AIFuture of AI

Technology in Real Estate: Facilitating Development

What comes to mind when you think of the property market? The phrase “Complex negotiations” might be the first thing that pops into your head? Or perhaps long-drawn-out processes that appear never-ending and an over-reliance on traditional methods of financing? Now think about your first thoughts on AI- a buzzword if ever there was one. However, what if these two things were forged for the power of good; with the rise of technology, a transformation across industry seems inevitable at this point, but despite scaremongering and inaccurate information this does not have to be a bad thing. In an evolving digital landscape, property, and investment platforms like TAB aim to lead the charge, leveraging tech innovations to enhance service delivery, streamline operations, and offer better experiences for investors, borrowers, and employees.

One of the most promising aspects of AI in this sector is the fact you can enable it to lead decision-making processes. By processing vast amounts of data, AI can analyse market trends, property values, and financial risks far faster and more accurately than any human could. For companies like TAB, which has written over £500m in loans in the last four years, this capability translates into more informed decisions on property investments and lending.

AI can also enhance risk management, via algorithms, companies can more efficiently assess the viability of a property project, predict market fluctuations, and flag potential risks before they materialise. This results in better outcomes for investors, as risks are mitigated early, and growth opportunities are identified faster than with traditional models.

Another benefit of artificial intelligence is its efficiency. Tasks that previously required manual input (and a lot of it), such as underwriting, legal documentation, and credit assessment, can now be automated with AI. Although vital to not depend on it as a cure-all tool, it can further enhance certain time-consuming processes, freeing up talent for higher-level tasks.

As an example, these tools can automatically gather and analyse property data, eliminating hours of manual research. By integrating AI into their operations, companies such as TAB can cut down on administrative overhead, and reduce errors, thus accelerating the time it takes to close deals. The result- faster loan approvals and happier clients, all whilst improving productivity.

In the property industry, you will find that each project has its own set of challenges. Personalisation therefore is crucial to stay ahead of the game. TAB, which prides itself on delivering unique solutions, can use AI to refine this process even further. Through AI-driven data analysis, companies can create more personalised investment strategies for their clients, helping investors choose properties or finance options that best match their goals and risk tolerance.

In the spirit of personalisation, machine learning algorithms can predict client preferences in advance. This is an aspect that TAB is using to its fullest, predicting individual client preferences and recommending properties or financial products tailored to their needs. Whether a client is looking for short-term bridging loans, commercial term debt or property investments, AI can suggest the most suitable options by analysing historical preferences, market trends, and financial forecasts.

AI’s ability to analyse and present data in a clear, understandable way can play a role in building trust with investors in the property market. Service providers like TAB, can use artificial intelligence as an enabler and provide investors with real-time insights into property market trends, investment performance, and risk assessments. This level of data-driven transparency provides investors with the confidence they need to make informed decisions, knowing that every recommendation is backed up by analytics.

Additionally, predictive analytics can help investors identify emerging opportunities. By leveraging AI, TAB can provide investors with insights into future trends and areas of growth, allowing them to stay ahead of the curve and make smarter decisions.

Beyond client-facing benefits, there are also benefits for individuals working in the property industry. AI can potentially improve the work-life balance of employees within the sector and companies like TAB are beginning to implement AI-driven solutions, freeing employees from repetitive and administrative tasks. This allows them to focus on more meaningful work, such as building client relationships, developing investment strategies, or addressing challenges that need the human touch.

Technology and AI will play a vital role in the future of the industry and providers such as TAB and their commitment to concepts such as innovation, trust, and personalisation, positions them as leaders in the industry, ensuring that clients and employees benefit from any advancement that comes their way. Embracing AI will not only improve operational efficiency but also lead to better outcomes for investors and a more balanced, fulfilling work environment for employees. There is no need to fear artificial intelligence or even the drawn-out processes employees used to face at the beginning of the working day- knowing such tasks would likely drag on to the close of play. Truly, when these two things are mixed responsibly and sensibly it is a collaboration made in heaven.

Author

  • Samuel Leach is a financial Millennial trader, his journey started by working up the ranks through the leading independent private bank in the UK known as C Hoare & Co. Samuel is currently was ranked number 1 trader to follow in 2020 by Yahoo Finance. He was ranked 7th in the fintech disruptor awards for his AI implementation. He writes frequently for Forbes and Entrepreneur.com

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