{"id":21908,"date":"2023-05-31T15:15:00","date_gmt":"2023-05-31T22:15:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21908"},"modified":"2023-06-01T08:46:39","modified_gmt":"2023-06-01T15:46:39","slug":"predictive-analytics-site-development-property-search-mgmt-are-ready-for-artificial-intelligence","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/05\/predictive-analytics-site-development-property-search-mgmt-are-ready-for-artificial-intelligence\/","title":{"rendered":"Predictive Analytics, Site Development, Property Search &#038; Mgmt are Ready for Artificial Intelligence"},"content":{"rendered":"<p style=\"text-align: justify;\">Artificial intelligence tools are now widely used in BC\u2019s real estate sector by professionals, buyers and sellers in order to navigate transactions, identify development sites, manage properties and more.<\/p>\n<p style=\"text-align: justify;\">Glacier Media asked AI-powered ChatGPT how artifical intelligence will disrupt the real estate industry in Vancouver. It provided four answers: Predictive analytics, virtual tours, personalized recommendations and chatbots.<\/p>\n<p style=\"text-align: justify;\">These four areas are all currently experiencing a notable level of AI adoption and innovation, sources told Glacier Media.<\/p>\n<p style=\"text-align: justify;\">\u201cWhere we\u2019ve seen a lot of movement is in predicting behaviours on the energy-usage front,\u201d said Fred Cassano, partner and national real estate tax leader at PwC Canada.<\/p>\n<p style=\"text-align: justify;\">A notable example, he said, is Montreal-based BrainBox AI, which uses AI to help its heating, ventilation and air conditioning technology predict when heating and cooling might be used in commercial buildings.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s heating, ventilation and controlled by a system that predicts the temperature based on usage \u2013 when to turn on the air conditioning or you\u2019re anticipating movement because of meetings being scheduled,\u201d Cassano said.<\/p>\n<p style=\"text-align: justify;\">Predictive data analytics can also be used to determine how a site might be used, said Cassano. This will help developers or cities determine what might be the highest and best use for a site.<\/p>\n<p style=\"text-align: justify;\">\u201cI can see AI helping us analyze sites and properties that we may not have otherwise thought of as being a viable candidate for housing,\u201d said Jeff Cogliati, director and senior practice lead for architecture at Arcadis IBI Group.<\/p>\n<p style=\"text-align: justify;\">\u201cHistorically, the way developers would look at land is a very manual process,\u201d he said \u2013 one that can include driving around a city, Google searches and zoning map research. \u201cWhat I\u2019m excited about is there is an opportunity through using AI to find properties that may not have otherwise been found.\u201d<\/p>\n<p style=\"text-align: justify;\">Cogliati uses AI regularly to create renderings and plans for clients looking to build high-rise, mixed-use or apartments buildings, as well as office and hotel spaces.<\/p>\n<p style=\"text-align: justify;\">His team can input human-made sketches, renderings or 3D models of buildings and floor plans into AI tools. This process can inform the interior and exterior design of projects, identify the materials needed or suggest how to differently lay out a floor plan.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s almost like creating another means of collaboration. In our studio, we collaborate all the time with our team members, our designers, but this is just another extension of that collaboration of the creative process,\u201d Cogliati said.<\/p>\n<p style=\"text-align: justify;\">While the tools they use offer new ways to creatively conceptualize buildings, Cogliati does not see AI as a replacement for human creativity.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s another tool in our toolbox that allows us to do our work efficiently and come up with really cool, innovative ideas that we may not have otherwise been able to come up with,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">For buyers, sellers and owners in BC\u2019s market, AI is expected to have the greatest impact on smart property management and the home-search process.<\/p>\n<p style=\"text-align: justify;\">Approximately 75% of real estate professionals believe that virtual staging will become the primary method for staging homes in the next five years, according to research by HGTV.<\/p>\n<p style=\"text-align: justify;\">AI imagery is already being to enhance listing images by showing what a home could look like post-renovation, according to Thomas Beattie, co-founder and CEO of Eli Report, a property management AI tool.<\/p>\n<p style=\"text-align: justify;\">\u201cIt has a very high cool factor, but it raises ethical questions. It may help you visualize how a home might look after a renovation, but it\u2019s not an accurate reflection of the home as it is today,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Chatbots are also being used by more real estate agents to spice up listing descriptions.<\/p>\n<p style=\"text-align: justify;\">On the property management side, Eli Report has been allowing condo and strata owners or professionals to more effectively review key documents. Beattie described the AI tool as \u201cCarfax for condos.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you spend $10,000 on a used car, you get a nice concise report of its history. But if you spend a million dollars on a condo, you get an incomplete binder of stuff. And that was the kind of initial problem that we looked at and thought that there had to be something that would better inform owners, buyers, realtors and others in the real estate industry, about the state of somebody\u2019s community,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Along with extracting information, the AI can be used to compare a strata\u2019s budget and insurance with other buildings in the area.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you were looking at a 20-storey condo tower built in the year 2000, we\u2019ll compare your building budget to other high-rises built between 1997 and 2003,\u201d he said. \u201cYou get a very contextual reference so that you can see whether or not your building is spending much more or much less in total.\u201d<\/p>\n<p style=\"text-align: justify;\">Created five years ago, the tool has seen \u201cmassive uptake\u201d in BC and adoption across North America, Beattie said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are used by many thousands of owners, buyers, Realtors and property managers.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2023\/05\/making-property-management-and-home-sales-smarter-through-tech\" target=\"_blank\" rel=\"noopener\">AI : Making Property Management and Home Sales Smarter Through Tech<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Artificial intelligence tools are now widely used in BC\u2019s real estate sector by professionals, buyers and sellers in order to navigate transactions, identify development sites, manage properties and more. Glacier &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/predictive-analytics-site-development-property-search-mgmt-are-ready-for-artificial-intelligence\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21908","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Predictive Analytics, Site Development, Property Search &amp; Mgmt are Ready for Artificial Intelligence &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/predictive-analytics-site-development-property-search-mgmt-are-ready-for-artificial-intelligence\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Predictive Analytics, Site Development, Property Search &amp; Mgmt are Ready for Artificial Intelligence &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Artificial intelligence tools are now widely used in BC\u2019s real estate sector by professionals, buyers and sellers in order to navigate transactions, identify development sites, manage properties and more. 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