MAE London: Specialised AI tools, not ChatGPT, will transform the homebuying process

Speaking at the London event held on 20th May in a session chaired by Square 1 Media’s Alex Hammond, the panellists - Adrian Richardson of Mortgage Wallet, David de Souza of TwentyCi and Irakli Menabde of Realyse – were keen to point out that nuance was needed in the conversation about AI and other emerging technologies.

“I think [AI] is very much the buzzword that's in vogue at the moment.” Richardson noted. “I think it's very important that we use it very carefully and sensibly in terms of what actual added value is it going to bring to [brokers].”

"People will always buy from people.” He added. "AI should be used sparingly and wisely to improve your journey with your customer."

The panel covered potential uses of AI during the homebuying process, such as automatic document verification; prefilling of application forms; improving communication with borrowers; and real-time property valuation insights, but were keen to stress that the foundation of effective AI implementation for brokers is using the correct tools, rather than generic AI tools such as ChatGPT which lack the access to accurate market data and leave consumers with more questions about security.

Brokers should prioritise ‘specialised, secure’ platforms designed for advisers to ensure they get accurate information – Menabde said:

“Typing [valuation queries] into ChatGPT is useless because it does not have the data that residential real estate data analytics platforms have: quality of the data is insanely important,” adding that the security of these platforms is designed for sensitive information, unlike generic chatbot tools. But despite these concerns, the speakers were positive on the potential for AI to transform brokers’ roles – particularly in relationship building.

Menabde sees this as an opportunity for redefinition: "It's not just about looking up tables for the best deals, but building relationships and interacting with AI to provide trusted adviser capabilities."

De Souza agreed, noting that the real benefit of AI tools is improving communication throughout the homebuying process, not just between brokers and their clients. He said: “What it really comes down to is communication. There are some really interesting

solutions to help bridge the gap from a from a from a broker to solicitor, for example. It's working together, rather than working apart, because we're all in this together.”

“All we want is for transactions to go through quicker, [and] there are so many solutions, but I think it's beyond just looking at it as a broker or a lender. It's the entire ecosystem and bridging that gap in communication.”

Alex Hammond (Square 1 Media), who chaired the session, commented: “The seminar on AI was the most well attended session of the day. A quick poll of brokers in the room showed that while only a handful said they currently use AI in their business, many more plan to do so in the next 12 months. The over-riding message was clear – AI is here to stay and those brokers who get used to using it sooner rather than later will be best placed to build their business for the future. However, brokers shouldn’t see AI as a threat. Technology can never deliver empathy and homebuyers, who are undertaking one of the biggest purchases of their life, will still need guidance and understanding. Used correctly, AI should mean that brokers can spend more of their time working with clients whilst letting technology do the heavy lifting.”