Imagine having a system that detects a water leak in your building and automatically dispatches a work order before a tenant even notices it. At the same time, it prepares monthly invoices and monitors energy use—all while you focus your attention on the prospective tenant who has come in for a tour.
That scenario isn’t a prediction of the future of commercial real estate (CRE)—it’s what’s possible right now. Thanks to artificial intelligence (AI), property managers have access to a wealth of new tools to manage buildings more efficiently and effectively.
In fact, real estate is among the top five industries adopting AI, according to research from the U.S. Census Bureau and Goldman Sachs. As AI use continues to accelerate, property managers can’t afford to wait and see how it evolves before embracing it.
A panel of JLL experts discussed how they’re navigating this era at the annual Building Engines Connect conference. Here, we’ll share their insights on how to get the most out of AI in property management while avoiding potential risks.
Property management AI: the ultimate efficiency boost
For property managers who are pulled in multiple directions every day, AI offers a compelling opportunity to increase efficiency. Today’s property management AI tools can automate tasks, streamline tenant communication, create predictive insights and more.
“AI can handle the boring, repetitive tasks that eat up your team’s time, freeing them up to focus on what really matters, which is creating great experiences for tenants and working on bigger projects that boost your bottom line,” said Aliza Carpio, Director of Product Management, Data Platform, Reporting and AI at Building Engines.
AI-powered building management systems like Prism make it possible to be in more places at once. For example, Prism’s AI virtual building assistant provides a fast, simple way for tenants to submit work orders, ask questions, receive building updates and more. Meanwhile, HVAC optimization tool Hank uses AI to monitor and improve HVAC equipment performance for lower energy bills.
Hear more insights from our expert panel, “The AI advantage: Navigating CRE’s AI-driven era.”
Addressing top property management AI concerns
While AI offers many potential benefits, property managers still see many risks. Panelists discussed how to reduce several common concerns with AI tools.
- Data privacy: Property managers handle sensitive information every day, making data security a top concern. When you’re looking at AI tools for property management, make sure you pick providers who have strong security measures in place and are upfront about how they’ll used and protect your data.
- Black-box decision-making: AI models that don’t show how they arrive at recommendations, known as “black box AI,” diminish trust. That’s why explainable AI, which discloses its methodologies and data sources, is becoming a bigger priority.
- AI bias: Because AI is trained on historical data, it may carry biases based on decades of inequalities. To counter this challenge, it’s essential to conduct regular bias audits, rely on humans to validate recommendations and source data from a variety of places. “The key is treating bias as something you need to keep working on, rather than a one-time fix,” says Sanjeeta Sahu, Product Lead – AI Platform, JLL.
According to the panel, addressing concerns with AI comes down to one core principle: trust. “Building AI-driven applications where trust is the key principle is going to be table stakes for any company,” remarked Carpio.
Envisioning the future: super intelligent AI
Potential applications for AI in property management continue to expand as systems become even more intelligent. Super intelligent AI could proactively design space layouts, create workplaces that are perfectly tailored to what employees’ need or analyze vast property data to spot opportunities no human could catch.
“Think of this AI system as an extension that allows all of us to pursue more meaningful work and accomplish initiatives with bigger impact—that’s the dream,” said Carpio.
Other promising benefits of AI include how it may level the playing field for any size firm looking to get ahead. “Small and independent firms will have access to the same sophisticated tools as giants,” said Warda Laknaoui, Senior Business Intelligence/AI Consultant, JLL.
Top tips for embracing AI in property management
If you want to realize the many benefits of property management AI, what’s the best way to move forward? Panelists offered a few tips:
- Expand your knowledge and understand how to ask AI models the right questions and evaluate outputs.
- Use critical thinking to help you spot biases and identify when AI makes mistakes.
- Prioritize change management to help your teams integrate AI into their daily routines.
- Focus on solving challenges and top pain points in your day-to-day work.
- Be vigilant to ensure that any AI tools you adopt have robust privacy and data protection practices.
Above all, be willing to explore and learn. “Success isn’t about being a technical expert. It’s about curiosity and openness,” said Elizabeth Volini, Principal, AI Product Engagement at JLL. “The teams thriving with AI are those who start experimenting, bringing it into their routines and sharing what works with others.”
Get ahead in the AI-driven future of commercial real estate
As advanced technologies continue to influence the future of CRE, property teams must integrate AI tools within their daily workflows to stay competitive.
“The pioneers who reshape CRE tomorrow will be those who embrace and partner with AI rather than fear it,” said Laknaoui.
Embracing property management AI doesn’t require hiring lots of technical experts. Tools like Prism can give you easy access to AI-powered systems to manage your properties more efficiently and effectively.
Schedule a demo to see how Prism harnesses AI to elevate every aspect of building operations.
