How AI is going to transform and revolutionize the real estate industry
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Generative artificial intelligence (genAI) has taken the global real estate industry with rare time care - when the industry is inundated with market data from all corners of the world.
Over 70% of real estate owners or investors who responded to Deloitte's 2024 Commercial Real Estate Outlook indicate that their organizations have already implemented or are in the process of testing AI tools.
Newly developed and adapted AI tools are struggling to accommodate real estate market players and assist them in processing the significant daily data flows.
The tailored tools can rapidly identify new opportunities for investors, revolutionize building and interior design, create marketing materials, improve customer contact and show potential revenue opportunities.
Quick insights
A recent survey by the American real estate services giant JLL Technologies determined that generative AI will be one of the technologies that will profoundly affect real estate investors, developers, and business customers.
Gen AI's potential to handle and process enormous amounts of data and extract knowledge and insight at lightning speed will make the commercial real estate industry more efficient, competitive and responsive to new market needs.
  Newly developed AI tools are lining up to help thereal estate market players process and understand the unmanageable daily data streams bombarding them. Photos: iStock |
Chatbots can, for example, optimize customer engagement by assisting with inquiries and decision-making, generating individual 3D simulations of business premises and visualizing selected furniture and designs.
Generative AI can produce content, text and photos, develop detailed architectural designs by combining data from different sources and generate creative drafts for captivating, efficient workspaces.
For investors, generation AI simplifies decision-making by analyzing complex data volumes, identifying opportunities, optimizing the review of legal documents, clarifying key details, and organizing data.
The AI impact
"Before artificial intelligence, I could get up at 5 in the morning to prepare a new real estate case. I would spend three hours working through it and formulating the necessary creative and unique description.
One day, I felt the impact of the ChatGPT, which enabled me to generate the same amount of text in just 10-15 minutes. Since then, I've soaked up everything about AI's ever-expanding potential and possibilities," says Justin Greenberg, Realtor with The JG Group HomeServices Chicago.
 A survey by the US real estate services giant JLL Technologies determined that the genAI will be one of the technologies that will profoundly affect lots of real estate investors, developers, and business customers. |
Greenberg upgraded to a paid version of ChatGPT and focused sharply on the chatbot's potential to create content and integrate with other programs, such as Captions, which generates video texting.
"Recently, I took another step, creating a personalized AI clone. Now, I can have ChatGPT generate a script, upload it for captions, record the video, edit my voice, insert my photo and others in the background, add captions, etc.
Now I can produce a professional 45-second video clip in three minutes without breaking a sweat," Justin Greenberg proudly adds.
Popular AI tools
From marketing - texts, visualizations, 3D presentations, etc. - and project planning to property management and investment strategies, AI tools impact every corner of the global real estate industry.
The tools can perform data collection and analysis tasks with groundbreaking speed and accuracy, giving industry players significant competitive market advantages.
 From marketing - texts, visualizations, 3D presentations, etc. - and project planning to property management and investment strategies, AI tools impact every corner of the global real estate industry. |
Thus, AI can sharpen decision-making processes, streamline business operations, enhance customer experience and generate deeper market insights, leading to more efficient and targeted real estate practices.
Popular AI tools include the interior design generator REimagine Home, the valuation tool Zillow, the search engine Redfin and the data platform Reonomy, which generates high-class market data for industry players. ●
Read more:
Ey.com: How generative AI is transforming what’s possible in commercial real estate
Jpmorgan.com: How property technology is changing commercial real estate
Adventuresincre.com: AI tools for commercial real estate (fall 2024)
Chicagoagentmagazine.com: How AI is revolutionizing real estate
