Artificial intelligence in the real estate industry – a vision of the future

What does AI look like in the real estate industry?

Artificial intelligence (AI) is already transforming the real estate industry and will bring even more far-reaching changes in the future. Some areas benefit particularly from the use of AI. How is AI revolutionising the world of real estate and what can we expect in the future?

1. Damage management and prediction: An AI can record reports of defects, such as a faulty tap, even outside regular working hours. It immediately creates corresponding entries in the SAP® system, informs trade companies and even predicts potential repair costs – all based on databases and machine learning.
   
2. Contract management and payment monitoring: AI can automatically monitor rental contracts, track payments and suggest rent adjustments if necessary, as well as recognise trends in maintenance needs and recommend predictive maintenance measures.
   
3. Personalised recommendations: Platforms can use AI algorithms to offer personalised property recommendations to potential buyers or tenants based on their preferences, budgets and other parameters.
   
4. Chatbots and virtual assistants: AI-supported chatbots can support customers in their property search, answer questions, plan viewings and provide basic legal or financial information.
   
5. Building management and maintenance: AI can be used to optimise the energy consumption of buildings, predict maintenance needs and even deploy autonomous robots for cleaning or inspection.
   

Innovative AI applications will improve transparency, user-friendliness and, above all, efficiency in the real estate industry and help both professionals and customers to make better decisions. However, potential challenges such as data protection, ethics and the impact on the labour market should also be considered.

How will AI affect the world of work?

The real estate industry is on the brink of an exciting revolution. The AI-driven transformation promises not only efficiency gains, but also a redefinition of how we buy, sell and manage property. AI can automate the tedious and monotonous tasks that used to take up valuable labour hours. No more tedious data entry, no more endless hours spent creating reports or managing documents. Instead, employees can focus on more challenging activities that require their creativity and judgement. Especially in times of a growing shortage of skilled labour, the ability to deploy existing employees in a more targeted and beneficial way is worth its weight in gold.

By analysing huge amounts of data, AI can uncover invisible patterns and trends that help us make informed decisions. It shows us where opportunities lie and how we can minimise risks. This paves the way for smarter decisions and more successful business. And that’s just the beginning! AI also brings exciting innovations to customer service. Chatbots and virtual assistants are available to support customers around the clock and answer their questions at lightning speed. This personalised service not only strengthens customer loyalty, but also opens up completely new opportunities for real estate companies.

What does this mean for the real estate industry?

Harnessing AI for the real estate industry offers potential to increase efficiency and thus meet current challenges such as increasing pressure on costs and earnings, the construction crisis and demographic change. While some jobs may disappear, it is likely that the requirements for employee profiles will change. A growing demand for data analysts, AI experts and innovative minds will redefine our working world. Requalification and retraining will help to fully utilise the opportunities that the future offers. And what about the new business opportunities? The integration of AI opens the door to a wide range of innovations, from new products to revolutionary services. The future of the real estate industry will be shaped by pioneers who redefine the boundaries of what is possible.

What is PROMOS already doing with AI?

The implementation of Copilot at PROMOS is a prime example of how AI can revolutionise the way development teams work. By utilising this advanced technology, developers save time and can focus on more challenging tasks while increasing efficiency and productivity. This also lays the foundation for further innovations and the integration of AI into numerous other areas of work. Such progress not only optimises internal processes, but also lays the foundation for future developments that improve the customer experience.

But it’s not just the development teams at PROMOS that are already benefiting from innovative AI applications – their customers are too. Our new colleague, the PROMi chatbot, is improving communication with tenants. PROMi is a virtual assistant that answers common and frequently asked (service) enquiries around the clock, regardless of office hours and public holidays. It is equipped with a broad spectrum of knowledge and can work largely autonomously thanks to AI-based technology. This allows employees to concentrate on more complex issues. Through the implementation of an avatar or virtual identity, contacting PROMi is given a personal touch that helps to bind customers to the corporate brand and improve the customer experience. We are also working hard to support and largely automate the processing of incoming mail for residential and real estate companies using AI technologies in the future. This initiative aims to reduce the administrative burden and increase efficiency in administration. Routine tasks can be completed more quickly thanks to automation. The introduction of such AI-supported solutions promises not only to optimise work processes, but also to increase customer satisfaction through faster processing times and more precise responses.

An event all about AI – the hackathon

PROMOS regularly organises hackathons to further explore the possibilities of artificial intelligence (AI) in the real estate industry and develop innovative solutions. At these events, developers come together to work intensively and creatively on specific problems and develop new solutions. The hackathon offers a unique opportunity to exploit the full potential of AI and generate new ideas that will shape the future of the real estate industry. Innovative concepts are created through close cooperation and the exchange of expertise.

However, PROMOS doesn’t use just internal input for the further development of digital solutions, we also regularly ask our customers and partners what they particularly appreciate, what is currently in high demand and where there is a need for optimisation. This exchange is promoted through joint projects, reference visits and events. Working closely with a diverse clientèle from the real estate, commercial and investment sectors, PROMOS draws on a wealth of experience. The rich pool of experience serves to offer customers and partners an even better service and to develop innovative, helpful and user-friendly solutions. This experience is systematically integrated into development work and hackathons to ensure that PROMOS solutions are always state-of-the-art and optimally adapted to the needs of customers.

AI in the property world – the future is here!

The integration of artificial intelligence (AI) into real estate companies offers enormous potential for optimising work processes, increasing efficiency and improving customer experience. From automating routine tasks to providing personalised customer services through chatbots like PROMi, AI is changing the way we buy, sell and manage property. With these advances, it’s clear that the future of the real estate world is being shaped by AI – and it’s already here to revolutionise the way we work and interact.

redaktion@openpromos.de