The commercial real estate industry might not have been the fastest to embrace technology, but it is now steadily making up ground on the technology front, especially when it comes to artificial intelligence (AI) use, Boss Magazine reports. AI has become a hot topic for CRE developers, both for what it can do for the industry in the future, as well as today.
Keep reading to learn why AI has become so important to CRE.
Data-based decision making is faster — and more cost effective.
A lot of the top CRE project management solutions use AI to make data-based decisions. This concept is not new, but decisions weren’t made as quickly in the past. Users had to manually analyze the data, which could be painfully time consuming. With AI tools, projects can be viewed at a “micro and a macro level” and any issues can be addressed in real time. Additionally, workers can use the time that AI tools save them to put their attention on the project aspects that truly require their focus. In this regard, AI isn’t replacing humans, but giving them the chance to be more productive.
Automation makes property management more efficient
Managing a commercial property requires a lot of time and attention between keeping track of building utilities, amenities and security measures. Before AI, these tasks had to be handled manually. Also, any system that was in place lacked the ability to learn and adapt to what was going on within the building. Now, AI powers a variety of smart solutions that allow multi-site setups, Boss Magazine reports. These setups can be partially or completely automated.
Monitoring and adjusting a building’s thermostat, controlling lighting based on room occupancy or the time of day and spotting intruders are just a few of the tasks AI-enhanced software can handle for a CRE building’s management team. Smart property management technology can help minimize operation costs with its lighting and temperature control abilities.
It’s easier to serve clients
CRE developers have to keep clients happy from the time they win their business to when the project is completed — and beyond. AI tools can help ensure that customer service remains top notch over the life of the business relationship. With AI helping to address client questions, team members get time back to deal with other tasks, but third parties still have a satisfactory experience when they deal with an organization.
“At every stage of the CRE development and management journey, AI is there to steward complex projects and premises,” Boss Magazine wrote. “Small snafus and major issues alike fall within the purview of cutting-edge tech in this space, and so the promising future anticipated in other sectors is already here for real estate operators.”