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The article discusses the potential of Generative AI (gen AI) in the real estate industry, emphasizing its ability to create game-changing solutions for various aspects of the value chain, such as marketing, customer service, and investment analysis. To unlock gen AI's full potential, real estate companies need to invest in a modern technology stack, design intuitive interfaces, and develop new capabilities like toxicity checks and guardrails against hallucination. The article also highlights the importance of recognizing and mitigating unique risks associated with gen AI, such as biases in training data and intellectual property concerns. To get started, executives are advised to adopt a "2x2" approach: identify two use cases that can deliver immediate impact and build excitement, and two aspirational use cases that will fundamentally change the business. The article concludes by urging real estate companies to adapt to the changing landscape and leverage gen AI to create strategic distance in a competitive market.
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