PODCAST:The AI in Business Podcast
TITLE:Innovation and Storytelling in Real Estate - with John D’Angelo of Deloitte
DATE:2024-02-07 00:00:00
URL:
MODEL:gpt-4-gizmo
In the "AI in Business" podcast episode titled "Innovation and Storytelling in Real Estate," hosted by Matthew D'Amello, Daniel Fagella from Emerge Technology Research talks with John DiAngelo, Real Estate Solutions Leader at Deloitte. The conversation focuses on the unique challenges and trends in the real estate industry, particularly emphasizing the sector's reliance on storytelling and local knowledge. Despite real estate being slow to adopt new technologies, DiAngelo observes a shift toward openness for innovation, driven by the industry's evolution from local to global business operations. However, the traditional dependence on local market knowledge and the opaque nature of commercial real estate transactions persist.
DiAngelo discusses the inherent reluctance within the industry to embrace technology fully, tied to professionals' fear of losing their market power and the value of their hard-earned knowledge. He highlights the potential of AI in enhancing sales enablement and site selection processes, making them more efficient and informed by data analytics. The conversation also touches on the generational change in leadership within real estate companies, with digital natives pushing for a more innovative approach to traditional processes.
A significant part of the discussion is dedicated to exploring how AI can streamline the leasing process, from drafting to risk assessment and revenue optimization. DiAngelo points out the current inefficiencies in handling leases, especially in commercial real estate, where each lease can be unique and labor-intensive to negotiate. He suggests that generative AI could significantly reduce the labor involved and help identify risks and opportunities more accurately, leading to better decision-making.
The podcast concludes by addressing the broader implications of AI adoption in real estate, including the potential to improve building management through IoT data streams and predictive analytics. DiAngelo encourages real estate leaders to reassess their workflows and consider where AI and analytics could enhance efficiency, reduce risks, and optimize revenue. The conversation underscores the need for the real estate industry to gradually overcome its hesitancy towards technology, acknowledging the inevitable advancements that AI brings to the sector.
