Artificial intelligence is a collective term for smart technologies that consciously perceive their environment and can learn from it to respond autonomously to signals and make decisions. These are computer programs that are able to learn, understand, plan, think and self-correct. AI can be divided into four functional categories:
Automated intelligence: Automate manual / cognitive and routine / non-routine tasks.
Supporting intelligence: helping people to accomplish tasks faster and better.
Expanding intelligence: helping people to make better decisions.
Autonomous intelligence: automation of decision-making processes without human intervention.
In the real estate industry the utilization of AI will not only improve the efficiency of operational tasks, but also change decision-making processes.
By recognizing relationships and patterns in large data sets, the effects of possible future scenarios can be examined more closely. Subjective assessments are replaced by actual data and insights, resulting in sound, property-specific decisions. By means of so-called Smart Contracts, relevant information from contracts and documents can be extracted and used meaningfully. This will increase the transaction speed and reduce the search and sorting effort. Accordingly, algorithms can check virtual data rooms for completeness or, in the case of a sufficiently solid database, identify suitable investment targets according to the portfolio matrix. In asset management, the possible use of artificial intelligence ranges from personalized customer contracts through contract management to intelligent building services management. In addition, property valuation, property management and facility management will increasingly change. Possible applications in these areas include simplified collaboration, peer-to-peer transactions, supply chain management and data management.