One third of property companies don’t know what to do with AI

About a third of businesses in the property sector are yet to implement the technology at all, while others have gone as far as to ban workers using ChatGPT.

A new survey found that across the nation’s property sector, almost a third of businesses are unsure of how to implement AI. Picture: AFP

Australia’s property industry is lagging so far behind in the adoption of artificial intelligence that not even one in 10 of those in the industry believe it can become a leader in the space.

About a third of businesses are yet to implement the technology at all, while others – including Dexus – have gone as far as to ban workers using ChatGPT.

This is despite the real estate industry embracing the technology, using chatbots to streamline lease negotiations.

A new survey found that across the nation’s property sector, almost a third of businesses are unsure of how to implement AI. That’s on the top of the near third that have yet to even touch the technology.

Property Council of Australia CEO Mike Zorbas.

Less than half (40 per cent) of the industry are preparing to leverage AI technology, while only 26 per cent have implemented AI-powered systems, according to the Property Council of Australia survey.

It underscores the caution and mixed reactions around the much-hyped technology. Most developers believe it will be revolutionary (50 per cent) while a little under 50 per cent believe it will have at least some impact, according to the survey.

PCA chief executive Mike Zorbas said it was important the industry got on the front foot as the “AI genie is out of the bottle”.

“This is a when not if scenario,” he said. “AI is bigger than previous disruptions. It is important we lead our industry to capitalise on this transformative productivity booster.”

Mr Zorbas said AI would only be able to transform the property industry if companies prioritised its take-up and adoption. “With over a quarter of respondents feeling uncertain about their next AI steps, the property sector needs all the leadership we can provide in this vital area.”

Unlike other revolutions in the past, AI had the ability to transform every part of a property business. “The impacts of AI span business models, data analytics, benchmarks, decision-making tools, asset and portfolio measurement, management and accounting, planning, pricing, skills, governance and more,” Mr Zorbas said.

“AI will transform investment markets, organisations, teams and individuals and we need to get definitions, regulation, security and privacy right along the way.”