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Artificial Intelligence tools set to complement and not disrupt traditional brokerage services in real estate
AI tools enable metaverse modeling while aiding developers in complementing, rather than disrupting, brokerage services, says Mihir Shah, Global CEO of JLLT
Technology is transforming property management by reducing costs and enhancing transparency. Software solutions now allow buyers to visualize commercial spaces in 3D before leasing, while metaverse-based modelling helps developers simulate projects. However, Artificial Intelligence tools are set to complement, not disrupt, traditional brokerage services, Mihir Shah, Global CEO of JLL Technologies, told HT.com.
"Managing a single property—or even multiple properties—requires processing massive data. Today, technology is leveraging this data to simplify property management. These tools provide quick answers, summarize complex information, and generate actionable insights at lightning speed," said Shah.
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AI and the Metaverse: Reshaping the Real Estate Landscape
In August 2023, JLL launched its AI-based platform, JLL GPT, a large language model (LLM) specifically designed for the commercial real estate industry.
JLL GPT is a generative AI model specifically tailored for the commercial real estate (CRE) industry. It aims to enhance business processes and deliver faster, more insightful outcomes for users.
"Instead of relying on custom dashboards, real estate companies can now simply query the GPT platform and receive instant responses. This eliminates the need for managing vast datasets manually and enhances overall efficiency," Shah explained.
Last year, the company introduced JLL Azara, an AI-powered data analysis application designed to revolutionize business leaders' interactions with corporate real estate and facilities management data.
Facility Management is the process of managing and maintaining buildings, infrastructure, and services to ensure their efficient and safe operation.
"We have also launched a software called Cubic that allows clients to visualize spaces before leasing. It creates 3D visualizations akin to platforms like the Metaverse," Shah noted.
JLL said that more developers are adopting such technologies as they streamline operations. For example, a Bengaluru-based developer partnered with PropVR, the 3D visualization arm, to model upcoming luxury projects within the metaverse.
Also Read: PropTech’s market size in the real estate space set to cross $600 billion by 2047: CREDAI-EY Report
Will technology disrupt traditional brokerage services?
Shah, however, clarified that he does not foresee these advancements disrupting traditional brokerage services. “Real estate remains an emotional purchase, and most buyers prefer to physically experience a property before deciding.”
Proptech: Does it help lower construction costs and shorten timelines?
Shah also spoke about JLL’s investment in OpenSpace, an AI-powered reality intelligence platform that captures visual project records and provides seamless data sharing with clients. With OpenSpace, builders can document projects, address inquiries swiftly, and resolve issues using transparent, image-based communication.
OpenSpace is a technology company that provides AI-powered reality capture solutions for construction projects. Their software allows users to create 360-degree visual documentation of job sites using mobile or helmet-mounted cameras, he explained.
"Proptech has the potential to significantly lower construction costs by enhancing project management and efficiency. Construction delays often lead to higher expenses, but effective capital management can help mitigate these costs. However, the extent to which project timelines can be shortened remains to be explored," Shah explained.
