Artificial Intelligence in Real Estate: Today, Tomorrow and the Future

Artificial Intelligence (AI) is the ability for a machine to solve problems by learning over time. It is similar to the way a brain processes information when making a decision.

The term was coined by John McCarthy in 1956 who also quipped, "as soon as it works, no one calls it AI anymore."

That's started to happen. The technology is now so pervasive we no longer associate it with science fiction. From protecting you against credit card fraud, to recommending shows on Netflix and self-driving cars, this type of intelligence is spreading. That's evident by the explosive growth in startup funding since 2010. Investors and innovators alike realize this technology is the future.

Despite this trend, artificial intelligence is still in its infancy. Most computers today perform narrow tasks. Weak AI is when all inputs and outputs are defined, like beating humans at chess or go. This is where real estate websites are today. The consumers enter defined inputs (area, max spend, desired bedrooms) and the computer produces an output that matches those requirements.

To better replicate human thought process, computers need to achieve artificial general intelligence, also known as Strong or Full AI. This is achieved when computers pass the Turing Test, a blind test in which a human would communicate with both a person and computer to determine which is living and which is not. Human brains are still more powerful than machines today because of their architecture and capacity. We possess many layers of interconnected neurons working simultaneously to process information. Artificial neural networks are inspired by this design but still limited by current technology.