- July 20, 2023
- Reading time about 5 minutes
We live in a fast-paced digital world where new technology is transforming the way businesses work every year. Artificial Intelligence is one of the most trending technologies that act as a catalyst driving monumental shifts in multiple industries including Commercial Real Estate (CRE).
Talking about the world of the commercial real estate sector, embracing AI can be a game changer to unlock immense benefits such as enhanced productivity and efficiency. A reliable Commercial Real Estate Online Auction Software can help you understand the significance of implementing AI in your real estate business.
AI -The New Game Changer in Commercial Real Estate
As we witness the increasing adoption of AI in the CRE sector, we must be ready to adapt and the things it will transform in the coming future. A survey by Delloite says about 31% of businesses are currently employing AI technology and 63% are already on the move to make this transformation happen in coming years.
This shows the importance of moving ahead in the real estate industry by unlocking AI’s potential. Building a robust Real Estate IDX Website aligned with AI technology is the key to saving time and unlocking better productivity at lesser costs. From better efficiency to enhanced customer service, the benefits AI offers in the real estate sector are limitless.
Here are some of the main aspects where AI will help in transforming the real estate industry-
Thanks to the predictive capabilities of AI that has not only enabled real estate businesses to save considerable time but also open new possibilities for CRE investors. Making use of AI enables real estate experts to figure out and rectify issues and faults in real-time thereby helping them improve by keeping the focus on the most important aspects of project management.
This helps in making enhanced decisions that boost business goals and offer insights into future market trends by highlighting potential leads and identifying the most suitable properties that can build portfolios.
We know that the CRE sector involves lots of hard work in several aspects such as building utilities, amenities, as well as security measures. However, with AI we can transform this by introducing smart solutions that help to automate these processes, thus saving time and resources.
If you are wondering how, AI can help predict maintenance needs, recognize issues, unlock answers, and even schedule repairs on time, which is done by effectively finding problems before it worsens.
Improved Customer Services
Another important aspect in every industry is customer service and the real estate sector is not an exception. One of the most important changes in the CRE sector with the adoption of AI is the capability to enhance customer service.
AI-based chatbot solutions can take control over repetitive or routine tasks such as answering client questions and any queries of home buyers/sellers. This enables human customer agents to keep focus on additional critical tasks such as high-quality customer service.
Better Market Analysis for Insights
The next aspect of AI that helps real estate businesses are the capability to analyze thousands of data points, which can be beneficial in simplifying the property valuation process.
As AI-based real estate solutions can help to evaluate the property’s worth, structural features, and more, they play a great role in attracting new clients and retaining existing ones. Not just that, AI helps in gathering data on local features like sunlight hours, parking space availability, transport facility & more helping to increase the speed of property closures.
Personalized Sales and Marketing
Whether it’s tenants, buyers, sellers or investors, every user relies on Internet searches to gather information about commercial real estate deals and opportunities. The CRE industry can take advantage of AI’s capabilities to deliver personalized marketing promotions with messages that can help in faster lead generation and closures.
Additionally, it can help real estate brokers to analyze past sales records along with current market data to make relevant home buying and selling recommendations.
Effective Management of Investment
Another best thing about AI-based real estate solutions is that they help to predict the future making it valuable for many real estate professionals, especially for those who are interested in investment.
Thanks to the predictive analytic feature of AI that helps real estate firms to assess property value and identify the best time to sell and buy space. This also helps tenants to give updates on rent fluctuations to make them prepared on time.
Challenges Associated with the Adoption of AI in CRE
Though AI has transformative nature that can help real estate businesses to grow in many aspects, we must also consider challenges during its adoption. Some of the main concerns are related to data security and privacy, challenges in understanding new technologies as well as cost implications associated with AI integration.
It is important to note that with new technology, the skills needed by human workers must change, leading to the need for more tech-centric management experts. As competition in the CRE sector is quite high, your business must stay relevant, and it is possible only through the adoption of new technologies. Unleash the power of AI with the help of the right technology partner and take your real estate business to the next level.
Undoubtedly, AI is becoming the future of real estate as property technology challenges can only be overcome by the right technology expertise. The adoption of AI is not just a mere development but a revolution, which means rewriting strategies, transforming workflows and the evolution of different opportunities.
It’s time for your real estate business to grow and innovate by harnessing the power of AI and unlocking new possibilities to help CRE tenants, buyers, sellers, and investors to grow. BidHom is the top-notch Real Estate Online Auction Platform that enables real estate brands to transform their business processes for better growth with dedicated real estate solutions. Connect with our experts to take advantage of new opportunities by adding AI in real estate.