Commercial Real Estate’s Version of Her
Commercial real estate data is tricky. Every building is different and comes with its own set of unique characteristics, features and amenities. However, it is possible to automate these particularities using artificial intelligence. By employing a self-learning engine that has smart conversations with people, and then in turn has smart conversations with itself, something as nuanced as commercial real estate can become automated. Think of it like a commercial real estate operating system.
This isn’t as crazy as it sounds. Spike Jonze’s movie Her illustrates how humans and computers can fall in love through self-learning technology. In the film, Theodore Twombly forms a relationship with an advanced new operating system called “Samantha” who is designed to get to know Theodore intuitively – the more he shares, the better she understands him, and vice versa. The result is a deep relationship not unlike that experienced between two humans.
So what if we applied this same kind of approach to help automate the real estate site selection process? RealMassive is a commercial real estate real-time information platform that does this very thing. Through technology and human input, RealMassive’s search engine evolves and progresses so that it becomes more knowledgeable about a potential client. RealMassive’s software learns the uniqueness of each user through information they share, and as the relationship evolves, the operating system has a deeper understanding of the customer. Users can share details about what they are looking for in a property – location, building type, rental rate and the type of space.
Through this data, the computer uses “molecular modeling” to understand the user and then makes suggestions about properties. Users can accept or decline these suggestions to deepen their profile. The more interactions a user has, the more the relationship evolves. Ultimately, the personalization grows over time.
This automation is going to change commercial real estate listings as we know it. This technology is already taking things to the next level. Imagine a machine getting to know a client on a one-to-one basis at scale! This shift will change how brokers and property management companies do business. The operating system is listening to thousands of conversations at once and the data is updated in real-time. This gives a broker access to deep insights about prospective customers before they even pick up the phone.
Rather than driving a prospect all over town, guessing what they may or may not like, the software provides brokers with a better idea about which listings would appeal to an individual client, and what price range and building type is realistic for the client. This will make the process of showing properties more efficient. In addition, brokers now have more insights about which leads are more qualified than others based on a client’s search patterns. There is also a treasure trove of data about what kinds of properties clients are responding to, which can help inform how property management companies market their listings.
As commercial real estate leasing information becomes automated through self-learning technology, these engines are beginning to demonstrate that they are as sophisticated as “Samantha” does in Her. This automation will change how commercial real estate deals are made in the future, and that future has arrived.