It has most likely been all over your newsfeed on LinkedIn and other social media channels. The term “AI” or artificial intelligence is everywhere and is destined to be the new must have skill set for 2023. However, as any new software trend, understanding it can be daunting.
As we often try, FocusedCRE is staying on top of this new best practice and has compiled a quick and digestible overview of how you can take advantage of this in your commercial real estate business.
Artificial intelligence (AI) software can be used in a variety of ways to assist with commercial real estate marketing. Some examples of how AI can be used in this context include:
- Predictive analytics: AI can analyze past data and trends to make predictions about future market conditions, such as changes in property values or demand for specific types of properties. This can be helpful for identifying opportunities and making informed decisions about marketing efforts.
- Personalization: AI can be used to tailor marketing messages and content to individual consumers, based on their personal preferences and behaviors. This can help create more relevant and engaging marketing campaigns.
- Lead generation: AI can be used to identify and prioritize leads, based on factors such as location, property type, and budget. This can help real estate professionals focus their marketing efforts on the most promising prospects.
- Customer relationship management: AI can be used to automate and streamline customer communication, helping real estate professionals keep track of interactions and nurture relationships with potential clients.
- Market analysis: AI can be used to gather and analyze data about the local real estate market, providing insights that can help inform marketing strategies and tactics.
AI can be a valuable tool for commercial real estate professionals looking to optimize their marketing efforts and drive better results.
Artificial intelligence has been increasingly adopted in the commercial real estate industry in recent years. While AI has been used in various industries for decades, it has become more popular and accessible in the real estate industry in the past few years, as advances in technology have made it more practical and cost-effective to implement.
There are a number of companies that are using AI in the commercial real estate industry, including:
- CoStar: This company uses AI to analyze data and trends in the real estate market, providing insights and predictions to help businesses make informed decisions.
- Zillow: This popular real estate website uses AI to analyze data and provide personalized recommendations to users looking to buy or sell a property.
- Roofstock: This company uses AI to analyze data and make predictions about the performance of rental properties, helping investors make informed decisions about which properties to purchase.
- REX: This company uses AI to analyze data and identify potential buyers for properties, helping to streamline the process of buying and selling real estate.
Overall, the use of AI in the commercial real estate industry is likely to continue to grow in popularity as technology advances and becomes more accessible.
Where to start if you don’t know anything about AI in commercial real estate
If you are new to the concept of using artificial intelligence (AI) in the commercial real estate industry and are looking to learn more, here are some steps you can take:
- Research: Start by learning about the basics of AI and how it is being used in the commercial real estate industry. Look for articles, blog posts, and other resources that provide an overview of the topic.
- Attend events: Consider attending industry events and conferences that focus on AI in commercial real estate. These events can provide valuable insights and networking opportunities.
- Connect with experts: Reach out to professionals who are already using AI in their work and ask for their insights and advice. You can also consider joining online communities or groups that focus on AI in real estate.
- Experiment: If you have the resources, consider experimenting with AI tools and technologies to get a feel for how they work and how they can be used to solve real-world problems.
- Keep learning: As you continue to learn about AI in commercial real estate, be sure to stay up-to-date on the latest developments and best practices. This can help you stay ahead of the curve and stay competitive in your field.
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