It has most probably featured on your LinkedIn news feed and other social media platforms you use regularly. The term “AI” or artificial intelligence is everywhere and is fated to become the new required skill set for the year 2023.

However, as with any new software trends, knowledge about them can be quite overwhelming.

As we often attempt, FocusedCRE has kept track of this new best practice and has provided a brief and simple guide on how you can leverage this in the commercial real estate industry.

The following are some of the ways that AI software can be applied in the marketing of commercial real estate. Some examples of how AI can be used in this context include:

1. Predictive analytics: AI can use information gathered from the past to make future predictions regarding the market conditions for instance fluctuations in property prices or demand for certain kinds of properties. This may be useful in terms of finding out what areas to focus on and how to go about with the marketing strategies.

2. Personalization: Marketing communications can be personalized with the help of AI by delivering messages and content that suits the preferences of the consumer and his/her actions. This can in turn assist in the development of more effective marketing strategies and advertisements.

3. Lead generation: Leads can also be sorted and ranked automatically using AI, by such parameters as location, property type, and budget. This can assist the real estate professionals to market their services to the most potential clients.

4. Customer relationship management: AI can be used to automate and manage customer relations, which can be useful for real estate agents to organize their interactions with clients.

5. Market analysis: AI can be employed to collect information on the local real estate market and the data collected may be used to guide the marketing activities that are to be undertaken.

AI can be very useful to commercial real estate professionals who want to get better results from their marketing campaigns.

AI has been increasingly used in the commercial real estate industry in the recent past. AI has been adopted in many industries for a long time but has gained more attention and application in the real estate industry within the last couple of years due to technological development that has made it viable to apply.

There are several companies that are using AI in the commercial real estate industry, including:

• CoStar: This company employs artificial intelligence in the evaluation of data and trends in the real estate market for the purpose of giving information and forecasts that can assist organizations in making better decisions.
• Zillow: This real estate company has integrated AI into its website through which it is able to help users who want to either sell or buy a property.
• Roofstock: This company employs the use of artificial intelligence in analyzing data and making predictions on the performance of the rental units to enable investors to make the right decision in choosing the property to invest in.
• REX: This company employs the use of AI to help in the process of marketing and selling the properties as well as to find potential buyers for them.

In conclusion, it could be said that the application of AI in the sphere of CRES is still on an upward trend due to the constant development of technologies and their availability.

Where To Begin If You Have No Idea of AI In CRE?

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: First, one should familiarize with what is AI and how it is applied in the commercial real estate sphere. Search for general information about the topic in articles, blog posts, and other materials.

1. Attend events: It is suggested to visit such events and meetings as industry events and conferences dedicated to AI in commercial real estate. These events can prove useful for gaining information and for making contacts.
2. Connect with experts: Connect with other people who are already using AI in their line of work and seek their input and guidance. You can also think about participating in the relevant online communities or groups that are related to AI in real estate.
3. Experiment: If you can manage, try to incorporate AI tools and technologies in your projects to gain firsthand experience of how they can be applied in solving real-life problems.
4. Keep learning: When reading through this article, ensure that you keep abreast with the latest information and practices in AI in commercial real estate. This can assist you in making sure that you are updated with the current trends in your line of business.

If you want to know more about the best tools and tutorials for AI in CRE? Let’s connect and get you signed up for our upcoming CRE Marketplace: The hub for all your CRE tools and templates.