In the pursuit of efficiency, many industries are rushing to adopt and implement artificial intelligence (AI) tools so that all sorts of processes can be automated and improved.
For commercial real estate (CRE) developers, AI is an especially hot topic. And we’re not just talking about the potential it holds for the future, but the impact that it is having right now.
It’s easier to understand why there’s so much hype around AI in this area by looking at some examples of where it’s being put to work, so let’s do just that.
Data-based decision-making helps avoid delays and keep spending in check
Many of the latest and greatest real estate project management software solutions use AI to make decisions backed by data.
This was possible in the past, but the point is that the right routes forward could only be determined through time-consuming, often mind-numbing manual analysis of data.
With AI tools to hand, projects can be overseen at a micro and a macro level, and dilemmas can be dealt with in an efficient and proactive way.
In addition, team members no longer have to give over large chunks of their schedule to tasks that don’t deliver sufficient value to make them easily justifiable. This is an example of how AI isn’t taking work away from humans, but instead empowering them to be productive and effective.
Property management benefits massively from automation
Once a commercial project has been completed, the task of keeping the premises up and running over the months, years and decades going forward begins.
Even comparatively small sites can present a range of obstacles from a property management perspective, as there are things like utilities, amenities and security to take onboard.
Once again, these are elements which would previously have been handled manually, or with systems that did not have the capacity to learn and adapt over time.
Today, smart solutions powered by AI allow even multi-site setups to be controlled and encompassed in a partly or wholly automated manner.
Monitoring and adjusting temperatures for heating and cooling, altering lighting states according to occupancy and time of day, detecting intruders and shielding access from certain areas, and many other aspects besides can be offloaded to a combination of connected hardware and AI-enhanced software.
At a time of inflation and energy price rises, savings through intelligent property management tech are even more attractive.
Serving clients effectively is less of a challenge
For CRE developers, keeping clients happy is not only important to winning them over at the pitching phase, but also when it comes to earning their loyalty and maintaining a relationship after a project wraps up. Thus the role of AI in relation to customer service applies in this industry, as it does in many others.
The latest virtual assistant tools are capable of digesting vast reams of documentation relating to the inner workings of an organization, and extrapolating answers from this in order to supply support to any clients that need to get in touch.
Once again this frees up valuable human resources so that your team is not always waylaid by client queries, without sacrificing the quality of the experience that third parties receive when engaging with your organization.
The bottom line
At every stage of the CRE development and management journey, AI is there to steward complex projects and premises. 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.