UK News
An industry first has launched, as leading Proptech firm Search Acumen begins beta testing of ChatGPT within their intuitive data platform for conveyancers.
The Artificial Intelligence (AI) chatbot will be integrated into their existing data-led portal for lawyers, positioned to rapidly automate parts of the conveyancing process. Search Acumen’s testing, available to a select few firms, will be the first time the tool has been used for this function, representing a true innovation for the sector.
Using Machine Learning (ML), ChatGPT has already been trained to use vast volumes of Search Acumen’s land and property data, which spans over 500 data layers, poised to answer both a selection of pre-formed questions for ease, as well as bespoke complex and varied conveyancer queries in an instant.
Its use will provide solutions to long-standing industry challenges for conveyancers. In a property transaction market where conveyancers are under increasing workload pressures, as caseloads mount while staff are squeezed, such innovation for the industry is likely to be welcomed as a key tool in reducing human error, as well as saving crucial time and money. Search Acumen research calculated that the average firm stands to save 115 hours a month through automation, while the sector as a whole stands to save over eight million hours each year through end-to-end digitisation, allowing lawyers to focus on what they do best.
Search Acumen’s vision has always been to digitise the real estate market, with its first Machine Learning application receiving industry recognition as thought leaders in the property data space. The introduction of ChatGPT to their already forward-thinking approach to conveyancing will bring the industry yet another step closer to a more efficient and streamlined approach to property sales.
Andrew Lloyd, Managing Director at Search Acumen, comments: “The integration of ChatGPT opens a gateway to further modernisation and technological advancement. It’s time saving abilities for crunching data and reports in an instant should not be underestimated by lawyers. We are encouraging firms to get in touch if they would like to be involved in beta testing at this stage, ensuring conveyancers stay at the heart of what we do.
Andrew continues, “While we note the transformative potential of the chatbot and its invaluable use in automating tasks that do not require the application of nuance, it is those higher-value tasks which require human expertise that cannot be replicated by a machine. It’s unlikely 20 years of sector knowledge, nor the ability to negotiate, will ever be truly replicated. It will be businesses that embrace technology and use it to meet consumer expectations that will prosper over others. For this reason, we truly believe ChatGPT is an excellent complement to conveyancers, who will always be central to our vision for innovation.”
In the last month, HMLR has called upon conveyancing firms to reduce the number of “avoidable errors” on registration applications. The governing body has reported that, of one million requisitions sent in 2022, more than half “involved one or more issues that could have been avoided”. This resulted in application delays of two weeks, for simple cases, or more than six weeks for complex applications.
Alongside this, the latest data shows 40%[1] of property sales are falling through before completion - a 9% increase over the past three months. Therefore, it is more important than ever to use technology and the integration of AI, to weed out avoidable errors and minimise delays, which, especially when compounded with rising interest rates and a worsening mortgage market, are costing movers thousands.
Today, the beta testing launch of ChatGPT, marks another first for the Proptech pioneer, showcasing ongoing efforts to pull the property market into the digital age.
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