What if your real estate business could leverage technology powered by artificial intelligence without requiring coding skills on the part of the user? This is the potential that “no-code AI” offers – the ability to let non-technical experts utilize applications that can expedite data extraction and entry processes.
With the digital transformation taking place across the real estate industry, businesses are turning to technology to bring their operations into the modern era. Given its application to lease abstraction and lease management, artificial intelligence offers immediate value for real estate businesses and property management firms. With no-code AI for real estate, these organizations can quickly save time and money.
No-code AI could be a mainstay in the future of the real estate industry for businesses that want to harness the power of AI without the need for deep technical skills. Here are four benefits of no-code AI that can transform the real estate industry:
1. Scales with your business
No-code AI’s biggest advantage is that it can adapt to your business needs as they grow and change. End users don’t have to have a deep technical background to tailor the system or make adjustments. As your business expands, the solution can learn your new requirements over time and easily scale to meet your needs.
2. Allows automation of specific tasks
Most firms in the real estate industry are inundated with manual tasks, and AI can automate these to help commercial organizations and real estate occupiers save time. Processes such as lease abstraction, contract reviews, and hunting for terms and conditions in legal documents can be handled automatically. No-code AI gives real estate executives and analysts the ability to benefit from this tool, even without an IT background.
3. Quick training for regular tasks
With any AI-powered tool, the end user will need to “train” the system by introducing it to sample documents so it can learn what to look for and how to accomplish certain tasks. With no-code AI, this process can be done quickly, and once you’ve trained it to identify the type of information you need, whether it be a key term or critical lease clause, the system becomes more accurate every time it reads a document.
4. Can be used for predictive analytics
Artificial intelligence can be used for more than just documentation and lease management, however. While no-code AI can automate your business’s regular processes and pull key data from your leases, it also has the potential to be used for predictive analytics. AI has the capability to understand the terms that it extracts from a contract, which could give an occupier or lease administrator the ability to make better decisions and budget more accurately.
AI is one of many solutions that can drive the digital transformation of real estate organizations and help save time and money. While no-code AI is beginning to grow at a steady pace, MRI Contract Intelligence has been utilizing this technology since its inception. Contract Intelligence automates the data extraction and contract review process for commercial businesses and occupiers, helping them reduce the risk of costly revenue leakage and providing valuable insights hidden in documents. Learn more about how MRI Contract Intelligence can benefit your business.