Artificial Intelligence (AI) has been pioneered in various industries earlier and the real estate industry is not far away from reaping the benefits of this as well. As per secondary sources, the AI industry will generate revenues of $38.8 billion by 2025 and job opportunities of 15 million by 2027 in the US.
It is going to bring a paradigm shift in the commercial real estate (CRE) business going forward. A streamlined process will gradually eliminate redundancy and increase transparency of the process, which would enable clients to make informed decisions. A comprehensive data bank would be in place, with complete information about options available and market rates. The first-level search can be run by the system itself, which will give the clients a fair idea of what the market has to offer. Simultaneously, the brokers can save time in filtering a certain amount of data that is already available.
As a part of the process, the client would need to take the survey so that the chatbot can identify his/her pain points. As per the responses, a list will be generated catering to his/her needs. This would not only narrow down the broker's hunt but also eradicate the clients’ apprehensions regarding pricing or the asset in question. Since the process will be transparent, it would increase the client’s conviction about the consultancy’s brand value, which will help brokers maintain long-term relationships. Since everything is available on the cloud, all records will be accessible whenever required, historical data can be gathered for future references, and hence save a lot of paperwork. Also, it would run checks to locate errors in the transaction documents, thus eliminating manual due diligence.
The intervention of AI would bring transparency in the entire leasing process, save man hours from running manual documentation checks and also conduct preliminary need analysis of the clients through surveys designed by the analysts. A 24/7 customer care run by the chatbots would enhance the client experience yet not add a recurring cost. However, this does not suggest that the purpose of AI is to replace the workforce, but to support and enhance the productivity of resources, and the service experience..