Artificial Intelligence (AI) is revolutionizing almost every industry in the world. If a task or project can be improved by automating a tasks, gathering information, or performing calculations, AI is there is help.
How can that help the commercial real estate industry? With a few details, you can see how real estate leadership, financial analysts, and data professionals can take advantage of what AI has to offer.
Financial modeling, data entry, and customer intake forms can be automated by artificial intelligence and machine learning. There are multiple tools available to create automated robots–AI bots or bots for short–that can handle repetitive, manual tasks.
The scope of these tasks is getting better each day as manual bots are taught to learn different patterns and take on bigger responsibility. There is always room for quality control, so your team can monitor the progress of automated tasks and perform corrections as needed.
How does this change commercial real estate? At the lowest level, it frees up a lot of time for your data entry and analysis professionals. With fewer menial tasks such as typing the same numbers repeatedly–which can be rife with errors and slip-ups–these professionals are free to take on more helpful tasks.
Faster analysis and automated financial modeling means faster, more robust, more insightful estimates. The data you need to make decisions will be available sooner, and you can spin up more scenarios.
Even better, AI can present scenarios you hadn’t considered before. There is always an unseen connection–a small influence here or a random event with major consequences there–that can be picked up to be used or ignored as professionals desire.
Data Management and Analysis
Having a lot of data immediately creates the next problem: having too much information. Without a good way to store and sort that data, sifting through information becomes a job on its own.
What’s the point of freeing up time from menial tasks if you just have to hire someone to sift through giant loads of data? Along with data intake and analysis, you need a sorting system.
There are multiple tools, techniques, and philosophies behind sorting your data. That doesn’t mean you need to shuffle through multiple options just to get big data into your commercial real estate systems; many data systems have all the tools available at once.
Just know that like anything else, customization can make things better. If you’re not interested in heavy tweaks to a new data system, just know that you can find other ways to present and store data as your preferences adjust.
AI can be designed to tag data based on the details you want. If you want to set alerts for homes that go on sale after certain events or in certain areas, you can create a label for that.
If you want to track properties that drop above or below certain thresholds, that can be done. Are there certain traits about those properties? AI can label those as well, then create a list of common tags that could show a trend.
For more information on what AI can do for your commercial real estate business, contact a real estate technology expert.