Christopher Munsell

Glascock Associate Professor of Professional Practice, of Real Estate Development Finance, GSAPP

I typically have between 125 to 150 students, and I teach the core real estate finance curriculum in the Master of Science in Real Estate Development program at GSAPP. I recently introduced AI into my class, Real Estate Finance II. This course teaches students advanced financial theory by constructing individual components of a financial model through weekly homework. The semester ultimately concludes with the joint venture waterfall, which is a series of calculations that determine how profit is split between a real estate developer and its investors.  

Watch this video to hear more about Chris Munsell’s project.

Course elements that evolved with the integration of AI

I added an AI policy to my syllabus that clearly describes the boundaries, context and application of AI in-class, on homework and in exams. I spend time at the beginning of each semester discussing the potential impacts of AI in both the classroom and the real estate industry overall. I also developed a course activity with AI where students complete an assignment in class and compare their answers with AI’s suggestions. 

Teaching students to leverage AI and develop their AI literacy

I tell students to experiment with AI but proceed with caution. I believe that too often society looks at any new technology with a this-can-do-anything-approach. AI can be very useful in minimizing time consuming processes but it’s important to highlight that a blind reliance on any technology is likely to end in disaster. I feel it’s important to give students the opportunity to interact with AI (like the one mentioned above), so they can draw their own conclusions about the benefits and drawbacks of this technology. If they can understand its limitations while in the classroom, they are less likely to misuse it in the professional world where it can have much more adverse effects.

Lessons learned from teaching and learning with AI 

Limit its use to a specific context. AI, just like any technology, can be a useful aid if understood and properly employed. I have found in both my research and in discussion with other faculty, that you have to be very well versed in the material or in the task you’re asking AI to complete. It is often only the most experienced professionals who are able to properly utilize this technology because they have the expertise to review AI’s outputs and identify what is correct and incorrect.

Advice for colleagues on leveraging AI for teaching and learning

Don’t ignore it. It will be a part of students’ future so it’s important to address it, however, be clear and explicit about its permissible use (if any) and the context behind it. Take time to learn the technology and work with your students to develop examples of what is acceptable and unacceptable. Explain how you arrived at this policy and why it’s beneficial to their experience in your classroom. Your students will appreciate your effort to meet them at their level and understand the tools they have at their disposal.

Finally, I would keep in mind that students often rely on outside resources (like AI) when they are struggling with material. It is important to make yourself available and offer additional help. For my core courses, I host twice the amount of office hours and a weekly tutorial where students can come and get help. These resources, combined with an explicit policy on AI as well as the opportunity for students to experiment with the technology, help limit any misuse in the classroom while still preparing them to encounter it in the professional world.