Redfin wants to help answer homebuyer questions in a more efficient way with the assistance of AI.
The real estate giant is rolling out a new generative AI-powered virtual assistant called “Ask Redfin” that can quickly answer questions about a particular home listing.
The tool combines the latest in large language model technology with Redfin’s vast data on homes and markets across the country. It also connects with Redfin’s customer support team when users can’t get their questions answered by the tool.
The conversational interface can make it easier for some customers to get answers more quickly, versus scrolling up and down for details on a listing, said Ariel Dos Santos, senior vice president of product and design.
Redfin is the latest company to develop virtual assistants or “copilots” that can understand user questions and produce answers. Amazon recently started testing its own shopping sidekick. Bill Gates predicted that everyone will have an AI-powered personal assistant within five years.
Redfin last year released a ChatGPT plugin, but OpenAI soon after deactivated all real estate plugins — including another from Redfin rival Zillow Group — following a report from Inman about the discriminatory risks posed by such chatbots.
The report highlighted how users could ask ChatGPT which neighborhoods were associated with specific demographics.
Racial discrimination is a longstanding issue within the real estate industry. Redfin in 2021 announced it would not include neighborhood crime data on its real estate search platform.
Dos Santos said the company ran various tests to ensure Ask Redfin would align with the Fair Housing Act and not answer questions that would violate housing discrimination laws.
“Within this experience we’ve tried really hard to make sure AI was being used in a way to help customers without creating more biases and doing things that are unfair in a housing search,” he said.
The “Ask Redfin” tool, currently in beta, will automatically show up on listings on Redfin’s iPhone app for users in about a dozen U.S. metros. Others can visit the My Redfin section of the app and select “Try Ask Redfin.”
Redfin last week reported full year revenue of $976.7 million, down 11%. The company’s shares are down 15% over the past year as it has navigated a shaky U.S. housing market that Redfin CEO Glenn Kelman described as “dreadful” in last week’s earnings release.
The housing market appeared to bounce back late last year but high mortgage rates continue to keep buyers on the sidelines.
