The property market took another step into modernity this week with the first property sale conducted by Artificial Intelligence.
Artificial Intelligence auctioneering company clicktopurchase® simulates the traditional property auction but uses an online medium to facilitate the sale.
It is thought the AI auctioneer, named gAbl, will eliminate the problematic element of a human error; creating a fair and transparent bidding process. If the bidders manage to lodge a bid within the auctioneer’s instructed timeframe, the bid will definitely be registered, and every bidder will be acknowledged.
Estate agency Allen & Jacobs sold the Dublin based house on Sweeney Terrace using the AI auctioneer, clicktopurchase® as a way of testing the technology.
The house was placed for sale with a guide price of £220,000. Interestingly, the property sold for £302,000. Whether this infers that the AI technology is so efficient that it optimises the sale is up for debate.
The property could have always been a popular listing and the publicity concerning the AI auctioneer could also have garnered additional interest. However, what is certainly clear is the ability to seamlessly conduct a sale using AI technology.
With a further embracement of LawTech, the transaction was also recorded using blockchain technology which solidifies the efficient, impartial and incorruptible way this technology can be used within the property and legal sector.
Gary Jacobs, Partner at Allen & Jacobs, commented: “We are delighted with the smooth running of our auction which was operated by “gAbI”, the clicktopurchase ® artificial intelligence auctioneer. From start to finish, the bidding was kept going at a good pace whilst allowing ample time for the bidders in the room to bid. It also ensured that we had plenty of time to get all our verified bidders into the online auction room and also allowed us to be able to interact with our client during the auction. Overall, we’re very satisfied with the result-we will definitely use again.”
Neil Singer, CEO clicktopurchase®, said: “Whilst we have established a track record as the only platform offering private treaty exchanges, it should be remembered that we also offer an auction channel.clicktopurchase® takes online auctioning to a totally different level to other bidding models by emulating the traditional bidding experience in real time, with the security of an Artificial Intelligence Auctioneer, and the ultimate in transparency of Blockchain recording the transaction”.
Whilst this may not be the mainstream way of auctioning property in the short term, the process has shone light on the various iterations and ways the technology can be used. When human error or manipulation cannot occur using the AI process, the future of property auctions could belong to technology.
Do you think that AI and blockchain will be used a lot more in housing sales following this? Can you think of any other ways this technology will be used in the legal sector?