AI may enhance commercial real estate transactions

On Behalf of | Jan 24, 2019 | Commercial Real Estate

Artificial intelligence, commonly called AI, is impacting several sectors in New York and other states. For this reason, it may not come as a surprise that it will likely affect the world of commercial real estate as well. Based on real estate experts, AI may end up being helpful for investors and other market players by making the industry more profitable and service oriented.

However, AI has not yet infiltrated the commercial real estate field. Why? Because real estate is one sector where technology adoption appears to move at a relatively slow pace. Still, it may behoove the industry to adopt AI sooner than later to make completing real estate transactions more efficient.

As an example, AI may aid in generating helpful predictions for today’s investors. Through AI, an investor might discover industry trends and even find out the best city areas or ZIP codes for buying commercial buildings. On top of this, investors who have access to AI might be able to complete underwriting in a handful of minutes. This means that he or she can purchase properties more quickly than those who do not have access to AI, as the traditional underwriting process can take days if not weeks to complete.

With all of the benefits that AI may bring to table in the commercial real estate industry, now might be the perfect time to enter the real estate and explore the AI technologies currently available in the market. Of course, completing a real estate deal can be confusing for those with no experience in this area, and it can be just as complicated for a veteran depending on the nature of a transaction. Fortunately, a real estate attorney in New York can guide investors through the legal aspects of their deals and ensure that their rights are protected during all stages of the transactions.