Navigating another new normal: What's your AI Policy?

Most real estate offices now have social media policies, which means we might need some rules around the use of AI.

Happy Monday, and welcome to another week in the crazy-paced world of AI.

I have been asked many times about some of the people I follow and how I curate this newsletter (and all the rest of the stuff I do!).

Someone I’ve followed since the beginning is a guy named Rowan Cheung (@rowancheung on X), who writes this newsletter called The Rundown AI - which over 500,000 people around the world now read 🤯

One of the many reasons for switching to Beehiiv was the ability to collaborate and grow with other AI creators.

So, if you really want to delve deep into the AI rabbit hole, you can click below to follow Rowan’s newsletter.

AI won’t take your job, but a person using AI might. That’s why 500,000+ professionals read The Rundown – the free newsletter that keeps you updated on the latest AI news and teaches you how to apply it in just 5 minutes a day.

And now onto today’s topic, which is…. supplier agreements

Even though Elite Agent is only a small business, we do business with some large corporates.

And… when you do business with large corporates, they usually require you to sign a Supplier Code of Conduct of some kind. (Some of you reading this may already require some of your suppliers to do this!)

Anyway, last week, we received an updated Code of Conduct from one of our larger clients.

The code included a new Supplier Gen AI Standard, which requires us to disclose the use of generative AI in all services delivered to the client.

In a nutshell (and taking the legal jargon out), here is what the policy requires:

  • Don’t put personal info into AI (you shouldn’t anyway)

  • Keep secret stuff secret (this should be a given)

  • Check your facts (one of the golden rules)

  • Keep a human in the loop (don’t leave home without this one)

  • Watch out for AI biases (unfortunately still happens everywhere)

  • Disclose when you’re using AI, keeping records of what you did or what the AI did (hard but do-able)

As you can see - I have no problem with any of this—in fact, I think it’s just good practice.

But I did ask ChatGPT what the pros and cons are of having an AI policy - and here’s what it gave me:

Pros

Cons

Enhanced Trust and Transparency between vendors and suppliers

Increased operational costs for both sides in obtaining consent and keeping records

Enhanced Privacy and Data Protection

Might stifle innovation, creativity and the ability to reduce cost

Better Quality Control

Large administrative burdens to ensure compliance

More Ethical AI use

Smaller suppliers might find it challenging to meet these standards and might limit the people you can work with

Protects Intellectual Property rights

Complexity in enforcement and managing disputes over compliance again might create a lot of admin

As always, the devil is in the details, but what are your thoughts?

Leave me a comment: Have you considered an AI use policy or supplier policy in your office yet? Why or why not?