In the evolving landscape of commercial real estate, the spotlight is increasingly turning to AI.
Artificial Intelligence is not just a buzzword; it’s actively reshaping how commercial real estate teams function, from acquisitions and development to marketing and advisory roles. With the power to process large data sets, automate mundane tasks, revamp existing content, and unearth pivotal insights, AI is at the forefront of strategic decision-making in the sector.
Dive into this article as we unpack the AI tools making significant waves in commercial real estate. Given the rapid advancements in this domain and the ongoing adoption of such tools, we pledge to keep this post regularly updated, ensuring you’re always in the know.
AI-Enhanced Workflows: Roles & Tools in Modern CRE
By now, you’re probably familiar with OpenAI’s ChatGPT and its applications in commercial real estate. But beyond ChatGPT, what AI tools are making waves for CRE experts? Let’s break down the primary tasks of real estate professionals and then spotlight the tools enhancing their workflow.
Those in real estate acquisitions are at the helm of pinpointing, scrutinizing, and securing assets that sync with their firm’s investment blueprint. Key roles involve liaising with brokers and sellers to unearth and haggle over potential deals.
On the flip side, real estate developers are all about procuring, strategizing, and either constructing new assets or rejuvenating existing ones. A typical day might involve gauging potential sites, orchestrating feasibility assessments, obtaining permits, supervising construction budgets, managing the build process, and ensuring smooth leasing or sales transitions.
Meanwhile, the guardians of real estate’s daily workings are the management professionals, spanning property, asset, and portfolio domains. Their agenda includes fostering tenant relationships, rent collections, orchestrating repairs, fiscal planning, forecasting, and steering investment directions.
Lastly, the advisory and brokerage specialists in real estate offer tailored counsel to a clientele of property magnates, investors, and builders. Their expertise encompasses market studies, financial evaluations, and meticulous due diligence. Their insights into market dynamics and legislative landscapes empower clients to seamlessly maneuver intricate deals and maximize their property values.
Advancements in AI Language Processing and Interfaces
- OpenAI’s GPT-4 & Future Iterations: The cutting-edge natural language model by OpenAI sets new standards in language understanding, context recognition, and creative generation. [Link]
- OpenAI’s Playground introduced the gpt-3.5-turbo-instruct model, surpassing ChatGPT in some capacities, such as playing chess at an average player level.
- A resource for educators, “Teaching with AI”, was launched by OpenAI in September. ChatGPT Developments:
- ChatGPT, OpenAI’s conversational model, offers interactions that mimic human conversation. [Link]
- DALL·E 3, a state-of-the-art text-to-image model, was unveiled by OpenAI on September 20th, designed to fully integrate with ChatGPT.
- Innovations in ChatGPT include visual, auditory, and verbal capabilities. [link]
- For businesses, ChatGPT Enterprise offers an LLM with robust features like data security, advanced analytics, and full GPT-4 access. [Link] Google’s AI Contributions:
- Google Bard, Google’s AI chat solution, initially built on LaMDA, now relies on PaLM LLM models. [Link]
- Notable September updates for Google Bard encompass real-time data pulls from various Google platforms, integrated features with Gmail, Docs, and Drive, an enhanced “Google It” function, and more.
- Speculations in September hint at Google’s imminent release of a GPT-4 rival, Gemini, which might empower Google Bard. Perplexity AI Innovations:
- As a formidable rival to ChatGPT, Perplexity AI presents its users with comprehensive responses and insightful resources. [Link]
- Among the recent enhancements are file uploads, the debut of LLaMa Chat, visual interface overhauls, image-inclusive responses, improved iOS app features, and a new Chrome extension. Meta’s LLaMa 2 Initiative:
- LLaMa 2 marks Meta’s entry into the LLM arena, being the only authentic “open source” LLM available. Perplexity’s LLaMa Chat offers the easiest access to non-tech users. [Link] Microsoft Copilot’s Innovations:
- Rooted in OpenAI’s GPT, Microsoft Copilot is an AI companion for Windows 11, Microsoft 365, and Edge. It aids users with context-sensitive support to optimize tasks.
- As of September, the tool is set to launch with a Windows 11 update, bringing forth 150+ AI-driven functionalities, including integration of the latest DALL.E 3 model for tailored searches, a revamped AI shopping experience, and Bing Chat Enterprise upgrades.
AI-powered Tools For Excel and Google Sheets
- ExcelFormulaBot: Leverage AI to seamlessly transform your textual directives into Microsoft Excel formulas. [Link]
- Ajelix Google Sheets Formula Creator: Boost productivity with this AI-driven tool that translates your text into Google Sheets formulas. [Link]
- SheetGod: Articulate in plain English or use Google Appscript code snippets to craft complex Excel formulas, macros, and automate routine tasks through AI. [Link]
- MS Copilot in Excel: Discover insights, pinpoint trends, and craft professional data visualizations swiftly with AI. [Link]
- Note: Microsoft 365 Copilot will be available for enterprise users at $30/user/month starting November 1.
- Formula Dog: Effortlessly convert text into Excel formulas, VBA code, or Regex, complemented by explanatory notes. Also integrates with Google Sheets, Airtable, and Notion. [Link]
Update: While Formula Dog maintains a “public roadmap” showcasing upcoming and requested features, no new updates have been introduced since March 2023. - GPTExcel: Avail this complimentary tool for generating intricate Excel formulas with ease. [Link]
AI-Enhanced Tools For Real Estate Data Organisation and Analysis
- OpenAI Advanced Data Analysis (Previously known as Code Interpreter):
Tap into the power of ChatGPT to upload various files and conduct tasks ranging from data analysis to image alterations. It proficiently handles uploads and downloads in formats such as CSV and Excel. [Detailed Use Cases & Instructions]
- ChatGPT ‘Ask Your PDF’ Plugin:
Innovate how you engage with PDFs! This ChatGPT feature allows users to upload and interact with PDF content, ensuring streamlined data retrieval. [Link]
Update: Developers can now access the AskYourPDF API, empowering real estate teams to embed this tool within their tech ecosystems.
- ChatPDF:
Converse with any PDF, be it books, research documents, or contracts, free of charge and without sign-up requirements via ChatPDF. [Link]
- AskCSV:
A counterpart to ChatPDF, this tool facilitates rapid comprehension of information from CSV files. [Link]
- A.CRE Sales Comp Plugin:
An exclusive creation, this tool links my unique sales comp database to ChatGPT, enabling advanced real estate insights. [Learn to Develop Your Own Sales Comp ChatGPT Plugin]
Harnessing AI for Enhanced Communication
- Efficient Email Handling with Bluemail GEM AI:
Quickly summarize and draft email responses leveraging AI capabilities. [Link]
- Automated Messaging with Flowrite:
Let AI craft your daily emails and messages seamlessly across browsers. [Link]
- Streamlined Inbox Management – MS CoPilot in Outlook:
Refine and organize your Outlook inbox effortlessly. [Link]
Update: Microsoft 365’s CoPilot will be accessible for enterprise customers at $30/user/month starting November 1.
- Relationship Building via Relationship Coach AI:
Receive AI-backed suggestions for optimized communication response strategies. [Link]
- Poised 2.0 – Your AI Communication Mentor:
Enhance clarity and confidence in your speaking with this AI-driven coach. [Link]
- Yoodli – Personalized Speech Coaching:
An AI-guided speech mentor offering tailored feedback to elevate your communication skills. [Link]
- Boost Outreach with Usetwain:
Twain, an AI assistant, empowers sales and marketing teams to amplify their outreach efficacy. [Link]
Embracing the AI Revolution in Commercial Real Estate
The transformative power of Artificial Intelligence (AI) in the commercial real estate domain is undeniable. Through this exploration, we’ve highlighted the myriad ways AI platforms are redefining processes and empowering professionals to make data-driven decisions.
As the connection between real estate and technology strengthens, IPG remains committed to providing timely insights into the ever-evolving landscape. Stay with us on this journey as we continue to chart the exciting convergence of AI and commercial real estate. The future is here, and it’s filled with possibilities!
