Investors have plenty of proprietary and third-party information on properties, localities, renters, and the market as a whole. This information can be used to customize existing generative AI tools to perform real estate-specific tasks such as identifying opportunities for investors quickly, revolutionizing building and interior design, developing marketing materials, and facilitating customer journeys while generating new revenue streams.
Leasing Paperwork Concision
A generative AI-powered tool can summarize major themes across leases, such as how much rent is expected monthly or how market conditions (such as local environmental, social, and governance compliance requirements) may impact leases. The tool can scan leases for a certain aspect (for example, all leases with a rent price per square foot below a certain level) and generate tables of information.
Copiloting Real Estate Interactions
Generative AI can be utilized to develop an advanced copilot (a generative AI-powered bot) for a variety of real estate activities, such as managing tenant queries and discussing lease terms. Simple requests from tenants, such as normal maintenance, may motivate the copilot to contact a building’s maintenance staff. A more complex question can be identified by the copilot and directed to a property management business specialist.
Faster and Precise Investment Decisions
An investor can simply ask, “What are the top 25 warehouse properties up for sale that I should invest in?” or, “Which malls are most likely to thrive in the future?” with a generative AI tool fine-tuned utilizing internal and third-party data. The tool may sort through unstructured data, both internally (such as the performance of a company’s existing properties and the lease conditions associated with this performance) and outside (such as the US Census and publicly documented, comparable sales).
Drawing Architectural Plans
A generative AI process can use the Internet of Things sensors and computer vision algorithms to gather data on how spaces are used, like how customers move through a store or when office conference rooms are used. This data, combined with outcomes like sales, customer loyalty, or productivity, is fed into an AI tool. After that, the AI layers it with spatial data, such as wall thickness, furniture placement, and square footage, to produce efficient architectural designs. From these blueprints, designers and architects can add their creativity and emotion to the space, eliminating uncertainty about its intended use.
Enabling Visualization
Generative AI tools can assist a potential tenant in visualizing how an apartment might look in their favourite midcentury modern style or cherrywood versus walnut finishes. This information can then be put back into a model to determine which furnishings and finishes are most effective for particular client categories, increasing prospect-to-lease conversion and directing future capital expenditure decisions.
The real estate industry expects to benefit greatly from generative AI. Artificial intelligence is changing the way real estate professionals work by streamlining design, automating administrative duties, estimating market trends, and improving customer experiences. As technology evolves, its influence is likely to grow, providing even more creative approaches to the industry’s difficulties.
