Real estate is a cost for nearly every business, whether leasing, owning or managing and process automation from AI offers a tremendous opportunity to lower costs associated with commercial real estate, especially those associated property management. That is according to a recent article from TechEmergence.
According to the article, there are three ways AI can drive savings over the next five years: Through analytics in building automation systems; automation in property management job functions; and through machine learning in real estate marketplaces.
The biggest opportunities for savings in building automation comes from energy efficiency upgrades, says the article, which states that savings will make the ROI case for widespread adoption of “sensorized building system devices.”
The article also says that security software automation will drive savings as well, but will place additional emphasis on the need for robust cybersecurity in commercial buildings.
As for automation in property management job functions, the savings, the article says comes from how managers want visibility into sales and agent performance data to drive prospect conversation and improve outcomes for business development team. “Aggregating and drawing value from broad web data for market intelligence is an application of AI that we’ve seen before with companies like Signal,” the article says.
Lastly, through machine learning in real estate marketplaces, property search analytics will improve matching between prospective buyers and desirable properties, augmenting broker’s labor. So does that mean that AI will replace all agents? The article says that the brokers who will thrive are the ones augmenting their labor force using AI chatbots.