In the rapidly evolving landscape of real estate, artificial intelligence (AI) is emerging as a powerful tool. However, recent data suggests that it might face resistance from Australian clients.
The most recent Dye & Durham Australian Pulse Report has uncovered a noteworthy statistic: over half of Australians are uneasy about the prospect of AI being employed by real estate agents. This hesitancy among the public highlights the challenges AI faces in gaining acceptance in this industry.
The survey reveals that only 27 percent of respondents expressed comfort with AI in the context of real estate. This lukewarm response underlines the prevailing reservations among the Australian population.
Interestingly, despite this skepticism, real estate emerges as the leading field for the application of AI technology, among all the professions surveyed. It seems that even though there are doubts, there is a recognition of the potential benefits AI can bring to the real estate sector.
Healthcare ranks second in terms of AI acceptance, with 22 percent of respondents indicating comfort with the use of AI and machine learning in the medical field. Nevertheless, it’s important to note that 45 percent of those surveyed expressed discomfort with the idea of healthcare professionals relying on AI.
Law has a slightly higher level of acceptance compared to healthcare, with 23 percent of participants at ease with AI used by lawyers. However, 48 percent remained uncomfortable with the idea of AI assisting legal professionals.
When it comes to mortgage brokers and advisers, AI faces an even greater challenge. Just under one in five respondents feel comfortable with these professionals using AI, while almost half remain uncomfortable.
The most significant resistance is encountered in the finance sector. Dye & Durham’s findings indicate that a mere 3 percent of survey participants feel very comfortable with financial planners, advisers, and tax agents using AI technology.
According to Dennis Barnhart, the Managing Director of Dye & Durham, this widespread reluctance toward AI and machine learning can be attributed to its novelty. “About half the population expressed discomfort with AI in professional settings, which reflects its newness,” Mr. Barnhart noted.
The survey also suggests that Australians may not have had enough time and experience to become accustomed to AI. More than half of Australians have never engaged with generative AI, as revealed by the pulse report. Among those with prior AI experience, only 3 percent use it on a daily basis, while weekly usage is slightly higher at 7 percent.
Most respondents who have experimented with AI do so only occasionally and have not adopted it as a consistent part of their daily lives. These statistics emphasize the need for education and awareness to familiarize Australians with the potential benefits and applications of AI in various professional domains.