Is our industry a relic in the age of the AI revolution?

It is without a doubt there is a huge amount of buzz around the AI sector; it’s impossible to attend a meeting or even a dinner party for that matter without the term AI being thrown across the room.

However, one industry in which AI’s transformative power has been missing is real estate, a historically slow adopter of new technologies. Does gen AI represents a fresh chance to revolutionise our industry?

According to McKinsey, gen AI could generate $110 billion to $180 billion or more in value for the real estate industry. A large amount of this growth is and will be highlighted within the Investment and Asset Management sector. AI and ML (Machine Learning) provide the tools required to conduct predictive analysis of assets in management to aid in the valuation processes. Therefore, this technology can provide significantly more accurate asset valuations, taking into account factors such as location, historical prices, market trends and amenities consequently aiding asset managers in achieving portfolio optimization.