7 PROS & CONS OF AI AND HOW IT CAN AFFECT THE COMMERCIAL REAL ESTATE MARKET
AI (Artificial Intelligence) is a technology that can enable computers, sensors, robots, geo-locators, etc to perform tasks to simulate human intelligence and problem solving. With AI’s help, commercial real estate agents can take advantage of this technology, however there are some negatives. Listed below are 7 Pros and Cons:
PROS:
- AI marketing tools can identify emerging trends, competitive pricing and marketing strategies allowing agents to gain competitive advantages in the field.
- AI systems can automate routine tasks enhancing the client/agent communications freeing up agents time to pursue other opportunities. For example Chatbots can be used to help agents stay connected to their clients by collecting client information and guiding online discussions.
- Some AI programs can analyze clients’ behaviors and needs and then create customized emails, personalized messages and marketing materials.
CONS:
- AI can’t build a rapport, gain trust or show empathy to a client when making a real estate deal.
- AI – can’t understand the nuances associated with each step of the deal and communicate effectively with all parties involved.
- AI cannot walk the property, notice potential hazards or explain the value compared to other properties in a meaningful way.
- AI systems can be used to generate fake data, phishing scams, and cyber attacks .
Although AI is new and exciting and can offer many benefits to the real estate industry, it also poses various risks where strong security measures need to be in place. An experienced and licensed Commercial Real Estate Broker with the possible help from AI can produce a successful outcome
