Artificial intelligence continues to be a hot topic in all industries, including commercial real estate. While many CRE pros may be hesitant to dive into the various tools available (whether out of fear of it replacing them or a lack of a desire to embrace new technology), AI can actually be beneficial in several ways.
With its ability to process vast amounts of data and derive valuable insights, AI is transforming how CRE professionals operate. Here are four ways AI can reshape CRE tasks and strategies.
1. Predictive Analytics for Market Trends
Artificial intelligence doesn’t just give you a more efficient and accurate look at past and present data—it can help with future predictions as well. By utilizing complex formulas that analyze historical data, market trends, economic indicators and various other factors, AI algorithms can forecast future property trends with remarkable accuracy. This empowers you and your stakeholders to make informed decisions regarding property investments, leasing strategies and portfolio management overall. Quarem’s AI-enhanced tools, in particular, enables CRE professionals to anticipate market shifts and make proactive decisions thanks to its real-time updates.
2. Enhanced Property Valuation
CRE pros value properties nearly every day and accuracy is paramount, whether you’re dealing with investors, developers or lenders. Machine-learning models powered by AI can analyze data points like location, property condition, market demand and comparable sales to assist with more precise property valuations. And the best part? They can do it in a fraction of the time it would take using traditional methods. Quarem also streamlines the process with its features to reduce potential errors.
3. Efficient Operations and Maintenance
Few things rock the boat with tenants like poorly handled maintenance requests. Artificial intelligence helps in this area as well, helping you better identify potential issues and streamline operations. By analyzing historical maintenance data, AI helps forecast when equipment or systems might require servicing, reducing downtime and unexpected expenses in the process. Quarem’s AI-powered maintenance software epitomizes this with its ability to help CRE professionals prioritize tasks, optimize resources and ensure properties are well-maintained—ultimately enhancing tenant satisfaction.
4. Personalized Tenant Experiences
Personalizing solutions to meet specific tenant needs, on the other hand, can lead to more satisfied tenants and an increased likelihood of positive feedback (or even referrals). AI helps with this by predicting the chances of a lease renewal and offering tailored amenities to help those chances. Quarem can help you increase tenant retention and overall property value by analyzing tenant behavior patterns.
The integration of AI into CRE tasks and strategies isn’t just a technological advancement; it’s a strategic imperative. To see how Quarem can help you, your portfolio and your overall efficiency, request a demo today.