By Vin Vomero, CEO FoxyAI

On Wednesday of this week, a crowd of about 200 commercial and multifamily executives descended upon the historical Union League club in NYC for the inaugural IMN AI in Real Estate Conference.

It was a day packed with panels focused on the current uses of AI and panelists sharing how  they see AI having an impact on real estate. 

Please find below the common themes that continued to come up on panels throughout the day:

1. Democratization and Adoption of AI

One of the central themes at the IMN AI in Real Estate Conference was the democratization of AI. Panelists emphasized the importance of encouraging all employees, including those at lower levels, to explore AI tools like ChatGPT to enhance efficiency. 

However, the conversations also acknowledged the challenges of understanding AI’s more complex nature compared to earlier web technologies. Overcoming the “black box” perception of AI is critical – employees, and most importantly, c-suite executives – need to be comfortable with the technology to trust and effectively use it. This requires taking calculated risks and fostering an environment where experimentation with AI is encouraged.

2. Responsible AI and Regulation

The pace of AI technology development is rapid, and while regulations are emerging, the field remains somewhat of a “Wild West.” There is a pressing need for responsible AI frameworks, as socialized with companies like Google. These frameworks are designed to be easily adoptable and can guide organizations in deploying AI ethically and safely. The lack of extensive case law is a true barrier to entry and adoption for some corporations, but establishing these frameworks can help mitigate risks, increase transparency, and build trust.

3. Efficiency in Real Estate Operations

The most common use cases focused on efficiency and tackling tasks that employees, like property managers, don’t have enough time to do today:

• Chatbots: Communicating with prospective residents to answer questions.
• Marketing: Several companies are using ChatGPT to analyze chatbot communications and create marketing/ads personalized to that potential resident. For example, if a prospective resident asks questions about the presence of an on-site gym or the number of good places to run in proximity to the leased apartment, an ad with a photo of the gym can be shown to the prospective resident.
• Lease application review: Using AI to review applications for mistakes as well as review paystubs and other documents submitted for potential fraud.

AI’s next big impact in real estate is expected to be in reducing the number of full-time employees required for operations. The implementation of generative AI tools for maintenance tasks is an example of how AI can streamline operations.

In summary, the debut IMN AI in Real Estate Conference served as a great platform to underscore AI’s transformative potential in the industry and created an opportunity for lots of interesting conversations. As AI continues to evolve, its role in real estate will undoubtedly expand, offering new opportunities for innovation and growth. The IMN AI in Real Estate Conference has secured an opportunity to become “a must” on the calendar for anyone building AI in real estate, and I’m excited to see it continue to grow in the coming years!