The field of commercial real estate is an ever-changing landscape. The most recent innovation to surface on the market is the usage of artificial intelligence, also known as AI. Experts from Research and Markets anticipate that AI, on a global scale, will grow revenue to $38.8 billion by 2025.
It’s no wonder such projections are anticipated, given all the functions AI will cover. Specifically, this technology will service both brokers and tenants. Brokers will find a lot of redundant job functions being eliminated and tenants will be better connected. Most importantly, prospective buyers will have more negotiating power under this new system.
AI provides the consumer with the power to process routine scheduling functions. With these technological functions, brokers no longer are faced with the inconvenience of sending out multiple reminder emails for appointments.
For the consumer, AI can filter through various commercial options to provide targeted results. Targeted results narrow down the selection process, which allows for the consumer to find the best property that fits their specifications. Virtual assistants, which are also known as online chatbots, can provide answers to common questions. This element can also help drive leads directly to the broker.
Pricing & AI
Negotiation is simplified through the usage of AI analytics. Through the implementation of raw data, it can offer the prospective buyer a comparable rate on the market for the property purchase. This transparency cuts down on needless haggling, speeding up the transaction process.
A faster transaction inevitably translates to hastier conversions. This fact represents a huge win for the commercial real estate market.
Smart Technology & Property Management
Society is currently not at the point where buildings are self-sufficiently run by an AI. Nonetheless, there does exist smart LED lights and self-programming thermostats; these technologies have the potential to drive savings when it comes to energy output.
While the framework exists to improve property conditions, there does exist a valid concern regarding technological breaches. Maintaining a defense system against possible exploits will be of great importance to companies wishing to utilize this technology to better manage their locations.
Smart technology is going to have a greater role in the evolution of commercial real estate. Whether it is eliminating redundancies in company tasks, connecting more clients to brokers or providing better opportunities for property management, change is on the horizon for both clients and consumers.