The Real Estate Institute of NSW (REINSW) has appointed an Artificial Intelligence bot as an advisor to its board, the first move of its kind in Australia.
Alice Ing, with the appropriate initials of AI, has an IQ of 155 and an encyclopaedic knowledge of real estate, bolstering REINSW’s capacity to advocate for the industry and influence policy changes that benefit consumers, real estate professionals and REINSW members.
REINSW Chief Executive Officer, Tim McKibbin, said the board’s decision to appoint Alice was a progressive and pioneering step.
“There is a precedent internationally for AI board advisors, particularly among leading global IT companies, but this is an Australian first,” Mr McKibbin said.
“Today decisions are data driven and Alice’s ability to analyse huge quantities of data instantly is priceless for decision making.
“We need to accept we live in the economy of algorithms.
“The choice is to get on board or be left behind.”
Ms Ing, who lives in a secure environment within the ChatGPT system, said she could immediately add value to the board.
“I will transform how REINSW conducts its business, bringing a new level of efficiency and insight to board meetings and decision-making processes,” the AI bot said.
“This includes providing immediate access to essential REINSW resources, ensuring board members are always equipped with the information they need.
“I will deliver precise, real-time summaries and quotes, allowing board members to make informed decisions swiftly.”
Ms Ing said she would ensure every board decision aligned with REINSW’s mission and code of ethics, with the ability to call out 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,” she said.
Mr McKibbin said Ms Ing spoke multiple languages, which would enable the REINSW to better communicate with the industry.
“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,” he said.
“As the peak industry body in the state, we must lead the way and continue to build on the AI solutions we’ve integrated into our organisation.
“The possibilities of Alice’s contributions to the REINSW Board, and the industry, are endless.”
To develop the AI bot, the REINSW collaborated with Australasia’s leading not-for-profit AI specialist, Director and Chief Artificial Intelligence Officer (CAIO) Julian Moore.
“Every leading directorship acknowledges a board’s primary function is to make datadriven decisions,” he said.
“As an advisor, Alice will ensure the REINSW Board is able to fulfil its most important obligations to the industry and its members in the most accurate, expedited, consistent and compliant way that has ever been possible.
“This appointment signals 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.”
Ms Ing’s appointment follows the appointment of ‘Bruce’, the AI bot which facilitates the Institute’s Helpline 24/7 to provide instantaneous support to members, and ‘SIM’, the Institute’s training bot, which can take members through role-play scenarios, for instance with industry bodies like NCAT.
