A.I. And Commercial Real Estate
When I posted my last article, one of my colleagues asked if I had used Chat GPT to write it. The funny thing was, I had no idea what he was talking about. So I did some reading. Also, it seemed that I immediately started getting things in my vaious feeds about A.I. which I do find interesting [and fairly frightening]. So, I thought, let’s put this to the test. I logged on to Google’s version of A.I. “Bard A.I.” and gave it the following prompt:
“write 700-800 words about how is artificial intelligence is affecting the commercial real estate industry”
The following was written by Bard AI about AI’s affect on the commercial real estate industry…I did not write this, but it is interesting to read what Bard AI had to say.
“Artificial intelligence (AI) is rapidly transforming the commercial real estate industry. AI-powered tools are being used to automate tasks, improve efficiency, and make better decisions.
One of the most significant impacts of AI is on the way commercial real estate is marketed and sold. AI-powered tools can be used to create personalized marketing campaigns, generate leads, and close deals. For example, AI can be used to analyze a potential buyer's online behavior to identify their interests and needs. This information can then be used to create a personalized marketing campaign that is more likely to resonate with the buyer.
AI is also being used to improve the efficiency of commercial real estate transactions. For example, AI-powered tools can be used to automate the process of underwriting loans and processing paperwork. This can save time and money for both buyers and sellers.
In addition to marketing and sales, AI is also having a significant impact on the way commercial real estate is managed. AI-powered tools can be used to automate tasks such as property maintenance, tenant management, and security. This can free up time and resources for property managers to focus on other tasks, such as developing relationships with tenants and improving the overall tenant experience.
Overall, AI is having a positive impact on the commercial real estate industry. AI-powered tools are helping to automate tasks, improve efficiency, and make better decisions. This is leading to a more efficient and customer-centric industry.
Here are some specific examples of how AI is being used in commercial real estate:
Property valuation: AI can be used to analyze a property's location, condition, and other factors to determine its estimated value. This can be helpful for investors who are looking to buy or sell properties.
Risk assessment: AI can be used to assess the risk of a property defaulting on a loan. This can help lenders make more informed lending decisions.
Fraud detection: AI can be used to detect fraudulent activity, such as money laundering and identity theft. This can help protect property owners and investors from financial losses.
Customer service: AI can be used to provide customer service chatbots that can answer questions and resolve issues. This can free up human customer service representatives to focus on more complex tasks.
Property management: AI can be used to automate tasks such as scheduling maintenance, managing tenant leases, and monitoring security. This can help property managers save time and money.
These are just a few examples of how AI is being used in commercial real estate. As AI technology continues to develop, it is likely that we will see even more innovative and impactful applications in the years to come.
Here are some of the challenges and opportunities that AI presents to the commercial real estate industry:
Data privacy and security: AI relies on large amounts of data to train its algorithms. This data can be sensitive, so it is important to protect it from unauthorized access.
Job displacement: AI could potentially automate some jobs in the commercial real estate industry, such as property management and customer service. This could lead to job displacement for some workers.
Cost: AI-powered tools can be expensive to develop and implement. This could be a barrier for some businesses.
Increased efficiency: AI can help businesses automate tasks and improve efficiency. This can save businesses time and money.
Better decision-making: AI can help businesses make better decisions by analyzing large amounts of data. This can lead to improved investment decisions, risk management, and customer service.
New business models: AI could lead to the development of new business models in the commercial real estate industry. For example, AI could be used to create a marketplace for commercial real estate assets.
Overall, AI presents both challenges and opportunities for the commercial real estate industry. Businesses that embrace AI can expect to see benefits such as increased efficiency, better decision-making, and new business models. However, businesses will need to be aware of the challenges, such as data privacy and security, job displacement, and cost.” - BARD A.I.
This is me again…not Bard. The generation of this article took literally 2 seconds to create and it was informative and fairly well written for a robot. I don’t know that I will rely on AI to create my content going forward, but it is nice to know it does work fairly well.
How is AI changing your industry?