Acquisitions – When potential acquisitions are considered, GenAI can enable automation and intelligent analytics for finding, buying and operating assets. The due diligence effort becomes less onerous and more reliable, providing important insights that either support making the move or reveal concerns that prevent a transaction that shouldn’t be made. GenAI can also enhance portfolio planning, scenario planning, contracting and financial analysis.
Investor relations – GenAI has the potential to transform customer relationship management, including investor relations. The technology can be used to better target potential investors and to maintain ongoing relationships. Generating marketing materials, investor presentations and answers to investor queries can all be streamlined using GenAI. Investor chatbots can be deployed, giving investors the ability to have their questions answered more efficiently.
Business support – HR, IT and legal are typical support functions within real estate, and GenAI has the potential to significantly impact all these areas. GenAI can be used in the hiring process by creating job specifications, screening resumes, performing background checks and supporting the interview process. Employee chatbots can streamline HR processes. AI can be used to develop and deploy code for new capabilities and to manage cybersecurity. Typical legal functions, such as contracting and document discovery, can be transformed. Procurement processes, such as vendor selection, bid analysis, purchase order generation and invoicing, can be enhanced.
Asset management – GenAI can give asset managers the tools necessary to collect and analyze property-level data more effectively. This will lead to enhanced budgeting and forecasting. There is also the potential for GenAI to be used in leasing, ESG reporting, capital planning and risk identification. Reporting and scenario planning can be streamlined.
Finance and accounting – Generations of financial reports and forecasts, risk assessment and compliance, and fraud detection can all be streamlined with the help of GenAI. Tasks such as invoice generation and processing, payments and billing have all been automated to some extent but can be further enhanced with AI.
Property operations – AI is already being implemented to better manage property operations, such as energy management. GenAI has the potential to take this even further with much more dynamic energy optimization. Security and access control can be further enhanced. Tenant chatbots will become pervasive, making processes such as maintenance requests, account information and rent collection even more efficient. Reporting can be more robust. Marketing and leasing processes can be significantly enhanced. Generation of marketing materials, tenant acquisition, leasing, and creation of presentations and reports will be impacted by GenAI tools.