The buzz topic of the moment is currently the use of AI technologies in just about every area of life. AI stands for artificial intelligence. AI is a machine tool programmed with a predetermined language and set of answers. As prompts by humans (in the form of questions) are plugged into the machine, the intelligence of the machine evolves and grows. While it contains vast amounts of information already, the more people who use it create more information within. Essentially, AI becomes smarter over time similar to humans.
It’s been a hot topic for years as Hollywood brought the idea to the mainstream with movies like, “iRobot,” “Chappie,” and “Artificial Intelligence,” to name a few. Since November, the discussion has increased and focused on the release of the ChatGPT app, which is available to the public. This app allows you to type in a prompt and AI will provide data in response to the prompt. Education centers are seeing students use this app for writing papers and answering questions prompting concerns of cheating. If you’ve missed this, you can read a quick summary of it from Forbes here.
There are scientists and scholars sounding the alarm on the evolution of AI and the dangers that lie ahead. Its application is used across industries. In some ways it makes working easier, and eventually its use could replace human workers, which creates other issues entirely. Many consumers use AI technologies without even realizing it. If you use Siri to source information, you’re already using AI. Does your home have Alexa or Echo? AI powers all of these conveniences, and they’re not without risk. Always be an informed consumer.
How is AI currently being used in commercial real estate? Despite the newness of the topic, many articles exist already on the use of AI in commercial real estate. In fact, AI has been used in many industries for a while. It’s not usually labeled AI, but that’s what it is. Think of the various software and apps you already use to make you “work smarter not harder,” and you probably already use AI today without even realizing it.
Lead Generation
One way that you’re likely already using AI without realizing it is the use of chatbots on your website. Any website that offers on demand chats with potential customers is usually produced using AI technologies. When these on demand, 24/7 chats started to pop up years ago, I remember thinking, “where do they find people to work 24/7?” They don’t. They use AI chat features, which produce a specific set of responses to common inquiries. The use is similar to calling a customer service line and working through the “answering service” to get an actual human on the line. The difference is that the chat options are programmed differently and can be slightly more helpful.
Property Assessment
Another current use of AI is to assess property for growth opportunities. The world of commercial real estate revolves around growth. Using specific algorithms, brokers can plug in locations and run assessments to determine the best possible location for the next commercial project. Conducting this research without AI is time consuming and challenging. It’s also the way that commercial real estate has been done from the beginning of the industry. Using AI to source a location for the next storage facility is one way to work smarter not harder.
Staging
Another common way that AI is used is through staging software. This is another AI feature that has been used quietly for years now. IKEA PLACE is a common app that many area familiar with simply because it is IKEA. This app allows you to stage a space using IKEA furniture to figure out what works best in your space. Residential realtors commonly use staging apps with empty houses, and it is spreading into the commercial sector to attract the right renters for commercial spaces.
Customer Relationship Management
AI is also used to source information from meetings in order to capture customer information. Apps can be used to take notes on business meetings so that important details are recorded and maintained securely. Additionally, there are tools available to take notes at meetings so that full attention can be given to the meeting and the topic.
There are many ways to make use of AI technology in commercial real estate to assist you in working smarter. If you’re looking for a great tutorial on how to get started with ChatGPT, Adventures in Commercial Real Estate offers a great one here. There is always room for machine error and to ignore that fact is simply unwise. Refusing to adapt and learn new ways of doing things is also unwise, so a risk assessment is necessary when considering AI for your commercial real estate business. At Weaver Realty, we partner with our clients to grow their businesses using many tools to provide the most accurate data. We would love to work with you to grow your real estate portfolio. Call us today at 904-733-0039. We want to work with you.
