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Will AI Transform the Commercial Property Management Industry?
The question isn't if AI will transform the industry, but how soon you'll experience the change!
As a commercial real estate (CRE) professional managing a diverse portfolio, you might have wondered if an AI robot is coming for your job. Or at the very least, you've considered how AI might evolve and change the way you manage assets.
During a recent luncheon with a group of property managers, I raised the topic of AI and its potential impact on their roles. While we all agreed that personal investments in one-on-one interactions, relationship building, and networking are invaluable for finding the right tenants, creating a positive tenant experience, and maintaining high retention rates, there was some apprehension about job security.
Many top professionals have climbed the career ladder by thinking strategically, being persuasive, and solving complex problems. However, with AI's new frontier, the ability to control or even influence outcomes can feel diminished.
Some industries have seen quick and drastic changes due to AI, but in the CRE industry, we are just beginning to see transformations on the horizon. Partners like City Wide Property Services, Inc. (City Wide), which plays a significant role in supporting the CRE industry with property repairs and upkeep, parking lot sweeping, pressure washing, janitorial or day porter services, and landscape maintenance, are planning for the future by incorporating AI into their business strategies.
To create more accurate data, increase efficiency through automation, and improve response and dispatch times, companies like City Wide are embracing AI. Their goals include enhancing communications throughout their organizations and with vendors while supporting Property and Facility Managers. This allows managers to focus their valuable time on tasks beyond property maintenance and repairs. So, no, R2D2 isn't coming for your job. However, you might want to explore this article on Building Engines by Alicia Frazier about 5 Ways AI Will Transform Commercial Property Management.