Property buyers who rely on artificial intelligence (AI) platforms for purchasing decisions could make costly errors due to flawed data and misleading analysis, a buying agent has warned.
Rob Fanshawe, a partner at Property Vision, stated that while AI offers rapid access to property information, its limitations could result in financial mistakes amounting to thousands of pounds. He cited an example where an AI platform's assessment of a £6 million Cotswolds property was flawed, using asking prices instead of completed sales and irrelevant comparables.
Fanshawe explained that the core issue stems from imperfect source data interpreted by AI platforms, leading to errors such as confusing asking prices with achieved prices or drawing conclusions from broad postcode data. He noted that buyers might assume uncertainty has disappeared when receiving AI-generated answers.
Despite AI's ability to process large amounts of information and research planning histories, Fanshawe emphasised that experienced agents provide judgement, which is distinct from simply supplying information. He suggested that the abundance of readily available information might increase the value of experienced advice, as distinguishing intelligence from 'noise' becomes crucial.