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High Impact Areas in Commercial Property: AI Disruption

 |  14 June 2024

This is Part 4 of our 6 Part Practical AI Guide.

As often as we can, we like to tie our thinking to driving business value for our customers. This approach led us to categorize the areas where we believe AI will have the greatest impact on commercial real estate into three main categories. These categories highlight the types of business value AI can bring to your commercial real estate business.

Operational Efficiency: Boosting Productivity

Imagine a property management team that's firing on all cylinders, efficiently handling lease renewals, maintenance requests, and financial reporting. With modern software, this is not a dream but a reality.

AI incorporated into modern software should automate repetitive tasks, such as

  • Lease Renewals
  • Arrears Management
  • Expense Budgeting Process
  • Rent Reviews
  • Processing Maintenance Requests
  • Lease Information Extraction
  • Contract Analysis & Development
  • Work Order Processing
  • Supplier Communications
  • Current Tenant Communications

This reduction in human involvement, with a focus on humans being called on to check/ review output, should minimize errors. Credia is improving operation efficiency by tackling maintenance work flows as shown below.

2024-06-13 20.11.06
Time is money, especially in property management. AI will help you modernize processes, leading to cost savings and drive higher tenant satisfaction.

Accelerated Revenue Growth: Maximising Profitability

In the commercial property management world, revenue is king. AI isn't just a tool; it's a revenue accelerator.

Using AI you can leverage multiple data sources such as property information, historical tenant information and market statistics to help you be more competitive in the market. Some of the exact use cases are:

  • Rent Setting Based On Market Trends and Tenant Data
  • Property Floorspace Optimisation
  • Prospective Tenant Communications
  • Advertising To the Property Market
  • Proposal and Creative Development

Your property holds untapped revenue potential. AI uncovers these opportunities through predictive analytics and innovative features. From optimizing parking spaces to exploring advertising revenue, the possibilities are endless.

Elevate Business Insights: A Competitive Edge

Knowledge is power, and AI is your brainy best friend.

Modern software compiles property data into easily digestible reports, empowering you to make informed decisions, spot trends, and adapt strategies to maximize returns. It's pretty magical how AI can generate charts and analysis from almost any dataset. If you haven't seen this in action, take a look here.

Re-Leased Insights already presents a lot of information (around arrears, maintenance, profitability etc.) to our users. But now with the potential of AI, we look to proactively unlock a lot more insights for landlords, property managers and investors. Our aim here is to save you time and money!

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