an ever-growing world where international events hit home faster than your browser can update, we have all now accepted our new uncle chat into the family. Yes, AI has become part of our everyday life and part of the family, from making photos of our pets playing poker to finding recipes for dinner that contains less than 400 calories, and even giving some ideas for a company newsletter our good old Uncle Chat is there to help. Far from the AI Mr Arnold has taught us to fear, AI has become a wonderful tool to make our lives easier.

But what is the true affect of AI on the property industry? And what about the human aspect?

First things first, for those who struggle finding the right adjective for a kitchen with lots of windows Uncle Chat has got your back: “Kitchen Bathed in sunlight”; “abundance of natural light” and my favorite “sun-drenched”. Good old UC just knows what to say to get those buyers interested. You can even ask UC to add some extra grass for the gardens that need some TLC. But nothing can replace the sales skills of an experienced real estate agent. Negotiations, anticipating the needs of clients and building relationships for future endeavors. Nothing beats the hard-working estate agent, willing to go above and beyond for their clients.

And what about the broader industry? Well like all movers and shakers UC has a cousin in property, Automated Valuation Model (AVM). An information based program leveraging statistics and machine learning to estimate property trends and subsequently the value of properties in the current market. AVM allows property practitioners to cost effectively and in no time at all provide valuations, trends, risks and can even assist with finance approval. But can AVM see the sunrise over Harties or the August winds howling through? Can AVM account for your neighbor’s weekly braai or the local pound? This and more contribute to you finding the home that fits you, with the right personality. Personality is what gives a house that homey feel, and personally will not be found in statistics or data, but rather in experience.

As we look further, we cannot ignore the impact AI will have on the legal profession within the property industry. Does our good old Uncle Chat have the capabilities to give legal advise that can rival that of a seasoned legal professional who has studied countless hours, spent many a night sleepwalking though presidents and repeating Sections of Acts soon to be revealed in closing arguments or final registration. The short answer is that the information both a seasoned legal professional uses and that which UC has to their disposal, is the same, it’s how the information is used that really makes the difference. Legal professionals too learn to interpret their clients and their needs, building a relationship with said client to better provide them with the service they need. Instincts and skills build up over years of experience, that cannot be replaced by data and statistics.

So what do I think about our good old Uncle Chat? What a guy! Always there to help with whatever it is you need, but ultimately UC cannot replace the human aspect of this industry. AI is a wonderful tool to be used by all for the benefit of human kind, but only a tool. Like a hammer hitting a nail, it will make our lives easier and less painful, but having a knowledgeable carpenter swinging with the right amount of force in the perfect direction, makes the difference. We will always need human interaction in one way or another. But just in case Mr Arnold was right, I will keep my interactions polite and thank good old Uncle Chat for all the assistance, John Connor might still not be born.

Tjaart Eygelaar | Conveyancer & Head of Northcliff Office

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