For many people, the words “artificial intelligence” invoke feelings of an advanced, technological future, but the technology is already being used in operating systems around the globe. Machine learning in commercial real estate is right around the corner, and the industry needs to be ready for it. Abhinav Somani, CEO of LEVERTON, recently appeared on “Building Success: A Real Estate Podcast,” to discuss artificial intelligence in real estate, and how AI is helping the industry jump forward into realms occupied by technological heavy-hitters like Apple and Amazon.
What does artificial intelligence look like?
While artificial intelligence in pop culture is closely related to sentient androids and other staples of the science-fiction genre, the reality of AI is far more subdued and infinitely more practical. The purpose of AI is to use technology to do things faster and better, and in its current form, artificial intelligence looks a lot more like “augmented intelligence.” There is no more complicated and powerful computer than the human brain, and the only way AI can work is through a “neural network” that helps a computer imitate how the brain operates on a simple level. Artificial intelligence has to be given a very specific directive to work properly, which usually results in tools like chatbots or driverless cars. It’s a technology that’s disrupting every industry it’s been introduced to, so it’s important to stay ahead of the curve and analyze how it may affect your industry.
How will artificial intelligence in real estate work?
Two words: Lease Abstraction.
Lease abstraction is the process of pulling data from a lease or contract for the purpose of analysis and modeling. LEVERTON, however, improves the process with artificial intelligence. Leases are what make artificial intelligence in real estate appealing. Leases are long and complex documents, often consisting of hundreds of pages of information, and analyzing them can take anywhere from 4 to 8 hours. With LEVERTON’s AI, leases can be dragged and dropped into a platform that will analyze those leases and, based on the information you provide, can automatically pull the data and present them in an efficient manner. These types of predictive analytics in real estate save time, reduce the overall cost basis, and ultimately, provide a more accurate method of lease abstraction.
The real estate industry has fallen behind in technological advancement, but MRI Software is dedicated to keeping its clients up to date with comprehensive and flexible solutions to help organizations succeed in the modern age. LEVERTON is working to bring the latest technology to the market by implementing an AI that enhances the process of lease abstraction.
As Abhinav Somani puts it, “Data is the currency of the future.” While LEVERTON’s AI is a time-saving tool, one of the most unique and valuable aspects of its service is its ability to pull scores of data from leases and contracts. This data will give your organization a broader snapshot of that lease and will enable you to make better business decisions regarding your assets. With this technology, the real estate industry can move closer to catching up with our digital modern age and be better prepared to tackle the challenges of today.
Want to learn more about artificial intelligence in real estate? Be sure to check out the full podcast episode on “Building Success: A Real Estate Podcast.”