By Gary Ng, CEO and Co-Founder of viAct.
Following the transformative impact of ChatGPT, the advent of Generative AI is quite notable. None of the industries across the world is left untouched by this technology. The power of Generative AIin delivering real-time insights and automated solutionsis worth exploring even in industries like real estate where technology penetration is quite scares. Especially in Saudi Arabia where the real estate sector is reaching unprecedented heights, integration of this technologybecomes increasingly crucial. Generative AI-based advanced tools promise to upgrade real estate from pre-construction design to post-construction property management. Nevertheless, with ambitious mega-projects like NEOM in Saudi Arabia, where sustaining momentum and driving sustainable development needs to go hand in hand; embracing Generative AI would be crucial.
A Synergistic Powerhouse for the Future
One of the most prominent technologies that is well-accepted in real estate is video analytics, however, video analytics when amalgamated with generative AI has the potential to create another paradigm shift in real estate development and maintenance. The traditional perks of video analytics like real-time surveillance and operational oversight for meticulous tracking of construction progress and property conditions, when augmented by generative AI foster a forward-thinking approach to the entire property development to management journey. The insights from the synergistic powerhouse are transformed into predictive models and strategic recommendations, preemptive maintenance,and bespoke property designs catering to market demands. For instance, viAct has attained this sophisticated integration that elevates overall property value by adding operational efficacy, cleaving undue expenses, and bringing an overall sustainability approach to an otherwise astatic sector.
· Expense cleaving: From First Brick to Last Breath
Real estate is an evolving journey from the first brick laid to the final breath of the building’s lifecycle, encompassing meticulous planning and management. This calls for advanced technology to ensure long-term monetary success. The application of generative AI and video analytics has the potential to reduce monetary costs throughout the lifecycle of the building. In the construction phase video analytics can potentially identify deviations in safety protocols, and streamline real-time watch, leading to immediate corrections. As in real estate, “time is money”; preventing costly rework and delays helps to save a lot of undue expenses. Going further into the post-construction phase, when data captured via video analytics is processed by generative AI, it further helps to forecast maintenance needs allowing extended asset lifespans by minimizing expensive emergency repairs.
· AI-driven sustainable real estate: A reality
A sophisticated leap toward sustainable real estate is said to be attained by redefining resource efficiency and environmental stewardship. This can be made a reality with the synergistic powerhouse. Real-time monitoring through advanced video analytics systems helps to enable precise adjustments to reduce waste and energy consumption. The data when computed by generative AI leverages helps in optimizing building performance, thereby enhancing energy efficiency. Furthermore, they together help in anticipating maintenance requirements thereby prolonging asset longevity. Such a proactive and responsible approach during pre- and post-construction fosters long-term sustainability minimizing environmental impact.
A Generative AI-driven error-free approach
Have you ever wondered how oversights in common errors that have plagued real estate for years— overlooked safety compliance, miscalculated resource needs, and inaccurate property assessments have impacted the industry?Real estate since ages has been dependent on human hands causing numerous errors. Generative AI steps in to transform this landscape. The ability of generative AI to meticulously analyze avast amount of data helps in forecasting potential issues before they become big mistakes. The timely adjustments recommended by Generative AI-based tools help project plans to align perfectly with real-time progress. The predictive power of generative AI tools helps in reducing the chances of human error. Real estate professionals like contractors, builders, and property managers keep an eye on human errors and resolve them with a glance, helping them to add more life to their projects.
Job Enrichment in Real Estate with Generative AI
There’s a prevalent buzz that generative AI will eliminate jobs but it is aptly said by Venus Williams “Everyone makes their own comments. That’s how rumors get started”. The former narrative overlooks the real potential of Generative AI as an efficiency creator. Instead of replacing human roles, Generative AI shifts the workforce towards more productive and creative tasks. In industries like real estate, known for its monotonous and repetitive tasks, Generative AI holds great potential in automating routine processes such as data analysis, reporting, and compliance monitoring which otherwise have extreme human dependence. The induction of suchtechnology also attracts new talents to join the sector. It is noteworthy that the major cause of the labor crunch in the sector is because of the unappealing nature of work in real estate, often deterred by its perceived monotony. Thus, generative AI can act as a catalyst to revitalize job roles in real estate rather than being a threat to employment.
Conclusion: A note by Gary Ng (CEO, viAct)
As we move towards the future, the integration of Generative AI with older technologies like video analytics, computer vision, IoT will definitely emerge as a tool for efficiency and precision in real estate. At viAct, we are at the forefront of this transformation, leveraging Large Language Models to address long-standing industry challenges, especially for Saudi Arabia’s dynamic real estate scenario. As we continue to advance our capabilities by collaborating with industry leaders like NEOM-Oxagon to further elevate the standards of real estate development &management for a future-ready & sustainableSaudi Arabia.
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