By Flaminia Gold, IT Analyst, SHW
It’s safe to say there has been a boom in conversations and advancements in the accessibility of AI. You would be hard pushed to read any news which does not mention AI and its many technologies.
For some, this is old news, and they are already utilising the plethora of tools available; for others it’s all quite scary and there is a real unknown about where one should start to implement AI to assist in a firm’s offering. At SHW we are assessing the ways in which AI can support us as a co-pilot to provide an even better service to our clients, while also preserving and strengthening the essential human interaction which gives our clients the confidence they need to enhance their commercial and residential properties through the various service lines we offer. Our advice is to be open to its potential, we certainly are!
Commercial property is traditionally a sector that is dependent on human expertise and experience. However, AI can act as a co-pilot to commercial and residential landlords to unlock a wealth of potential for efficiencies, portfolio expansion and tenant satisfaction. For many, AI conjures up images of robots, redundancies in jobs and a world in which human interaction becomes less important. However, it is already all around us in our daily lives, embedded in our apps, utilised in security systems (facial/voice recognition) and more and more technologies are coming to the forefront in the property sector.
In its most basic sense, AI spots patterns in data and can do so far more quickly than a human ever could. Identifying these patterns is what allows AI to perform tasks at speed and high volume. A task that is laborious to a human or perhaps not even obvious to the naked eye, will allow us to move towards a more augmented way of working, where we can use technology to support and enhance decision making and actions. Some examples of AI forging its way into the property sector include:
Informed Decision-Making
Since AI can process incredible amounts of data in mere seconds, it means property owners are able to harness insightful analytics around market trends, tenant behaviours, preferences and property performance. When it comes to making decisions around portfolio expansion, AI algorithms can be used as an intelligent and insightful consultant with regards to pricing strategies, negotiations of terms and potential market shifts. The result is transactions carrying lower risks and optimising portfolio expansions with greater returns. This all sounds great, but you obviously need the data set to provide you with these insights and you want to be sure that wherever you access this data from, it is reliable, well-trained data, that is representative of the market.
Building Efficiency & ESG Contributions
Smart Buildings allow you to manage your property through the ongoing monitoring of energy consumption and the implementation of clever thermostats which automatically control your environment, thus reducing costs and keeping energy consumption to a minimum. Further to this, you could utilise predictive maintenance technology which anticipates when maintenance or repairs will be needed. The technology uses data from sensors, devices connected to the internet and historical maintenance data to highlight the problem before it occurs.
Space utilisation in properties will analyse how the spaces within your buildings are being used, again through sensors and tracking systems with the end goal of maximising the efficiency of space allocation and usage. A more commonly known solution that landlords and property managers have harnessed are AI-powered chatbots to handle tenant queries, account queries and other property management tasks without human intervention. Smart buildings can not only assist landlords with providing ESG compliant buildings to their tenants, but it can also improve the tenant experience and landlord-tenant relationship.
Risk Management and Security
The security of your property or portfolio is quite rightly paramount, and AI has its place in this arena too. Many construction sites and commercial properties make use of facial recognition software for builders or staff to gain access to site; reducing the need for people to carry fobs and passes which are too easily lost. Some of the more advanced systems can also identify suspect behaviour, prevent access, and alert the necessary parties. Perhaps you are unsure of what security measures your property needs? AI can analyse data such as crime stats and neighbour data to suggest what measures should be included in your risk assessment.
In conclusion
AI is not going away; in fact, it is going to become ever more prevalent in everything we do. We shouldn’t shy away from its capabilities because, ultimately, it can assist us to do more of what we want and need.