Real AI: ChatGPT 4ooooh, Renovation AI, facts, headlines, and AI quote of the week

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.

ChatGPT 4ooooh (my goodness!)

Did you see the livestream or video from OpenAI introducing ChatGPT 4o (pronounced "oh")?

The big news: the introduction of omnimodal AI. Oh, and it's free for everyone (but much faster if you have the paid version and up to five times more capacity than the free version – more than worth the $20-a-month subscription).

Check out the OpenAI announcement video here.

What's the big deal about omnimodal AI?

It allows ChatGPT to understand and work with more than one type of information at the same time, such as text, vision, and audio. Yes, it can now see, speak, and hear. And it processes everything in microseconds, making it the fastest AI we've ever seen.

Omnimodal AI means you can now have a live conversation with ChatGPT on your smartphone (and soon desktop: we are waiting on the Mac version). ChatGPT can not only converse with you, but you can show it images that it can identify and explain.

This new AI superpower gives ChatGPT extraordinary abilities beyond telling you what kind of breed a dog you just met or reading you a custom bedtime story. Its ability to analyze data has vastly improved, so get ready to start uploading your spreadsheets and marketing tracking data for better insight.

But its oh-wow factor is the conversational power it now possesses because it can adapt and respond based on your emotional state. It is spooky.

While a little scary, its conversational capabilities are also highly practical and useful for agents.

Do you ever meet with a client for whom English is their second language? ChatGPT 4o can help you converse with them in their native lounge. It interrupts, translates, and speaks in 50 languages, covering 97% of the world's population in real time.

Turn on the video mode and ChatGPT 4o, and it can see you and any printed or spoken information you share or a combination of the two. More importantly, it can read your body language and detect, interpret, and respond accordingly to your emotional state. It won't be long before they change the speaking dots and add a face since it already has video capabilities.

The big news for developers is that they will no longer depend on GPT-4 Turbo as their underlying AI. GPT-4o API is twice as fast, 50% cheaper, and has 5x higher limits.

What this means for real estate agents is faster development of AI agents that will do amazing things for you, with a full-fledged AI assistant getting closer than ever.

Note that with all OpenAI announcements, not everything they showed in their announcement video is widely available, and many features (like the Desktop app for Mac) are coming.

Still, the new capabilities – and a very similar announcement the next day from Google and its Gemini improvements – make you want to grab your seat as this AI rocket ship is just starting to take off.

Renovation AI

This week, we're tipping the hat to Irvine, Calif.-based Revive, a leader in presale renovation, for an impressive addition to its Vision AI platform: a new layer of conditional analysis for neighborhoods.

While homeowners understand that updating and renovating will help them earn more money when they sell, many are likely to be hesitant about committing to such a large undertaking.

With Revive Vision AI, real estate agents show home sellers how a presale renovation could help their home command its highest sales price. Its new Neighborhood Report truly is groundbreaking as it takes CMA data analysis to the next level. Its AI provides real estate agents and homeowners with condition insights of homes that recently sold in a neighborhood that you could only get before with an in-person inspection.

Dalip Jaggi, cofounder of Revive, explained, "Vision AI provides powerful insights without the need for photos of the property but rather focuses on using computer vision on the recent sales [comps] to bring condition insights to a specific neighborhood."

He notes that the new AI tech enables agents to "instantly show sellers a factual, data-backed analysis showcased in an easy-to-understand summary," which fuels a discussion about home values between the agent and the homeowner, potentially creating interest in listing their property for sale.

I went to the link and tested the report on my home address, which blew me away.

It was super easy to understand. The Neighborhood Analysis section assigns a score from 1 to 5, with 5 being the best. This score looks at key areas like the home's condition, the outside area, the bathrooms, the kitchen, and the rest of the interior. The tool uses artificial intelligence to compare these scores with similar homes.

It also creates a Neighborhood Condition Score that uses computer vision to review pictures of homes' exteriors and interiors from recent sales. It combines them with market data to assign a letter grade from A to F, with A being the best condition.

The experience of putting in my home address and getting a rush after downloading and reading the report (it does require all your contact info) reminded me of the first time I used Zillow to see the value of my home.

Mind blown.

AI Fast Facts

1. 44% of business leaders surveyed stated they plan to modernize data to leverage generative AI better – PwC
2. Only 11% of global AI research is published by women – OCED
3. Over 60% of Americans fear bias and potential discrimination in AI-assisted hiring processes – Pew Research Center
4. 50% of companies surveyed intend to invest in on-the-job and internal training departments for AI adoption – World Economic Forum
5. The average salary for an AI professional is around $128,000 – Coursera

Source: Hostinger

AI Headlines

Artificial Intelligence's "Bad Data" Problem for Real Estate Investment | 5/9/24 - Urban Land Magazine
The fragmentation of data is stalling AI use for investing in real estate.

Get more done with Gemini: Try 1.5 Pro and more intelligent features | 5/14/24 - Google: The Keyword
Gemini gets 35 languages, a massive context window, and adds conversational experience and tools.

Should We Use AI to Re-Create Our Loved Ones After They Die? | 5/11/24 - WSJ
An ethical question that rests on the line between connection and exploitation.

Google rolls out AI-generated, summarized search results in US | 5/14/24 - The Guardian
Google also revealed its AI video generator Veo and AI Assistant Project Astra at their annual I/O conference.

Proof launches AI-powered fraud detection tool | 5/15/24 - HousingWire
This AI tool can now guard you against fraud in document signing, notarization, and authorization.

AI Quote of the Week

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To view the original article, visit the WAV Group blog.