Artificial intelligence in real estate

Artificial intelligence (AI) has the potential to revolutionise the real estate sector and make it more innovative. AI tools are software solutions that are programmed to learn and optimise themselves. They can be used to improve and speed up complex processes. In this way, they serve to enhance the work step efficiency of real estate players such as sellers, brokers, asset managers and investors. Furthermore, this potentially leads to cost savings in real estate transactions. Experts estimate that the advance of AI in the real estate sector will increase the importance of technical solutions and affect the relevance of the human factor. In the future, artificial intelligence will in particular automate facility management, i.e. the management of real estate. It could also help to organise and analyse big data in the real estate sector.

Dubai - Artificial intelligence in real estate: What is the impact of AI tools, what opportunities do they offer for brokers and where do the challenges lie for the sector?

In which areas do AI tools affect processes?

At present, artificial intelligence is mainly used in information management, where it collects data on individual properties or entire property portfolios. This virtual data room is designed to analyse documents, verify parameters and supply real-time translations for international real estate transactions. But the AI tools also carry out analysis functions in the areas of energy, fire protection and security in order to automate conventional building facilities such as monitoring and control systems (facility management). In private households, this innovative development would for example be reflected in smart heating and lighting systems. Other solutions, the so-called machine learning tools, indicate energy savings potential for properties by storing usage data and costs and supplying forecast values.

How can brokers and clients benefit from AI?

As a broker, artificial intelligence can help you to prepare transactions with less manual input, speed up due diligence processes (market and legal analyses) and make the entire process - from marketing to the search for buyers to the sale - more efficient overall. Especially when it comes to commercial property, AI tools help to sift through large amounts of data and check the documents as well as the opportunities and risks associated with a transaction. This would leave the broker more time to advise and confer with the client. Clients could use AI chatbots (virtual communication partners) to analyse relevant facts from different data sources, assess the value and of a property and find a suitable property.

Where do the challenges lie for the real estate sector?

The main challenges are to programme systems that enable the automatic reading and evaluation of data. Artificial tools will only be able to evaluate real estate contracts and other documents if they are also able to learn independently. That is why highly qualified specialists are needed who are able to develop reliable solutions with this automatic learning ability and use them in practice. Apart from the functionality as such, the participants must also keep an eye on data security and compliance with legal stipulations. These virtual tools cannot replace the most important human function: decision-making. For this reason, the real estate sector requires an efficient interaction of artificial intelligence and human decision-making capability.

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Engel & Völkers Real estate agent Karolina Podsiedlik
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