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How Commercial Real Estate Benefits from Artificial Intelligence

Apr 27, 2020 12:00:00 AM

AI is poised to change the commercial real estate industry for the better. The following are just a few noteworthy ways that professionals in digital design like Blue Label Labs  might start using AI in the near future (if they aren’t already):

Marketing

Personalization is becoming increasingly crucial in marketing content and campaigns. This is as true in the commercial real estate industry as it is in any other sector. In fact, one recent survey indicates that 80% of consumers are more likely to give a brand their business if they offer a degree of personalization in their marketing efforts.

That’s a good reason for commercial real estate professionals to start leveraging AI in their own marketing. Quite simply, developing personalized content requires analyzing a substantial amount of data about customer groups. This takes time when human workers are the only ones involved. However, because an AI can analyze and organize this data virtually 24/7, using it speeds up the process.

A basic example would be an AI analysis indicating a major lead tends to show interest in properties that have certain qualities. For instance, they may be interested in properties based in specific types of communities, or in properties that share key physical similarities. A real estate professional using this analysis could thus develop email marketing alerts letting such leads know when these types of properties are in development or available.

Customer Service

Analyzing customer data isn’t AI’s only capability. AI chatbots can also improve the customer service experience on both ends.

Through innovations such as natural language processing, today’s AI-equipped chatbots can converse with people in a much more human and authentic manner than they could in the recent past. This means customers and leads trying to contact a real estate firm’s customer service department may not need to wait for a human operator to be available. They’ll always be able to reach an AI chatbot that may address their needs. In cases where the chatbot can’t help directly, it can transfer a customer to the person or department that can.

This also benefits real estate firms using these chatbots. Ensuring leads can always reach a customer service representative helps them maintain positive relationships with their customers. It also reduces the amount of money they need to spend hiring human customer service representatives. On top of that, firms can program an AI chatbot to always maintain a specific tone (such as pleasant and friendly), ensuring it consistently represents their brand in a positive manner. 

Evaluating Opportunities

Commercial real estate brokers need to account for a wide range of factors when evaluating a property’s potential. These include proximity to transportation, nearby populations, and even weather patterns.

This is another task AI can help with. Again, because AI can analyze data efficiently (and without human bias), it can simplify the process of evaluating an opportunity. It can also help brokers make better decisions regarding which properties to focus their efforts on.

It’s worth noting that saving time in this way gives brokers more time to focus on other important tasks as well. For instance, a broker using AI in this capacity could spend less time analyzing data, and more time cultivating positive relationships with customers. 

Just remember that these are merely a few ways commercial real estate professionals will begin to use AI. The technology is still developing quickly. As it does, its usefulness will only become clearer.

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