In the fast paced world of commercial real estate, artificial intelligence (AI) is emerging as a critical tool to increase efficiency, reduce costs and provide new opportunities. The infusion of AI into the real estate industry has the potential to change how properties are valued, managed and marketed. AI’s ability to analyze vast amounts of data enables it to predict trends and automate repetitive tasks to further streamline processes and improve decision-making.
Property managers can leverage the use of different AI programs to minimize the amount of time and effort that is expended on everyday tasks which may be effectively replaced with AI to refocus their efforts on more important tasks and responsibilities. One example of this would be the amount of time needed to respond to tenant inquiries and the scheduling of maintenance requests. Chatbots powered by AI can now handle tenant inquiries, process maintenance requests and even conduct virtual property tours. There are currently AI-driven software programs that can be used to automate building maintenance by predicting when equipment will need repair or replacement. Products such as internet of things (IoT) sensors can monitor the performance of HVAC systems, elevators, and lighting, alerting property managers before a breakdown occurs, thereby reducing costly repairs and freeing up time that can be better spent on other tasks.