Artificial Intelligence is the new trend that every company in every sector wants to get ahead of.
At Grafton, we enjoy using Chat GPT as well as Claude 3.5 Sonnet, instead of just asking Google to serve us up information - but beyond the queries and searches that we might use on a day-to-day basis, what is the real potential of AI?
In general, we can categorise AI as an enhancement to human intellect and its application to any of our tasks which require computers and machine learning. In the industrial revolution, machines automated tasks which had been done by human muscles – arms and legs – while AI provides the same support and amplification of our efforts to our intellectual abilities.
So far, so good, but what are the real-world implications for the workplace and specifically for property management?
Any property company will gather huge amounts of data. From house prices, lengths of leasehold and freehold status, to service charge costs and rental arrears. For example, a housing association might have several data points on payment and any arrears. However, if that data is unstructured, it isn’t providing the association with any real value.
If that data can be interrogated, structured and analysed using AI it has the potential to become far more useful to any organisation.
One recent example is the Murdoch empire looking to buy RightMove for £6 billion (and even that wasn’t enough!). This proposed deal shows the value of property data, when it’s structured and can be leveraged for commercial gain.
It could be used, for example, to create an algorithm which could predict the direction of arrears depending on certain data points, such as the cost of living. In this way, property managers could then take steps to support those tenants at a higher risk of arrears, smoothing their own cashflow and making both arrears and income more predictable.
Mark Byrne, CEO of Grafton, states:
‘We remain enthusiastic about the possibilities of AI both for our own business, and our clients. Anything that can help to manage the huge amounts of data that property businesses hold and predict trends, will help everyone in the sector.’
Call us today for a no obligation conversation to see how we can help you to improve your and property research and management offerings.
Artificial Intelligence is the new trend that every company in every sector wants to get ahead of.
At Grafton, we enjoy using Chat GPT as well as Claude 3.5 Sonnet, instead of just asking Google to serve us up information - but beyond the queries and searches that we might use on a day-to-day basis, what is the real potential of AI?
In general, we can categorise AI as an enhancement to human intellect and its application to any of our tasks which require computers and machine learning. In the industrial revolution, machines automated tasks which had been done by human muscles – arms and legs – while AI provides the same support and amplification of our efforts to our intellectual abilities.
So far, so good, but what are the real-world implications for the workplace and specifically for property management?
Any property company will gather huge amounts of data. From house prices, lengths of leasehold and freehold status, to service charge costs and rental arrears. For example, a housing association might have several data points on payment and any arrears. However, if that data is unstructured, it isn’t providing the association with any real value.
If that data can be interrogated, structured and analysed using AI it has the potential to become far more useful to any organisation.
One recent example is the Murdoch empire looking to buy RightMove for £6 billion (and even that wasn’t enough!). This proposed deal shows the value of property data, when it’s structured and can be leveraged for commercial gain.
It could be used, for example, to create an algorithm which could predict the direction of arrears depending on certain data points, such as the cost of living. In this way, property managers could then take steps to support those tenants at a higher risk of arrears, smoothing their own cashflow and making both arrears and income more predictable.
Mark Byrne, CEO of Grafton, states:
‘We remain enthusiastic about the possibilities of AI both for our own business, and our clients. Anything that can help to manage the huge amounts of data that property businesses hold and predict trends, will help everyone in the sector.’
Call us today for a no obligation conversation to see how we can help you to improve your and property research and management offerings.
