Art Carter, CEO of California Regional MLS, believes the real estate industry is overlooking the transformative potential of AI, potentially leading to future litigation. He emphasizes the need for brokers and agents to adapt to AI integration while maintaining the human element in transactions.
The real estate industry is at a critical juncture, facing both technological disruption from AI and potential legal challenges. Understanding these trends is vital for brokers, agents, and consumers to navigate the evolving market and ensure fair practices.
Art Carter, CEO of California Regional MLS (CRMLS), has expressed concerns that the real estate industry is overlooking the significant and transformative impact of artificial intelligence (AI), potentially leading to future litigation. Carter, who is set to speak at HousingWire's AI Summit, believes that while the industry is distracted by other issues, AI's potential is being underestimated.
He noted that despite market pressures and rising interest rates, the expected price depreciation has not materialized, creating an unprecedented market dynamic. Carter also highlighted that AI is poised to enhance human interaction in real estate transactions rather than replace agents, a sentiment he shared after a conversation with a venture capitalist.
Looking ahead, Carter anticipates an increase in litigation within the next three to five years, particularly concerning private listing networks and the practice of withholding data from consumers. He stressed the enduring importance of the MLS as a transparent clearinghouse that facilitates cooperation among brokers to connect buyers and sellers, a role he believes remains crucial.