AI Tools for Commercial Real Estate (May 2024 Edition)
If you haven’t noticed, we’ve been exploring use cases, training, and tools related to AI in commercial real estate a lot lately! The reason is that Artificial intelligence (AI) is poised to revolutionize the commercial real estate industry by transforming the way acquisitions, development, management, advisory, and marketing teams in the industry operate. AI tools are enabling CRE teams to process vast amounts of financial data, automate repetitive tasks, repackage existing content in more palatable formats, and gain valuable insights that can inform strategic decision-making.
In this blog post, we explore some of the AI tools that are most relevant to commercial real estate. This space is moving very fast. And so, as the industry adopts these tools, and as entrepreneurs create new tools, we will regularly release updated editions to this post.
In August 2023, we began adding updates to the key AI tools that we view as applicable to CRE. Those updates are included as bullet points to the tools below. We’ve also begun to add and remove tools based on their adoption, continued development, and/or emergence.
Note from Spencer and Michael: While we provide this post as a service, we do not endorse any of the tools listed here nor are we paid to share any of the tools on this list. It is simply a repository of AI tools that may benefit CRE professionals. If you have an AI tool you’d like added to this post, shoot us a note and we’ll consider whether it’s relevant.
AI Tools for Real Estate Acquisitions, Development, Management, Advisory, and Brokerage
If you’re reading this post, you’ve likely already played around with OpenAI’s ChatGPT. You’ve also likely read our various posts on using ChatGPT in commercial real estate. But what about other AI tools that CRE professionals are using in the industry? Below I’ll describe the tasks that real estate professionals perform, and then share various tools that can help with those tasks.
Real estate acquisitions professionals are responsible for identifying, analyzing, and acquiring real estate assets that align with their company’s investment strategy. They’re also tasked with communicating with brokers and sellers to source and negotiate potential transactions.
Real estate development professionals focus on acquiring, planning, and constructing new properties or redeveloping existing ones. Their day-to-day activities may include evaluating potential development sites, conducting feasibility studies, securing permits, managing project budgets, overseeing construction, and ensuring a successful lease-up and/or sale.
Real estate management professionals (property, asset, and/or portfolio) are responsible for overseeing the daily operations of residential, commercial, and industrial properties. Their tasks include managing tenant relations, collecting rent, coordinating maintenance and repairs, budgeting, and financial forecasting, and investment decision making.
Real estate advisory and brokerage professionals provide specialized guidance and expertise to clients such as property owners, investors, and developers. They conduct market research, financial analysis, and due diligence to support decision-making in areas like investment strategy, property valuation, and portfolio management. Additionally, they may offer insights into market trends and regulations to help clients navigate complex transactions and optimize their assets.
With this broad range of tasks that real estate professionals perform each day, we have created the following directory of AI tools that will help streamline the performance of those tasks:
Natural Language Models and Interfaces
- GPT-4 (and future versions). A natural language model created by OpenAI that pushes the boundaries of natural language understanding and generation, leveraging improvements in context comprehension, reasoning, and creativity. (Link)
- OpenAI’s GPT-4o was released in May 2024. The latest model, excels in real-time multimodal processing, handling text, audio, image, and video inputs while generating text, audio, and image outputs. It offers faster response times, superior multilingual support, and enhanced vision and audio capabilities compared to GPT-4, all at half the price and double the speed. Designed for more natural human-computer interaction, it combines all input and output modalities in a single neural network, setting new performance benchmarks in various evaluations. (Link)
- New dashboards, metrics, and integrations in the fine-tuning API to give developers more control and adding new ways to build custom models with OpenAI. (Link)
- ChatGPT. AI language model designed by OpenAI for conversational interactions, capable of understanding and generating human-like responses across a wide range of topics, viewing, analyzing, and creating images, browsing the web on the user’s behalf, and much more. (Link)
- Memory is now officially available to all Plus members. (Link)
- GPT-4o was released and made available for all free and paid users of ChatGPT. (Link)
- As of April 2024, you can now access chat history regardless of whether you’re opted into training for model improvement.
- Now possible to use ChatGPT without an account.
- ChatGPT Enterprise and ChatGPT for Teams. OpenAI’s LLM designed for organizations of all sizes, offering data security, advanced data analysis, unlimited GPT-4 access, GPT and conversation collaboration, and greater customization. (Enterprise or Teams)
- Memory is now officially available to all Enterprise and ChatGPT for Teams members. (Link)
- Claude AI. Created by Anthropic AI, a startup made up of former OpenAI members, Claude is a series of AI chatbots, excelling in natural text conversations and various tasks like summarization and code-writing. (Link)
- Claude AI for Teams. (Link)
- A competitor to ChatGPT for Teams, Claude Team plan was released May 2024. Claude’s new Team plan enhances business workflows with increased usage per user, access to the full Claude 3 model family, and a 200K context window for processing long documents and complex topics. It includes administrative tools for user and billing management, priority access during high-traffic periods, and early access to new features. Upcoming features will include AI-generated citations, integrations with data repositories, and collaborative tools, all designed with robust security and privacy measures.
- Google Gemini. A conversational AI chatbot developed by Google, initially based on LaMDA and later PaLM LLM models. Previously known as Bard. (Link)
- Gemini 1.5 Pro released May 2024. Available through Gemini Advanced, processing up to 1 million tokens (1,500 pages). Accessible in 150+ countries and 35+ languages.
- Chat in Google Messages as of May 2024. Chat with Gemini directly in Google Messages in English on select devices.
- Mobile App and real-time info from Google apps now available in over 40 new languages. (Link)
- Perplexity AI. A search engine bot challenging AI search engine features, offering features, a mobile app, and free access, providing detailed answers and additional resources for users. (Link)
- LLaMa 3. Meta’s foray into the large language model space and the only true “open source” LLM. Currently, for non-technical individuals LLaMa 2 is best accessed via a frontend tool created by Perplexity called LLaMa Chat. (Link)
- In April 2024, Meta released its latest open source LLM: LLama 3.
- New Models: Includes pretrained and instruction-fine-tuned models with 8B and 70B parameters.
- Availability: Available on major platforms such as AWS, Google Cloud, and Microsoft Azure.
- Trust and Safety: Features Llama Guard 2, Code Shield, and CyberSec Eval 2 for secure use.
- Performance: Improved reasoning, coding, and instruction-following capabilities.
- Training Data: Uses over 15 trillion tokens, with a significant portion in non-English languages.
- Scaling: Enhanced training efficiencies and high-quality datasets for better performance.
- 8B parameter version of Llama 3 can be installed and run locally on most PCs. (Link)
- Microsoft Copilot. Built on OpenAI’s GPT LLM, Microsoft Copilot is an AI-driven assistant designed to seamlessly integrate with Windows 11, Microsoft 365, and Edge, providing context-aware assistance across tasks to enhance productivity and efficiency.
Purpose-Built AI Tools for CRE
- LeaseLens. AI lease abstraction service that costs effectively $25 per commercial real estate lease abstract export. (Link)
- Prophia. AI-powered asset/portfolio management platform specializing in lease abstraction for commercial real estate, offering data-driven insights to optimize investment strategies and operational efficiencies. (Link)
- Proda AI. Rent roll processing and data roll up. (Link)
- DocSumo. Process and digitize rent rolls in under 30 seconds. (Link)
- Likely AI. AI monitoring technology identifies potential (residential) sellers, refreshes lost contact details, and sends automated alerts. (Link)
- Elise AI. AI property management platform to manage prospects and residents, automate tasks such as leasing, resident conversations, service requests, and payments, and integrate with various communication channels including emails, texts, chat, and phone calls. (Link)
- Elisa AI released its latest update April 2024. Improvements include ResidentAI for enhanced resident interactions, expanded VoiceAI, centralized management support, and a customizable AI personality. (Link)
- ArcDrive. Leverages AI to enhance CRE workflows by enabling efficient record search, instant insights, CRM updates, and integrating generative AI for document analysis and lead generation. (Link)
- Custom GPTs for CRE. Since custom GPTs were released by OpenAI in late 2023, we’ve been experimenting with and creating custom GPTs for commercial real estate. Here are the custom GPTs we’ve built thus far (Custom GPTs are now available to both paid and free users of ChatGPT. Click here to learn more).
- A.CRE AI Assistant. Access and retrieve specific content from A.CRE Content Library using keywords. This GPT is connected to a database of A.CRE content, allowing the user to ask questions and be suggested content on A.CRE to help them answer those questions.
- Advanced Mortgage Amortization Schedule. A tool that simplifies the process of building a mortgage amortization table by taking a series of inputs and automatically filling them into our Advanced Mortgage Amortization Schedule Excel model.
- Basic Real Estate DCF Model. A GPT that creates a basic DCF for the user, ultimately returning an Excel file to download with the results of the DCF including inputs, calculations, and return outputs.
- Code Helper for Financial Models. A GPT to help quickly audit, assess, and improve VBA code in Excel Financial Models such as those found on A.CRE. This custom GPT helped build our Excel 4 CRE custom add-in.
- Cover Letter Composer by A.CRE. A well-trained custom GPT that helps you draft a professional cover letter using a proven cover letter framework used by top universities and career coaches.
- CRE Technical Interview Coach. Friendly guide for real estate interview prep, focusing on case studies and modeling. This GPT helps users learn knowledge they need to tackle real estate technical interviews.
- Real Estate Case Studies Creator. A creative writer for real estate case studies. This GPT is tailor-built for young professionals looking to practice real estate financial modeling, professors looking to create cases for their lectures, and hiring managers wanting to build proficiency testing tools.
Tools for Excel and Google Sheets
- ExcelFormulaBot. With the assistance of AI, you can instantly convert your text instructions to Microsoft Excel formulas. (Link)
- Ajelix Google Sheets Formula Creator. The AI-Powered Google Sheets Formula Generator translates text into formulas, saving you time and increasing productivity. (Link)
- SheetGod. Create intricate Excel formulas, macros, and automate manual tasks, using plain English and Google Appscript code snippets with the help of AI technology. (Link)
- MS Copilot in Excel. Unlock insights, identify trends or create professional-looking data visualizations in a fraction of the time. (Link)
- Formula Dog. This tool automatically converts text to Excel formulas, VBA code, and Regex, providing explanations along the way. Also compatible with Google Sheets, Airtable, and Notion. (Link)
- GPTExcel. A free tool that generates complex Excel formulas effortlessly. (Link)
Tools for Writing, Document Creation, and Editing
- LLMs. Use language prediction models to draft new and/or edit existing text.
- See ‘Natural Language Models and Interfaces’ section above for latest updates.
- MS CoPilot in Word. Write, edit, summarize and create in Word. (Link)
- CheckboxAI. Streamline document drafting, approvals, and e-signature process. The tool uses OpenAI’s GPT to help teams manage tasks and questions faster and easier. (Link)
- Type. AI-first document creation and editing tool. (Link)
- WordviceAI. Improve English writing with automatic error detection and correction capabilities. (Link)
- DocuWriter.ai. This tool auto-generates documentation from source code for all programming languages. (Link)
- BeautifulAI. Effortlessly create stunning presentations in minutes with AI-assisted design and smart slides. (Link)
- Handl. Handl is an AI document platform that transforms documents into data for multiple industries. (Link)
- Content at Scale. AI SEO writer that leverages deep real-time research, machine learning, and multiple LLMs to generate high-quality, humanlike SEO content without the need for extensive prompts. (Link)
- QuillBot. AI writing assistant for faster and improved content creation. Includes tools for paraphrasing, summarizing, grammar checking, and generating SEO-optimized text across various writing tasks. (Link)
Tools for Organizing, Structuring, and Analyzing Real Estate Data
- OpenAI Advanced Data Analysis (formerly Code Interpreter). ChatGPT functionality that enables users to upload various files and execute operations like data analysis, image transformation, and code modification via ChatGPT. Now a built-in feature of ChatGPT, the feature can manage file uploads and downloads in diverse formats such as CSV/Excel. (See use cases and instructions for using Advanced Data Analysis)
- Trellis. AI-powered data platform that converts unstructured data from financial documents, voice calls, and emails into structured SQL format, enabling data teams to run queries and extract insights efficiently across 200+ data sources. (Link)
- LlamaIndex. Data framework for building LLM applications, enabling enterprises to connect, index, and query data from 160+ sources, and integrate with 40+ vector stores and document stores for diverse use cases. (Link)
- A.CRE AI Assistant. A custom GPT built by the team at A.CRE, connects ChatGPT with A.CRE’s vast library of resources to answer your real estate financial modeling, careers, education, and AI questions. (Learn more about the A.CRE AI Assistant)
Tools for Improved Communication
- Bluemail GEM AI. Summarize emails and draft responses quickly with AI. (Link)
- Flowrite. Have your daily emails and messages written for you across your browser with an AI email writer tool. (Link)
- Clockwise. A conversational AI calendar assistant that simplifies scheduling by finding optimal meeting times, rearranging events, and managing calendar changes based on user preferences. (Link)
- MS CoPilot in Outlook. Synthesize and manage the inbox in Outlook. (Link)
- Relationship Coach AI. AI help and recommendations when responding to communications. (Link)
- Poised 2.0. An AI communication coach for confident and clear speaking. (Link)
- Yoodli. Yoodli is an AI-powered speech coach that provides free personalized communication feedback. (Link)
- Usetwain. Twain is an AI assistant that helps sales/marketing teams with effective outreach. (Link)
Tools for Social Media
- Lately. Convert long-form content into dozens of social media posts. (Link)
- Heyday. AI bot that engages with social media audience in comments. (Link)
- Omneky. Generates personalized social media ads using AI. (Link)
- UpHex. Automate Facebook (and other online) advertising campaigns. (Link)
- AI Social Bio. AI Social Bio generates social media bios using keywords and influencer inspiration. (Link)
Tools for Marketing
- Jasper. Generative AI platform that tailors brand-specific content for your business. (Link).
- Phrasee. AI generated email, push, SMS, web, app, and social ad content. (Link)
- Smartwrite. Writes personalized marketing emails. (Link)
- Voicebooking. Converts written text to AI-generated voice files. (Link)
- Resemble AI. Create voiceover from text with human-like voices, including your own. (Link)
- Phrasee. Phrasee generates optimized, on-brand content for improved business results. (Link)
Tools for Image and Video Generation and Design
- Midjourney. The leader in AI generated images from text. Images created via a prompt on Discord. (Link)
- DALL·E 3. AI generated images from text created by OpenAI, the same team that created ChatGPT. (Link)
- As of April 2024, you can now edit Dall-e generated images in ChatGPT.
- A new classifier was added to help researchers identify content created by Dall-3.
- DreamStudio. Web app by Stability.ai that provides a suite of generative design tools that allows users to create images with AI. The most practical AI image generation tool I’ve used, although the results are inferior to what Midjourney is able to produce. (Link)
- Designs AI. Create logo designs quickly with AI. (Link)
- Adobe Sensei. Uses AI to improve and simplify design. (Link)
- Adobe Photoshop. Uses Generative Expand, using AI to expand an image beyond its actual scope. (Link)
- 2Short AI. Extract from long videos, relevant short videos for TikTok, Instagram, YouTube shorts, and others. (Link)
- Deep Art Effects. Utilize artificial intelligence to conveniently and innovatively edit images. (Link)
- Designs AI. This is an AI-assisted graphic design tool for creating logos, videos, and more quickly. (Link)
- MarketingBlocks AI. Ethan is an AI assistant that generates landing pages and other marketing assets. (Link)
- Sora. An AI model created by OpenAI to create hyper-realistic scenes from a text prompt. (Link)
- Not yet publicly available.
- Veo. A generative video AI model. Google’s competitor to OpenAI’s Sora. (Link)
- Not yet publicly available.
Tools for Voice, Song and Audio Generation and Design
- Suno AI. Generative song creation tool creates songs with a simple prompt. (Link).
- OpenAI Sora. Generative AI model by OpenAI that creates highly realistic video from a text prompt. (Link)
- ElevenLabs. AI-powered voice generator that converts text to natural-sounding speech in 29 languages, ideal for creating lifelike audio for videos, audiobooks, games, and chatbots. (Link)
Conclusion – AI for Commercial Real Estate
In conclusion, it’s clear that Artificial intelligence (AI) is already transforming the commercial real estate industry and will continue to do so in the future. As we’ve seen in this post, AI tools are providing tremendous value to acquisitions, development, management, advisory, and marketing teams in the industry.
At A.CRE, we’re excited to see the industry embrace these tools and leverage their power to make more informed and strategic decisions. We’ll continue to keep an eye on this fast-moving space and update this post with new tools and developments as they arise. It’s an exciting time to be in commercial real estate!
