Process automation from Artificial Intelligence offers a tremendous opportunity to lower costs associated with commercial real estate, especially those connected with property management. However, some of these advances may create additional costs, particularly those related with protecting data and safeguarding access to building automation systems. We can actually get to know which AI real estate applications are available for enterprises today, and exactly where they present cost saving opportunities for businesses.
Following are three ways AI will drive opportunities for savings over the next five years:
1. Analytics in building automation systems
2. Automation in property management job functions
3. Machine learning in real estate marketplaces
A handful of companies are actually working on important challenges for artificial intelligence and commercial real estate. For each of the three opportunities discussed above, we require to scope the savings, discuss the market opportunity and also highlight any emergent threats from AI integration in real estate technology under the following heads.
Savings: The biggest opportunities for savings in building automation come from energy efficiency upgrades — savings will make the ROI case for widespread adoption of “sensorized” building system devices (e.g. the Internet of Things)
Market Opportunity: Data from Internet of Things (IoT) devices in building systems will support an emergent market for predictive analytics
Threats: Security software automation will drive savings, but will place additional emphasis on the need for robust cybersecurity in commercial buildings
Building performance systems have evolved and diversified their offerings significantly over the past ten years. However, twenty years ago, location was the most important factor contributing to a business’ success. An accessible and presentable physical location was absolutely essential. In fact, marketers would warn you to forget about starting your own business if you could not secure a good location for your organization. Times have changed since then. Location is still crucial for certain industries. But there are some types of businesses now that can successfully operate without a physical office. Thus, the terms “artificial intelligence”, and “digital or virtual office” have been coined.
Advantages of AI: Advances in artificial intelligence and machine learning are slowly changing the processes of buying and selling commercial real estate. Although widespread adaptation appears to be several years off, the application of new technology within commercial real estate appears inevitable and of enormous value. In particular, the opportunity appears greatest within the realm of property valuations. Valuing commercial real estate is a tremendous exercise in synthesizing information. Understanding factors such as rental rates, vacancy rates, employment growth, demographics, new construction supply, interest rates and capital availability are not simple propositions. Understanding the interdependence of these variables, as well as accounting for historical data and knowing how to properly weight the variables is more than any one human can synthesize in a rigorous manner.
Therefore, it can be very well understood that in this present-day scenario, artificial intelligence has become an important requirement in the arena of real estate. It is a client’s personal requirement on the basis of which he has to take a decision according to the above-mentioned points. In this connection it can be highly mentioned that many properties are coming up like that of Anthurium offering technology-based offices allowing business owners to get maximum benefits from their investment by means of the right application of artificial intelligence in the field of real estate to the best of its benefit.