Biggest Challenge in CRE: The Abundance of Data

Commercial real estate has a lot to gain from the rise I AI and machine learning tools. The industry handles an abundance of data—and at CRETech last week, tech experts called the “abundance of data” among the biggest challenges for commercial real estate. On the AI and the Coming Revolution in Commercial Real Estate panel at the conference, those same experts talked about the benefits of AI and machine learning technology. The panel included Guy Zipori, co-founder and CEO at Skyline AI; Abhinav Somani, CEO at LEVERTON Corp.; L.D. Salmanson, CEO at Cherre; and Richard Sarkis, co-founder and CEO at Reonomy.

Salmanson, who called data one of the challenges to the industry, said AI and machine learning—which are used by all of the panelists—will change the way the people use and analyze data. “How do we connect data together to make it meaningful,” he said. “The biggest challenge doing it manually. We are trying to do it programmatically. That is where we spend most of out time.”

AI is already solving those problems. LEVERTON Corp., for example, is using AI technology to ease the contract exchange and transparency. “What AI is solving is business acceleration and making things more efficient,” Somani said. “We are solving the time people use putting data together, and then AI helps people make sense of the data. We are using deep learning algorythms. Most of this revolves around pattern recognition—replicate human brain functions and achieve same value.”