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Research

How Rapidly Are CRE Companies Adopting AI?

By CommLoan Admin,

Original Article: April 30, 2019 GlobeSt.com

Artificial intelligence technology is all that people can talk about these days, and commercial real estate investors are excited about how these tools can impact investment decisions. But it isn’t only investors adopting AI technology. The whole industry is integrating new AI tools. In the property management industry, AI tools are rapidly growing in popularity.

“Every day it’s becoming increasingly important for property management teams to rely on software to help expedite work processes, be more efficient and provide a more seamless experience to renters,” Nat Kunes, VP Product at AppFolio, tells GlobeSt.com. “AI is still very new, but the adoption curve for it in the property management segment is well on its way.”

The technology adoption is following the standard pattern of technology adoption, according to Kunes. That means there is slow adoption in the beginning that picks up momentum as the pioneers take an industry lead and the new technology is proven to give a competitive edge. “Generally, like with older types of prop tech, once adoption begins, it just continues to grow,” he says. “The organizations that are quick to experiment with and adopt cutting edge technologies become more competitive in the market. That situation naturally sparks greater adoption amongst competitors, all of whom are looking to remain relevant in the space, if not trying to dominate certain regions or markets. So, yes, we suspect the adoption rate will continue to increase over the next several years.”

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