Artificial Intelligence Revolutionizing Commercial Real Estate Transactions
Cushman & Wakefield, a leading commercial real estate company, has announced plans to embed artificial intelligence (AI) across its commercial real estate transaction lifecycle. The move aims to improve employee experience and deliver better results for clients.
Accelerating Property Transactions
According to a recent press release, the integration of AI will increase access to properties and accelerate the time it takes to bring a property to market. This will assist brokers and researchers in supporting client needs and making informed decisions. Salumeh Companieh, the Chief Information Officer of Cushman & Wakefield, emphasized that AI will facilitate the convergence of “data, people, processes, and technology.”
Previous Experiments with AI
This is not the first time Cushman & Wakefield has experimented with AI. In 2018, the company began using AI and refers to its current move toward AI usage as “AI+.”
Collaboration with Tech Giants
Mike Ohmes, the Managing Principal for Cushman & Wakefield’s Twin Cities office, revealed that the firm has partnered with organizations like Microsoft and MIT AI Labs to ensure cutting-edge services shape the future of commercial real estate. He highlighted the importance of timely data and operational efficiency in the real estate sector, stating that it is essential for both organizational and client success.
AI Applications in Commercial Real Estate
Manjeet Rege, Director of the Center of Applied Artificial Intelligence at the University of St. Thomas, explained that AI has numerous applications in the field of commercial real estate. It can interpret data and create predictive models for clients based on their specific property needs, as well as better match clients with prospective properties. AI can also generate property plans for developers, which would take humans much longer to complete.
Deep Learning Models
Alok Gupta, Senior Associate Dean at the University of Minnesota’s Carlson School of Management, discussed AI applications that utilize deep learning models. These models analyze how consumers interact with photographs of homes and determine what attracts people to a property. This is already being used by short-term rental companies like Airbnb.
Limitations and Challenges
However, AI is not without its limitations. The results generated by AI are only as good as the data it learns from. For example, an AI application that designs homes in California may not be well-suited to the preferences and needs of Minnesota residents. Companies will still require human validation for the results produced by AI.
Gupta highlighted a potential challenge with AI adoption in the real estate industry. As AI takes over more tasks, there may be fewer experienced real estate agents in the future. He questioned who would train AI systems as human needs and design sensibilities change over time. Without experienced professionals to guide AI systems, it’s unclear how they will adapt to changing requirements.
Learn more about how AI is transforming the commercial real estate industry by visiting Florida Realtors.
Orginal article: Link To Article – provided by Kansas City Realtors