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3 Ways a Real Estate Professional Can Utilize Generative AI

Apr 30, 2024

With over three million licensed real estate professionals in the United States alone, you need to set your organization apart from others. One key way to differentiate yourself is to use new and emerging technology. Generative AI, (“Gen AI”) an advanced form of traditional artificial intelligence, reads and uses intricate patterns to generate new and cohesive data sets. Let’s look at how your organization can leverage Gen AI to improve predictive analysis, enhance customer support, and help create ‘smart’ buildings.  

Trend forecasting  

The real estate industry is intrinsically subject to economic cycles, demographic trends, and supply and demand fluctuations. And while it can be difficult to accurately predict future trends, Gen AI can be used to analyze past patterns and create future hypotheses, gaining specific insights into real estate developments in the marketplace. GenAI may enhance productivity as it:

  1. Mitigates human error and
  2. Pulls information from hundreds of databases in near-real time, allowing professionals to access a plethora of written and visual information.  

Professionals that effectively utilize generative AI in everyday practice can expect to make more sound investments, development decisions and plans, and pricing strategies.  

Enhance customer support  

In the digital age, corporations in all industries are adopting a greater virtual presence. Gen AI-powered chatbots are being used to answer initial questions and funnel questioners to their answers. With an industry as dynamic as real estate, confusion and/or questions can leave an impending deal in the rearview mirror, so being able to provide effective answers – or at least guidance to a source  can help leverage your company for success. 

Smart Buildings  

Smart buildings use a wholly automated intelligence system through the Internet of Things (“IoT”) network to amplify system and work productivity and operability.  

Smart buildings can offer the following:  

  • Connectivity to and analytics on building systems  
  • Remote management and the ability to control several factors including heating and lighting  
  • Connectivity to smart grids: energy networks that use technology to promote more sustainable and efficient energy usage.  
  • Sensors to monitor factors such as indoor air quality and energy consumption 

Smart buildings have multiple benefits including lower operational cost, lower energy costs, and better monitoring of output and behaviors across many areas. Smart buildings also have sustainable features and technologies to help reduce energy consumption and emissions while having systems in place to conserve water and minimize harmful environmental impacts. Although smart buildings have careful considerations to navigate and can be costly, the capabilities that come with smart buildings should not be overlooked.  

As society and organizations put a greater emphasis on sustainably, developments with smart building assets can offer an environmentally friendly yet fiscally responsible strategy for success.  

Set up for Success 

Now is the time to differentiate yourself by staying knowledgeable on technology and real estate trends. By utilizing GenAI capabilities in your practice, you can take necessary steps toward long-term success.  

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