AI in property: how to get started

The world’s largest event for property technology, FUTURE: PropTech has announced a key focus of its fifth conference will be on the use of Artificial Intelligence in the sector.

AI leaders will join a selection of 80 speakers from across the property industry, from marketers and thought leaders to software developers and franchise owners.

PwC and CB Insights recently reported that AI startups recently racked up $1.9 bn across 116 deals in the wider tech industry, so naturally, AI is set to be a game-changer in the booming proptech space.

FUTURE PropTech had the opportunity to speak to a few of the AI professionals joining the event to find out more about their businesses and what the property sector needed to understand when considering AI solutions.

Enrico Faccioli, COO of Gyana

What has to be acknowledged in the first place is the complexity of Artificial Intelligence. Considering the status quo, it is very challenging for firms in any industry to implement this technology. It requires a significant investment of resources, the creation of a dedicated team and a thorough strategy for development and implementation.

Those are all reasons why real estate companies have showed interest in Gyana. We have already done all the heavy lifting related to the development of effective AI. The SaaS tool elaborates all the data through our AI solution and offers real-time insights, which require no data science knowledge or any training.

LD Salmanson, co-founder of Cherre

AI is a collection of tools and disciplines. Ignore the buzzwords. Business leaders shouldn’t really care about what technology or methods are used behind the scenes to achieve the end goal, and instead, focus on the company or the internal platform’s ability to deliver on that end goal.

That end goal could be predicting renewals for multi-family rental buildings, ROI and NOI bands for investments, risk factors for property insurance, risk concentration for mortgage underwriting, prepensely to sell, or anything that matters to your organization.

You know what matters to your organization, so make sure that whatever company you work with or platform you build, meets your end goal – regardless of what enables that capability.

Malthe Harslof, EVP, global head of commercial of Spacemaker AI

AI and digital platforms have already made their entry into the world of construction/real estate development. It’s key for companies to structure themselves in the way to best take advantage of these new technologies, e.g. by forming specific digital functions, cross-functional workgroups and implement it as part of their strategic business plan –  not treating it as “just another IT tool”.

First movers in this space, are doing the above, breaking down internal silos and welcoming in external partners (like Spacemaker) to take part in forming their AI strategy and ways of working – we are honoured to already be partnering with many large developers today, and look forward to continuing our fruitful collaboration going forward.

Owen McCormack, co-founder + CEO of Hoxton Analytics

Make sure objectives are driving the agenda and not the tech. AI is a great enabler but the investment only makes sense when it is aligned with the company’s goals.

The agenda for FUTURE PropTech sees 30 hours of content, with comfortably over 100 meeting opportunities through the booking app. The event has partnered with over 80 companies, of which, sponsors & exhibitors include Aberdeen Standard Investments, Asset Mapping, Arup, CBRE, Cherre, VTS, Open Box Software, Coyote Software, GetRentr, Hubhub by HB Reavis, Innogy Innovation Hub, Mishcon de Reya, Re-Leased, Stokr, Spark Energy and W-Tech.

For more information, go to https://futureproptech.co.uk/tickets