The faster the future approaches, the more technology encompasses everyday lives. Technology has changed and shifted how people communicate with others, marketing, advertisements, and even commercial real estate. Artificial Intelligence (AI), which is technology’s ability to learn and solve problems based given knowledge, will have a significant effect on commercial real estate:
Using AI in commercial real estate is very cost-effective. From building systems, to project management and marketing, advanced technologies have the potential to save the industry tremendous costs. For example, with the use of AI, managers will be able to view and analyze sales and agent performance data to refine or improve their business. With access to web data and market intelligence systems, managers will be able to organize and gain better insight into their property portfolio.
Having this insight using AI will give them the opportunity to help keep properties full and tenants happy, which will save them money. Instead of losing out on a month’s rent due to miscommunication or unhappy tenant, and failing to fill empty units, it will all be organized and analyzed by AI to save money.
Change in Platform
One section of commercial real estate that AI will have a major effect on is brokers. One of the hardest tasks for brokers or agents to accomplish is finding buyers looking for a new home or property. With the use of AI, they can use new platforms such as proprietary software to find new buyers. Through such software, they can even give potential buyers a 3D tour of properties, match them with homes that align with their preferences and even talk with them through chatbots to make the experience more personal.
There are also other technology programs and software in commercial real estate that cut back the time for brokers to generate solid leads. Time after time, potential buyers can lead to a dead end or be a dead lead. But the use of AI makes it easier to find buyers that are more serious and are actively looking to purchase instead of wasting time.
Although AI has the potential to save money and reach more potential buyers, there is still some hesitance from those in the commercial real estate business. It can be argued that AI could cost more money than necessary when protecting data and safeguarding access systems comes into factor. Others are also worried that platforms to find potential buyers and show properties could replace their jobs in the future.