Panellists at an event in Singapore last week
According to a Yardi report based on Mingtiandi’s survey, more than a third (35%) of Asia real estate executives use artificial intelligence. This is a sharp increase from the previous year.
The fifth in a series by Mingtiandi & Yardi of surveys on tech adoption in Asia’s Real Estate sector, 37 percent of respondents reported that they were using AI. This compares to just 17 percent of respondents in 2023 and only 9 percent of respondents in 2021.
Despite an increase in AI usage in the real estate industry, 78 per cent of those polled still believe that the sector is still behind other industries when it comes to tech adoption. This is up from 71 per cent in 2023. The AI technology adds a new layer of complexity, said Bernie Devine. Yardi’s senior director for Asia Pacific.
Devine and Mingtiandi’s Michael Cole released the report to the public at an event in Singapore this past week, where the findings of the report were reviewed by a group of experts from the online investment platform Investax and industrial developer and fund manager, Emergent Capital Partners, and law firm Goodwin. Staff Leading Adoption
In a survey of 104 industry professionals who answered 18 questions, 26 percent indicated that they had begun research into AI, while another 26 percent were actively implementing systems. This shows a growing recognition of AI’s potential to improve operational efficiency and decision-making. About 16 percent of respondents reported that they had a stable AI system in place.
According to Zak Ungerman of Emergent Capital Partners, employees are often the ones driving adoption with tools like Open AI’s Chat GPT and Zoom’s Assistant.
The staff has gotten ahead of companies and the companies must pay attention to this to ensure that it is done in a safe manner and to also make sure the proper training for the staff is provided. “I think this is going to be more common.” People want to use the tools.
Alice Chen, cofounder and general attorney at Investax revealed that “every person” in her firm is using AI.
Chen said, “I agree that this technology is still in its early stages, but we have already found a way to use AI in a real-time dynamic manner that can deliver results that humans cannot.” “So, we’re implementing this across all departments.”
A Stress Test for Side-Letters
Goodwin partner Matthew Nortcliff used a real-world example to illustrate how artificial intelligence can save time. Nortcliff explained that if you raise $1 billion in funds, you may have 50 or 100 letters. It is a difficult task to organize, analyze, and collect them. There are several AI service providers who can help.