To say that technology is encroaching on every aspect of our lives is nothing new -- and this familiar refrain even applies to the historically “old school” commercial real estate industry. Whether you’re talking about smart buildings, artificial intelligence, big data, or innovative and revolutionary software platforms, it seems as if we’re always hearing about some new way that technology is disrupting the commercial real estate landscape.
And, in fairness, for good reason. Think about it -- real estate is an expense for nearly every business out there, whether that business is owning, managing, or leasing. Fortunately, artificial intelligence, or AI, offers a great opportunity to lower some of the costs traditionally associated with commercial real estate -- especially those that are associated with property management, but it doesn’t stop there. Artificial intelligence is also being used to automate a number of processes, allowing CRE professionals to work more efficiently.
With this in mind, let’s take a look at some of the ways robots are transforming the CRE landscape…
1. Property Management
Use of connected devices, often referred to as the Internet of Things (IoT), in commercial real estate has been growing at a fast pace in recent years, with no indication of slowing down anytime soon. In fact, industry experts seem to agree that if your commercial building is not regularly collecting, storing, using and learning from data, then it is simply not operating at its full competitive advantage potential.
Connecting your building’s internal operating system with the IoT will not only give you a more sophisticated network, it will also allow all of your operations to run more seamlessly with centralized and customizable control. Everything from controlling your HVAC system to monitoring the street lights and utility meters can be linked to your building, devices, and the Internet -- providing your team with easy access to not only remotely monitor what goes on in your building, but to control it, as well.
2. Predictive Maintenance
Many commercial properties today still rely on what is commonly called preventive maintenance, meaning that maintenance staff and building managers periodically inspect equipment, based on industry standards or lawful requirements. However, by implementing some of the latest technology, including artificial intelligence and the IoT, property managers now have access to bigger sets of data, which is shifting the maintenance model to more predictive maintenance, meaning that we can now more accurately predict when maintenance will be needed -- meaning far fewer disruptions in day to day activities and tighter control over your maintenance budget.
3. Personalized customer service
Commercial real estate is also implementing AI to improve customer service. AI’s learning capabilities have proven to be crucial in helping retailers attract and retain a loyal customer base. Whether you realize it or not, a lot of today’s customer service is handled by automated assistants, chatbots, and/or other self-service features. Today’s smart AI has cultivated an environment in which commercial real estate customers can experience more personalized and detailed customer service that is on par with other sectors.