Editor: I found the article ‘High hopes for AI technology’ beneficial in understanding the sentiments of the real estate industry in regard to recent technological developments. A statistic that is worth highlighting is that only 8% of respondents selected artificial intelligence (AI) as the most promising digital technology in the organisation.
With AI growing in importance in nearly every industry, it’s quite surprising that real estate professionals are not recognising its potential utility to improve the efficiency of daily tasks and the broader functioning of organisations.
Even with a slow economy, companies should recognise that AI adoption is the way to move forward. Often inflated as a significant operational risk to undertake, we misunderstand AI as a sensationalised integration. The gap may come from our view of AI as primarily a front-end technology. But some of the most prominent and important integrations within real estate are back-end tools.
AI-based asset management platforms that can sit behind, like Stonal’s, automate data collection – functioning in the back end. This is not necessarily a program individuals interact with daily, so it does not always come to mind first when thinking about AI in real estate.
Automating the process of scanning documents and pulling data does not just make jobs easier; it improves accuracy.
This means data-driven decisions are backed up by accurate information, helping real estate professionals differentiate themselves from the competitors.
The greatest cost of AI will come to those who fail to engage with it. Automation’s recent advancements provide a profound opportunity for our industry to improve efficiency, embrace sustainability, provide optimal service to our customers and boost talent attraction and retention. It’s time to stop viewing AI as an operational risk and instead understand the actual uses of automation to help us with time-consuming, repetitive tasks.
Robin Rivaton, chief executive, Stonal