Advancing technology such as Artificial Intelligence (AI), has the potential to revolutionise every aspect of our lives. In fact, it is already being used by many industries to drive efficiency, improve operations and speed up processes.
The commercial property sector is no exception. Here some of the ways AI can help with commercial property valuations.
Companies such as GeoPhy are causing a stir by using AI-powered algorithms to analyse data and give accurate commercial property valuations in record time. Forbes reported on this recently here.
The results are astounding. What used to take weeks can now be almost instantaneous. On average, using this technology, predicted value has been twice as accurate as using traditional methods.
When you’re talking about multi-million-pound deals, this can have massive implications.
All about the data
Data underpins everything when it comes to using AI for property valuations. The main challenge is wading through it all. Using AI, data can be analysed incredibly quickly and accurately. It can also be taught to take into account any number of variables and update in real time as things change.
This approach can also take into account unstructured data such as news reports on geopolitical events and even social media feeds.
This is really important as it can be hugely challenging to value commercial property as there are so many aspects to consider and it can be hard to make direct comparisons.
Technology, such as property inventory software including that from a company like inventorybase.co.uk has long been used to great success in the commercial property industry. This AI-powered technology takes things to a whole new level.
For example, it can easily and accurately track the variables that have the biggest impact on prices, such as the status of an area, pollution levels and tax implications.
This is just the beginning. The beauty of AI and machine learning is that it gets better over time, gaining intelligence as it progresses. So, expect commercial property valuations to get more and more accurate.
If you are in the commercial property valuations industry and your organisation isn’t looking into how AI can be used to help them, you should seriously encourage them to, as no doubt your competitors will be!