AI Tools for Commercial Real Estate (Feb 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)
- January 25th, OpenAI introduced new models, cut GPT-3.5 Turbo prices, and offered enhanced API key management and usage insights, featuring two new embedding models, updated GPT-4 Turbo and GPT-3.5 Turbo models, and released an improved text moderation model.
- 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. OpenAI began rolling out in February a new feature for ChatGPT that enables it to retain information from previous conversations, aiming to enhance the relevance and usefulness of future interactions. This development puts users in full command of ChatGPT’s memory, allowing them to manage what the AI remembers, ensuring a more personalized and efficient chat experience. (Link)
- 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)
- 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 2.1 was released in late 2023. v2.1 boasts a 200K token context window, significantly reduced rates of model hallucination, new system prompts, and a beta feature for tool use, designed to enhance enterprises’ ability to handle complex tasks like document summarization and trend forecasting, while integrating with existing processes and APIs for improved accuracy and user experience. (Link)
- Google Gemini. A conversational AI chatbot developed by Google, initially based on LaMDA and later PaLM LLM models. Previously known as Bard. (Link)
- Bard is now Gemini: Renamed to better reflect Google AI access, with an evolved UI for improved user experience.
- Release of Gemini 1.5. The model delivers dramatically enhanced performance, with a breakthrough in long-context understanding across modalities.
- Introduced paid Gemini Advanced for Ultra 1.0 access: Google’s most capable AI model, Ultra 1.0, for enhanced complex task handling, with a focus on continuous feature expansion.
- Chat to supercharge ideas in the Gemini app: Integrated with Google apps for versatile assistance on mobile devices, launching in select regions with more to come.
- Now available in Canada: Gemini expands to Canada, offering web collaboration in supported languages, with a mobile app on the horizon.
- Create images with Gemini: Enables easy creation of unique images from text prompts in English, with more options and download capabilities.
- Double-check coming to more languages: Extends the double-check feature for Gemini responses to most supported languages, aiding in response evaluation. (Link)
- Perplexity AI. A new search engine bot challenging ChatGPT, offering features, a mobile app, and free access, providing detailed answers and additional resources for users. (Link)
- In its most recent update in December 2023, Perplexity AI now offers multimodal capabilities with image uploads for its Pro users.
- LLaMa 2. 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)
- 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)
- 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)
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 Document Creation and Editing
- ChatGPT (and GPT-3.5/4). ChatGPT uses a language prediction model to draft new and/or edit existing text. (Link)
- 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)
Handl uses AI and machine learning to transform documents into actionable data
Tools for Organizing/Analyzing Real Estate Information
- 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. This add-on can manage file uploads and downloads in diverse formats such as CSV/Excel. (See use cases and instructions for using Advanced Data Analysis)
- ChatGPT ‘Ask Your PDF’ Plugin. This ChatGPT plugin enables users to upload PDFs and interact with their content, facilitating efficient extraction of information. (Link)
- ChatPDF. Easily and quickly chat with any PDF for free without needing to sign in using ChatPDF. Whether you have books, research papers, manuals, essays, legal contracts or any other type of PDF, you can talk to them. (Link)
- AskCSV. Similar to ChatPDF, a tool for digesting information contained within a CSV quickly. (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)
- 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 Design
- Midjourney. The leader in AI generated images from text. Images created via a prompt on Discord. (Link)
- DALL·E. AI generated images from text created by OpenAI, the same team that created ChatGPT. (Link)
- Dalle-e 3 is now integrated in ChatGPT.
- 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)
AI image generated by DreamStudio using the prompt: Stunning sunrise over an ocean horizon, with light blue sky, sparse cloud cover, bright blue ocean, peaceful, serene, high detail, seascape, and a towering luxury high-rise apartment in the foreground.
Tools for Song and Video Creation
- 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)
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!
