Artificial Intelligence has significantly transformed the real estate industry. Initially dismissed by many as rudimentary and error-prone, AI has evolved into a sophisticated and increasingly trusted tool. Today, it assists with a wide range of tasks—from writing listing descriptions to handling inbound inquiries. As the technology continues to advance, its applications within real estate are expanding rapidly. Some investment companies now rely on AI to underwrite deals and research new markets. For now, AI mostly serves as a powerful assistant for analysts rather than a replacement. Many believe that AI will always require human oversight, particularly for complex, high-stakes transactions such as commercial property deals.But, that perspective may be shortsighted. AI has consistently demonstrated that, given enough data and time, it can overcome its limitations and challenge the notion that only humans can perform certain intricate jobs. It is entirely conceivable that AI could eventually handle the full lifecycle of a commercial real estate transaction—from vetting and underwriting to negotiating and closing deals. The real question is not whether AI will be capable of this, but how soon it will happen...
RSK: I would still like a human to look at the data and give their input. How many times have we had an outside broker from a different state represent a client and then pick a site based on demographics....but all of us Brokers here know that is not a good site. Traffic is the wrong way, no one shops in that area etc etc.
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- - Volume: 25 - WEEK: 14 Date: 4/2/2025 10:07:58 AM -