How Commercial Real Estate Brokerages Are Leveraging AI

Defining the future of real estate

Author

Franco Faraudo
July 03, 2024

Supported by Crexi

Propmodo Technology

By Franco Faraudo · July 3, 2024

Greetings!

The downturn in commercial real estate has left brokers competing for a smaller number of deals. In turn, this has forced brokerages to innovate, often to retain and attract top brokers (or at least those who still have business). Many large commercial brokerages have invested heavily in technology, particularly Artificial Intelligence. This week in Propmodo Technology, we explore some of the exciting new ways that commercial real estate brokerages are leveraging AI.

The situation is similar in residential real estate, where transactions also remain low. Keller Williams has recently launched an AI assistant to help its agents with "writing impactful content" and "keeping them ahead of the curve," according to their CTO. There appears to be more green space in multifamily and residential leasing at the moment. CoStar continues to push into residential-focused technologies, starting with homes.com and then acquiring Matterport, the most common 3D mapping tech for residential agents. A new marketplace, Flyhomes, has started to gain attention, particularly due to its high-profile investor. Flyhomes has grown thanks to its acquisition of ZeroDown, an AI-powered home search tool that has raised capital from OpenAI’s Sam Altman.

Retail real estate seems to have the highest demand among all major asset types. There are reports that demand is outweighing supply for certain desirable retail locations. Retailers are using increasingly sophisticated analysis from large data sources to help them find their next locations. This has even led some investors to follow certain retailers for their ability to predict, and in some cases, accelerate property appreciation.

Unlock multifamily market insights on July 9th

Curious about what to expect in the softening multifamily market in the second half of 2024? Sign up for our next Propmodo Live webinar on July 9th, where we will talk to experts from JLL, Defigo, and Veritas about how they plan to attract and retain residents in the changing multifamily landscape. We will explore how owners and managers can improve operational efficiencies while navigating a landscape of compliance hurdles and evolving technology.

Happy 4th of July to our American readers!

Check out Crexi’s latest trends report, which examines CRE activity on Crexi throughout Q1 2024, considering quarterly metrics and year-over-year data, enabling stakeholders to make informed strategic decisions when navigating the potentially complicated waters ahead.

All data is powered by Crexi Intelligence, the most innovative research and analytics software designed for the CRE industry. With 153+ nationwide CRE property records and sales comps, comprehensive market and property demographic insights, Intelligence aggregates actionable, real-time data into a single, intuitive source of truth to confidently make decisions.

Featured Article

How Commercial Real Estate Brokerages Are Leveraging AI

Amidst a challenging commercial real estate market, brokers are increasingly turning to AI to streamline operations and stay competitive. With high interest rates and limited financing options reducing sales volumes, brokerages like JLL, CBRE, and Cushman & Wakefield are leveraging AI for data management and underwriting. While some partner with tech startups, others use established platforms like Microsoft Azure AI. As AI options proliferate, the brokerages best able to harness this emerging technology hope to gain an edge in the evolving landscape.

READ ONLINE: https://propmodo.com/how-commercial-real-estate-brokerages-are-leveraging-ai/

Bytes

🏌🏻‍♂️ City of agency: Clever Real Estate has released a ranking of the best cities in the U.S. for real estate agents based on metrics like salary, affordability, property value, and deal volume.

✅ Stand corrected: Researchers at Florida Atlantic University have created an overvalued real estate index that measures the difference in the actual average home price in a city and compares it to the long-term pricing trend for the city.

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Propmodo Technology is edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

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