Nine AI Technologies That Are Transforming Commercial Real Estate Right Now
A lot of people have their concerns about the effects that artificial intelligence (AI) will have on the sector. Some even believe that AI technologies will lead to them getting replaced by a robot. Whatever the case may be, universities must prepare their students for the rise of AI.
There’s a lot of discussion about the topic of artificial intelligence (AI). Some people see it as the next big thing in property development. With AI, designers can create higher quality models more efficiently. As a result, property developers and construction crews benefit from fewer delays and more accurate models.
However, some fear the rise of AI in the industry. There’s talk about people getting replaced by a robot. AI certainly has the potential to take control of a lot of manual work. This could lead to job losses in some areas of the industry.
Whatever happens, there’s no denying this simple truth – AI is here to stay. But it’s not the next big thing. It’s here right now. If you’re not teaching it, you’re failing to prepare your students for the property development industry.
There are several AI technologies that are already making waves. This article examines nine of them. But first, let’s look at what AI is.
What is Artificial Intelligence?
At its core, AI is a machine learning tool. What this means is that it allows machines and software packages to learn from experiences and input. In this way, it emulates human learning.
Take a basic chat bot as an example. This simple software will come loaded with a language and some pre-set responses. Then, it’ll constantly learn from the interactions it has with human users. It will learn new questions and formulate answers for them. Over time, the chat bot becomes able to answer a large variety of questions more accurately. The best examples can carry full conversations without the human user realising that they’re speaking to an AI.
It’s all about the data. AI technologies allow machines to intake huge amounts of data. Moreover, they allow for the interpretation of patterns in this data. The machine uses these patterns to learn.
This is what leads so many to worry about a future with AI. But it’s important to note that these technologies also have limitations.
For one, learning from data presents its own issues. Inaccurate data leads to inaccurate responses from the AI technology. Moreover, AIs usually have limits in terms of the tasks that they can perform. They’re programmed to perform and learn about a single task. For example, an AI that can play chess cannot learn how to play card games.
Simply put, they don’t have the same capacity for learning as the human brain. But that doesn’t mean the technology has no uses. In fact, AI is already having a massive effect on the commercial real estate sector. Here are ten property development technologies that use AI.
Technology #1 – Workfit
Workfit is a software package that allows for the smoother progression of meetings. It aims to make a lot of the manual details related to meetings simpler. For example, Workfit can arrange follow-up meetings on the fly based on what it hears during the meeting. It can even make adjustments to a client’s profile in a Customer Relationship Management (CRM) system on the fly.
It all comes down to an office assistant AI named Eva. This AI records everything that you say during your meetings. More importantly, it highlights the most important decisions and create task lists based on the discussion. It even sends documents and other relevant information to the participants.
For property developers, such technology eliminates the need to take minutes. Moreover, it provides a record of everything that the developer needs to accomplish following the meeting. This AI technology ensures that nothing said in a meeting gets forgotten. As a result, it reduces the number of delays that occur in projects due to people forgetting to follow up.
Technology #2 – Leverton
Data accuracy plays a crucial role in the success of a property development project. Architects need to import accurate data into their models to ensure there aren’t any mistakes. In fact, mistakes during the early stages of the design process can go uncaught. This can lead to major problems once construction begins.
In many cases, such mistakes arise because a human makes an error when copying data from a document. Leverton is a platform that uses deep learning AI technology to ensure that doesn’t happen. On the basic level, it’s capable of reading data from documents and inputting it into digital systems. Over time, the platform can learn about which data you need from different document types. This makes it even more efficient.
The technology is also advanced enough to notice when important data isn’t in a document. It can even signal for a human review if it’s unsure of the accuracy of the data it collects. This eliminates a lot of manual input work for those in the property sector. You get more accurate records while saving time.
Technology #3 – Dynamics 365 AI Solutions
AI technologies have become so important that even Microsoft has gotten in on the act. Dynamics 365 is essentially a customer service-based artificial intelligence. It works as a virtual agent, which means you can use it to handle customer queries and requests.
The key is that it learns from the documentation and manuals that you have. It can take a question, track through its information banks, and come up with an answer for the client. All of the while, the client doesn’t know that they’re speaking to an AI. It’s much like the chat bot example mentioned above. However, it takes things a step further. It can also detect when a customer isn’t satisfied with the answer that it gives. When this happens, it transfers the customer to a human representative.
While property developers may have some use for such a technology, it’s likely best for real estate agents. These professionals work with large numbers of customers every day. Dynamics 365 allows them to provide quick answers to common queries. As a result, they can spend more time focusing on important issues. For property developers, this would mean having estate agents who spend more time on actually selling a property.
Technology #4 – IKEA Place
Furniture brand IKEA gives us a glimpse into how we could use a combination of AI technologies and augmented reality to sell property.
Its IKEA Place app allows users to view a range of furniture from the company’s online catalogue. More importantly, it allows the user to place virtual representations of those items into their own homes. In this capacity, it’s a sales tool for IKEA. Potential customers can get an idea of how the furniture would look in their homes. This informs their purchasing decisions.
Such AI applications have uses for property development too. For example, a property developer could create a digital catalogue of items in a similar fashion. They could then use augmented reality to show a client how an empty home would look when furnished. Over time, such applications could learn from different furniture setups. It could even show which proved most popular with clients. This could inform future design decisions.
Technology #5 – 1aim
1aim isn’t necessarily an artificial intelligence that’s aimed at property developers. Instead, it’s for businesses that want to work out how to make the most use of their available space.
The software monitors your business and its processes. In doing so, it collects data that it can use to advise business owners on how to best organise their workspaces. This could include the identification of particular space usage patterns. It may even help to control employee access to different areas. Over time, the AI may even be able to manage a business’ utilities and highlight inefficiencies in the workplace model.
The idea behind this is what’s exciting, especially to property developers in the commercial real estate space. Using this technology, a developer could create properties that serve the needs of their clients. It can help with internal building design. This allows the developer to create buildings that have more efficient workspaces.
Technology #6 – BioConnect
Security is often a key concern for commercial real estate clients. If a developer’s building doesn’t offer adequate security, it’s unlikely to attract buyers.
BioConnect is an AI technology that identifies the unique biometric features that an individual has. This includes things like fingerprints and eyes. But it also extends to unique features on the face and even the way a person’s heart beats. Such technology ensures that only the correct people have access to a building. It also prevents intruders from using fraudulent methods to gain access.
As a result, using this technology for building design benefits commercial property developers. It acts as a selling point. This technology learns about the people that the business – your client – employs. It also learns about the people who shouldn’t have access to a building. Property developers can use such technology to make their buildings safer.
Technology #7 – Archistar Property
OK this is a bit biased because we built Archistar! But certainly worth a mention.
Property developers are usually investors at heart. Their aim is to build properties that allow them to generate profits. This requires a deep understanding of local property markets. You also need to be able to identify a building’s development potential.
That research takes hours of work. And that’s before the developer even starts to think about designing a building.
Archistar Property is an artificial intelligence that eliminates the need for such extensive research. It’s capable of assessing locations to find development opportunities. The technology even ranks buildings and areas based on their development potential. Moreover, it can use the data that it collects to provide estimates.
Simply put, this AI technology has the potential to save time spent figuring out the “where”. This allows property developers to focus on how to get the most out of a development.
Technology #8 – Amazon Echo
Perhaps one of the better-known AI technologies, Amazon Echo has already made waves in the residential space. But it also has similar organisational capabilities to Workfit. While the AI isn’t developed specifically for keeping track of meetings, you can still use it as an organiser. For example, you can tell Echo to record important dates in a calendar after a meeting. The technology can then provide reminders of those dates as they approach.
On a property development level, you can install Echo into a property to make managing it more efficient. The device can learn simple things, such as when to turn air conditioning down or when to turn lights off. This helps businesses to save money on things like power consumption.
Anything that a property developer can do to save a client money is a good thing.
Technology #9 – Face Value Technologies
This AI technology offers similar features to BioConnect. However, it focuses solely on facial recognition. Even so, it eliminates the need for traditional identification measures, such as cards. Instead, only those who match the profiles that this AI learns can access a building. The technology can even work with thousands of different identities. It learns from all of them simultaneously.
Much like with BioConnect, developers can use this technology to enhance building security. This is a key selling point for commercial real estate.
As you can see, AI is already becoming important in the property development sector. Archistar is currently developing AI technologies in the Property vertical.
Do you want to find out more? Speak to an Archistar consultant today.