Artificial intelligence in commercial real estate

On Behalf of | Mar 18, 2020 | Real Estate |

Commercial real estate law in Mississippi requires attention to detail and dealing with enormous amounts of data. Realtors and attorneys deal with lease abstractions, zoning regulations, appraisals, tax reports, offering memoranda, ownership history records and many other documents. Making sure that these documents and records are accurate and kept in order takes up a great deal of time for commercial real estate agents and attorneys who work in real estate law.

Although it is now little used in commercial real estate or real estate law, artificial intelligence could increase productivity and reduce errors in the processing of commercial real estate transactions. Many tasks that now require humans to perform, such as data entry and record searches, can be automated. The use of AI also has the potential to streamline the marketing of properties. Algorithms can accurately analyze many factors that affect the value of a property, such as transportation in the area, local infrastructure and other amenities. AI could also tailor marketing messages so that potential buyers receive information about properties that would help them make better-informed decisions.

The pattern recognition capabilities of AI could help professionals who work in commercial real estate automate risk forecasting and property appraisal. This could save them time and reduce errors at the same time. The time that they save could be used to improve customer service and work on tasks that would make use of their creativity.

Real estate is often a significant portion of a person’s wealth. A person who wishes to pass along commercial property as part of estate planning or who has other questions about real estate law may consult with an attorney to understand the best possible course of action for their circumstances.