Although technology is a transformative force in real estate, an AI specialist underscores the necessity of having a strategic plan in place.
The latest MRI white paper, Artificial Intelligence: Guide to AI Adoption for Real Estate Firms, highlights AI’s potential to revolutionize the real estate industry when implemented effectively.
Vijay Anand, VP of Artificial Intelligence at MRI Software, sees AI as a pivotal tool for organizations looking to boost automation, stay ahead of the competition, and extract strategic insights from extensive data. As business leaders consider updating, consolidating, or expanding their systems, it’s likely that the technologies they select will include AI components. Nevertheless, Anand emphasizes the critical need to develop a comprehensive action plan before fully committing to AI integration.
He suggested that real estate professionals should consider three questions before adopting any AI-based technology:
- What is your policy regarding the use of AI?
The white paper recommended that professionals develop a broad understanding of AI within their business before implementing any technology. This involves educating staff on how AI can enhance productivity and simplify their tasks.
- How will you verify that the AI tools employed by your business are trustworthy, equitable, transparent, and responsible?
The white paper acknowledged that AI presents challenges and risks, including ethical concerns, bias, privacy issues, data inaccuracies, and liability problems. Therefore, real estate businesses need to establish guidelines and policies to ensure their AI use adheres to high standards. Clear guidelines on AI usage will also help minimize business risks.
- Which job functions will see the greatest advantage from AI?
The white paper cautions against investing in AI simply for the sake of adopting new technology and suggests concentrating on the actual value that AI-powered solutions can add to the business.
Identifying which functions will benefit the most from AI will help in strategically prioritizing its implementation.
AI presents a range of benefits in the real estate industry, such as document extraction, chatbots for managing leads, applicant screening, lease abstraction, financial forecasting, fraud detection, risk management, asset valuation, and predictive maintenance, among other applications.
