Emerging Technologies in Real Estate: Augmented Reality and Generative AI discussed at 2022 NAR NXT Conference
Augmented Reality and AI Image Generation Poised to Transform Real Estate Industry
ORLANDO (November 12, 2022) – The future of real estate may soon be shaped by emerging technologies such as augmented reality and generative artificial intelligence, according to experts at the 2022 NAR NXT, The Realtor® Experience, held in Orlando, Florida. At the annual conference, sessions delved into the potential impact of these technologies and the legal and ethical considerations that Realtors® should bear in mind when utilizing them.
Dan Weisman, NAR’s director of emerging technology, highlighted the transformative potential of augmented reality in creating a new experience for home buyers and sellers. While virtual tours are already common in the industry, augmented reality could revolutionize how consumers preview properties. Weisman explained, “Through the use of a phone, augmented reality will allow us to scan rooms, get dimensions, detect objects, remove them, and even replace them with a décor that better suits your client. This technology will offer a completely different virtual experience for potential home buyers.”
Weisman also discussed the evolution of artificial intelligence in image generation, showcasing tools like Dall-E 2 and Google Imagen that can produce and manipulate images with remarkable photorealism based on text prompts. He emphasized the potential applications of this technology in renovation previews, listing photo modifications, and stock photo generation, stating, “This technology will empower you to alter photos to better reflect your client’s vision for the space.”
Matt Troiani, NAR senior counsel and director of legal affairs, addressed copyright best practices and the legal and ethical implications of these new technologies. He advised caution in using these tools, emphasizing the importance of securing copyright protection for created works, maintaining control over generative AI, and avoiding infringement on others’ copyrighted material.
As the real estate industry prepares to embrace these cutting-edge technologies, the National Association of Realtors® continues to lead the way in shaping the future of the sector. With over 1.5 million members involved in residential and commercial real estate, NAR remains at the forefront of innovation and excellence in the industry.
For more information, visit www.nar.realtor.
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