Commercial real estate may experience AI revolution

| Jan 28, 2019 | Commercial Real Estate

Artificial intelligence, better known as AI, continues to impact a multitude of sectors in Massachusetts. Therefore, the commercial real estate may soon experience an AI revolution. According to industry experts, AI could very well help the industry to be more service oriented, profitable and efficient.

Right now, though, AI does not have much of a presence in the commercial real estate sector. Experts say that this is because the real estate industry has a tendency to be slow in adopting technology compared with other industries. However, the faster it adopts AI, the more quickly it may enhance the real estate investor’s experience with completing deals down the road.

For example, AI may be helpful for producing predictions that may help investors to make wise decisions. Specifically, AI could identify trends and highlight for investors the best ZIP codes or metropolises for purchasing commercial properties. Furthermore, underwriting tasks with AI may take several minutes rather than several days/weeks, which may put investors in a better position to stay ahead of their competition by completing transactions more quickly than their competitors.

Still, even investors who end up capitalizing on the benefits of AI may find the process of buying commercial real estate to be complex — especially those who have never done this before. This is where an attorney in Massachusetts comes in. An attorney can provide an investor with the direction he or she needs to complete a real estate transaction in the most personally beneficial manner possible considering the circumstances surrounding the deal.