The impact of artificial intelligence in the commercial real estate sector

Where artificial intelligence can find application in the real estate sector

Let’s discuss a few examples of where AI is weaving its magic in CRE, to give you a sense of the extent of its potential.

Turbocharging productivity among project managers

When it comes to stewarding commercial construction projects from start to finish, it’s more than just about finding skilled real estate managers. In order to make sure your real estate investment is a success, once you’ve got the right professionals on board, you also need to empower them with tools that allow them to be optimally productive.

New and improved real estate development software services make use of AI to achieve this, handling everything from data analysis and reporting to budgeting and benchmarking. Manual tasks which used to take up all of a manager’s time are automated, so team members can get down to brass tacks with other duties.

Of course, it’s not just project manager productivity which flourishes thanks to AI. All decisions that need to be made throughout a commercial real estate initiative can be based on accurate data, not guesswork or wishful thinking. So projects of all sizes can cost less, be completed more quickly, and avoid the usual dilemmas.

Simplifying marketing & improving client interactions

Businesses involved in CRE development need to find prospects, win them over, and keep them happy as a project progresses.

This involves a mastery of sales and marketing strategies, and an up-to-the-minute understanding of the state of play, as well as the expectations that go along with this.

AI-augmented marketing tools and customer service solutions can combine to do all this and much more besides.

From dealing with queries and requests from clients to identifying the best niches to target based on in-depth data analysis, modern services are more than equipped to overcome the traditional challenges associated with increasing sales and perpetuating customer retention in this sector.

Making commercial buildings cheaper to manage efficiently

You’ve probably heard about the Internet of Things (IoT), most likely in the context of how it applies to the home. But it’s not just domestic premises that stand to benefit from smart heating, cooling, and security measures.

For CRE, automating building systems creates opportunities to save money, improve efficiency, and give businesses the edge in terms of the sustainability of their operations.

Data is again at the heart of the matter here. With information being fed to software from sensors littered throughout commercial buildings, decisions about whether to change the temperature, turn to light on or off, allow or deny access, and so forth can be made without the need for a human to manually oversee everything.

This also helps inform things like preventive maintenance policies and allows buildings to be managed in a proactive way, rather than in a purely reactive way.

With the costs of keeping commercial buildings up and running being especially susceptible to rising inflation, this is an especially significant point when business costs are increasing.

Conclusion

This is the end game for all AI tech; to become so flawlessly implemented that it doesn’t even register with humans. And of course, it also works in favor of industry professionals, as it unshackles them, rather than making them superfluous.