As with any new technology, GenAI has both its promised benefits and challenges. One of the main challenges is the impact on existing employees in departments such as administrative support, legal, IT, and customer support. As with digital transformation, any negative impact on employment will be balanced by the creation of a new ecosystem of jobs and capabilities that do not currently exist. The World Economic Forum predicts that automation will indeed enable networks. increase 58 million jobs¹, replacing repetitive and dangerous tasks with challenging jobs that create more customer interactions and better products. Lack of transparency, questions about accuracy, and potential for bias and misinformation are also some of the risks that need to be addressed through safe, responsible, and ethical use of AI. Additionally, companies must address GenAI’s impact on emerging cybersecurity, intellectual property, and fraud challenges.
Real estate is one of the many sectors being transformed by GenAI. Real estate companies face an operating environment that challenges attracting and retaining talent, meeting growing investor demand, and adapting to technology trends such as advanced data and analytics and smart buildings. Additionally, real estate companies do not want their costs to expand as they manage more assets. GenAI has capabilities to help address all of these challenges.
GenAI in real estate
GenAI has a role to play in creating opportunities to improve efficiency, reduce risk through the ability to quickly scan data to identify concerns that may exist, and potentially pave the way for new business models. Use cases for AI in the commercial real estate sector and across the real estate value chain include:
