Artificial Intelligence (AI) is no longer a concept of the future. It’s here, and it’s transforming industries, including real estate1.
AI in Real Estate
AI is infusing virtually every sector of the modern economy, and real estate is no exception1. From machine learning algorithms that match homebuyers to listings to chatbots attending to clients’ needs, the real estate industry is buying into technological solutions that aim to make the industry more efficient, profitable, and service-oriented1.
The Untapped Potential in Commercial Real Estate
In commercial real estate, however, AI has yet to gain a significant foothold1. But the technology carries the potential to transform the core of the industry: the transaction process1. AI’s integration into commercial real estate investment transactions promises to help tackle some of the industry’s biggest challenges, unlock once-invisible insights, and deliver untapped value to investors1.
Overcoming Hurdles
Fully realizing AI’s benefits will require overcoming key hurdles, including knowledge gaps in understanding how to use AI in daily operations and challenges of integrating advanced tools into an industry where technology adoption is occurring at a slower pace1.
The Role of Advanced Technology
With real estate firms holding record high levels of dry powder — $278 billion as of June 2018 — now is an especially opportune moment to explore the role advanced technology can play in spurring new investments and generating profit1.
The Power of Data
As any real estate investor can attest, it often requires painstaking work to distinguish between genuinely promising investment opportunities and those that only look good on an Excel spreadsheet1. Machine learning algorithms, trained on an abundance of market data, are able to generate hyper-accurate predictions, improving real-time investment decisions with analytical capabilities far beyond the limited scope of human analysis1.
In conclusion, AI carries immense potential for commercial real estate. It’s time for investors and stakeholders to embrace this technology and unlock its benefits. The future of commercial real estate is here, and it’s powered by AI.
The source article can be reviewed by clicking HERE.
Comentários