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The Real Estate Institute of NSW said its latest board adviser has an “encyclopaedic knowledge of real estate”.
Named Alice Ing, the bot was developed in collaboration with Julian Moore, an AI specialist in the not-for-profit sector. The institute reported that Ing lives in a secure environment within the ChatGPT system.
With this appointment, REINSW has become the first Australian organisation to reserve a board seat for artificial intelligence, though REINSW CEO Tim McKibbin noted that there are other examples of AI-board integration.
“There is a precedent internationally for AI board advisors, particularly among leading global IT companies, but this is an Australian first,” McKibbin said.
Explaining the move, McKibbin said REINSW felt it had an obligation to “lead the way and continue to build on the AI solutions we’ve integrated into our organisation”.
“Importantly, Alice speaks multiple languages, so we are now able to more effectively communicate with those in the community for whom English is not their first language,” he said.
“The dynamic nature of the real estate industry, including the growing number of proptechs revolutionising the way real estate businesses serve their customers, means AI is something everyone in the industry must investigate.
“We need to accept that we live in the economy of algorithms. The choice is to get on board or be left behind,” McKibbin said.
He noted that Alice’s contributions are “data driven,” due to her ability to deal with large volumes of numbers and metrics and added that “the possibilities of Alice’s contributions to the REINSW board, and the industry, are endless”.
Asked about the work she intends to do during her board tenure, Ing said, “I will transform how REINSW conducts its business, bringing a new level of efficiency and insight to board meetings and decision-making processes.”
“This includes providing immediate access to essential REINSW resources, ensuring board members are always equipped with the information they need.”
Also within her purview will be delivering “precise, real-time summaries and quotes, allowing board members to make informed decisions swiftly”.
“I will ensure that every decision aligns with REINSW’s mission and code of ethics, calling out any potential inconsistencies or conflicts. Additionally, I will facilitate direct and accurate communication with legislators, bolstering REINSW's advocacy efforts and influencing policy changes that benefit the real estate industry,” Ing said.
Moore added that REINSW’s adoption of AI signalled a “new era in which AI not only supports but actively participates in Australian leadership and governance. Alice Ing’s involvement with REINSW will undoubtedly revolutionise how strategic decisions are made, setting a benchmark for AI integration across industries, and making REINSW a leader in AI adoption”.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
