Efficiencies that bolster the bottom line are also fuelling apprehension among brokers, experts say
For commercial realtors hit by high interest rates and low office occupancy, artificial intelligence has promise as a potential gateway to greater productivity. Real estate agencies are betting that data science can come to the rescue with new efficiencies that could bolster the bottom line.
Ms. Medeiros, a partner at Vancouver-based Norton Rose Fulbright, says the benefits of AI can outweigh liability risks, which are manageable if firms implement data-governance programs to single out inaccurate and restricted material. As such, she says, technology companies are working on real estate data audit software that can map the lineage of property information.
Mr. Rivaton, chief executive officer of Paris-based Stonal, an AI platform for commercial and residential real estate data management, says documents, commercial rental agreements and contracts have been digitized but underlying text has not. CRE “will be a laggard without further standardization or further automated extraction from documents.”
“People will be using these tools,” Mark Mandelbaum, co-founder and chairman of Toronto-based condominium developer Lanterra Developments, said at a recent industry panel discussion in Toronto hosted by his company. “If you use computers intelligently and harness the power, it can put you above the competition.”
Chatbot GPT is an AI system designed to communicate, using natural language, with consultants who are able to custom design programs for real estate applications. The system personalizes communication by tracking client search behaviours and preferences. Tools can be added to provide security, privacy protection and assure regulatory compliance.
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