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Technology has transformed the way people work across many industries and this pattern is set to continue. Artificial intelligence (AI) and real estate might seem an unlikely fit, but the opportunities AI brings are likely to revolutionise this industry.
Artificial intelligence could be used in a number of ways to improve communication and processes within real estate. New ways of communication can be used to help tenants report issues to their landlords and smart, innovative software can also be used for property management, rent payment, lease negotiations and more. Forward-thinking real estate companies are likely to embrace these opportunities and use them to reinvent the way they do business.
Investment trends website ValueWalk believes AI can help solve some of the biggest challenges for commercial property managers:
“Property management is one of the biggest challenges for commercial property managers. Property managers are often tasked with the responsibility of finding tenants and keeping units occupied, keeping them satisfied, maintaining infrastructure and machinery, finding vendors, and working as liaisons between the tenants and landlords. For big buildings and commercial properties, this is often a daunting task for managers, which is where machine learning shows its biggest benefits.” Artificial Intelligence in Real Estate: The Disruption is Finally Here
Xoomworks Technology is already at the forefront of these developments, helping create more efficient platforms and communication channels between landlords and tenants. The development team at Xoomworks Technology has provided full-stack software engineering, software quality assurance engineering, business analysis and project management services for NestEgg.
NestEgg wanted to develop a platform for communication between landlords, tenants and professionals. Using the latest AI technologies, the centralised property management system streamlines issue-reporting processes for tenants as well as landlords.
NestEgg provides effective ways to manage properties, increase returns, manage risks and raise/solve other property-related issues. It also acts as a networking platform, connecting referred contractors to engage and fix issues on a landlord’s property.
To find out more about Xoomworks Technology’s work in developing this centralised property management system, click here to read and download our case study on the project.