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While the technology can be considered a game changer for the real estate sector, an artificial intelligence (AI) expert has stressed the importance of having a plan of action.
In the new MRI white paper, Artificial Intelligence: Guide to AI Adoption for Real Estate Firms, AI was acknowledged for its ability to transform the real estate sector – when used properly.
Vijay Anand, VP of artificial intelligence at MRI Software, sees AI technology as a “game changer for organisations seeking to improve automation, stay competitive and gain strategic insights from large amounts of data”.
As business leaders look to replace, consolidate or build out new business systems, he said it’s very likely that the technologies chosen will “include some form of AI”.
But before jumping in the deep end, he said it’s important “to put a plan in place to prepare your organisation”.
He posed that real estate professionals should ask themselves three questions before implementing any AI-based technology:
- What is your policy on how AI should or should not be used?
Before any technology is put in place, the white paper urged professionals to create a general awareness of AI within the business – implementing education around how AI could assist in productivity and make their roles easier.
- How will you ensure AI products in use by your business are trustworthy, fair, transparent and accountable?
“AI comes with challenges and risks, such as ethical dilemmas, bias, privacy breaches, inaccurate data and liability issues,” the white paper conceded.
That’s why real estate businesses must establish guidelines and policies to ensure their use of the technology upholds high standards.
The development of clear guidelines on how AI is to be used and isn’t to be used will also help minimise business risks.
- Which job functions will see the most benefit from use of AI?
According to the white paper, it’s important to remember not to invest in AI for AI’s sake – “but rather for the overall value that AI-powered solutions provide to your business”.
By knowing which functions of your business will benefit most, it will help to strategically prioritise any AI-rollout.
There are many ways AI can assist in the real estate space, including document extraction, chatbots for lead management, applicant screening, lease abstraction, financial forecasting, fraud detection, risk management, asset valuation and predictive maintenance, just to name a few uses.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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