The Promise and Peril of AI for Real Estate Legal Teams

Propmodo Technology

By Franco Faraudo · November 18, 2024

Greetings,

This week, Propmodo Technology is diving into real estate law technology. The real estate industry is no stranger to legal issues and technology can either help or hinder how it safeguards itself from legal exposure.

Since most of the real estate industry’s operations happen on digital platforms, there is an increased chance of that data getting into the wrong hands. That is what apparently happened recently with the workforce and facility management software TEAM. The company is being investigated by a law firm for a class action lawsuit stemming from a data breach that happened back in July.

Besides the cyber security risks, there are other possible legal issues that software users should be worried about. The lawsuit against RealPage for its rent optimization tool has not only put the company on the defensive, it has dragged some of its biggest clients into the legal trouble as well. These troubles might be now be spilling into other countries as Canada’s landlords are now facing scrutiny over using the software as well.

The scrutiny of technology for possible legal breaches will likely continue, even with the changing administration. This week the DOJ started recruiting legal technology officers to help it find and persecute any illegal actions by technology companies or their products. The Trump administration will likely take a different stance on regulating tech companies, but it is hard to know if it will be more or less aggressive than the current government.

Here are some of the most important stories around real estate law technology.

Let’s go!

Bytes

AI counsel
The legal software company Clio raised a massive $900 million of venture capital funding to help finance its mission to use AI to help augment its cloud-based operating system for law firms.

Down the block
The City of Baltimore is experimenting with using blockchain to streamline the property title recordation process in order to help speed up and re-risk a traditionally difficult process.

More Propmodo Technology

Propmodo Technology is edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

📧 Forward it to a friend and suggest they check it out.

🔗 Share a link to this post on social media.

🗣 Have ideas for future topics (or just want to say hello)? Share your feedback and tips at [email protected] or connect with us on X through @propmodo.

✅ Not subscribed yet? Sign up for this newsletter here.

📣 Want to share your marketing message with over 60,000 commercial real estate professionals? Email [email protected] to learn how to sponsor this newsletter.

📫️ Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.