Real Intelligence on Artificial Intelligence in Real Estate: Video

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From left: Joseph Grizos; Van Richford ; Randy Salvatore; Sifu Samila ; Photos by Diana Castillo

When Westfair Communications held its latest forum, “Innovating in Real Estate,” Artificial Intelligence (AI) The panelists recognized the importance of keeping up with technological advances while making it clear that it is the human factor, not technology, that needs to dominate when it comes to decision-making.

The panelists were: Joseph Grizos, Executive Vice President of Development Services for RXR; Von Richford, senior vice president and chief real estate officer of New York Blood Center. Randy Salvatore, founder and CEO of RMS Companies. and Sipho Samila, founder and CEO of Matrix Rental Solutions. The moderator was Tim Foley, CEO and Executive Vice President of the Building and Realty Institute.

“AI has played a huge role in our company,” Semilla said. “It's allowed us to punch well above our weight class by being able to automate certain things.”

Samila explained that Matrix Rentals has an external company that has developed a system for it that is used to extract data from paperwork and verify the authenticity of documents through metadata, which The timing process was eliminated from, and occasionally resulted in. Loss of rental income due to fraud.

“We've also used AI in the way we do our revenue and we verify our employment, we have a process we call 'cross-source verification.' When we remove all transactions from the bank statement we compare an account holder to the name on the driver's license, the name on the pay stub. We run some really interesting checks around being able to verify the authenticity of the documents and identity are able to but also calculate the things that take many people hours and many staff members to do. We automate all these pieces of the process to help as many people as possible make

Salvatore said that when his sons joined RMS, he began looking deeply into software that would help establish rental rates, but when using pricing software, Litigation based on allegations of price fixing will be supported.

Grizos said RXR is embracing technology while not eliminating the human element.

“We're not just going to 'set it and forget it.' We will not completely rely on this technology,” Grizos said. “One of the things we've done at RXR over the last five years is we've developed our own digital lab where we have a handful of data scientists whose only job is to do property technology. And the opportunity for AI is to see how it's what we do as owners, operators and developers. We're not going to say, 'The technology says X so we're going to do it.'

At RXR, they are evaluating the market every day, Grizos said. He said that constant changes in projects and management properties are seen as an opportunity for AI to work but they want to put humans behind so they are shadowing the technology because of it. Most have been introduced. He said he wants to make sure that the information he is 'spitting' through the technology is accurate, information that he agrees with and information that is ethical.

“We want to make sure that the results that we're setting as an organization and that we're broadcasting as our brand and more importantly the community leaders are right,” Grizos said. are.”

Salvatore said technology and AI are different things and at RMS they are embracing both.

“Especially in our hotels where there's a lot of work and organization, whether it's cleaning the rooms and knowing what's clean and what's not, checking in guests and things like that, we definitely Embracing technology where it makes sense, and AI as an extension of that,” said Salvatore. “Where we're really careful, in both hotels and apartment buildings, is that we're really selling a lifestyle more than a building. We're careful not to change the human part of it, and really what we're doing. It's reintroducing the human element by saving time on some trivial things. For example, in hotels, we might have an extra front desk agent but now because of this technology, because of this system, the person Greets guests through the lobby and asks if they can help them.

Salvatore said the technology in apartment buildings has not reached the point where a tenant can call and have a computerized system handle any complaint or problem that has arisen without having to speak to a human. That could change in a year or two, he said.

“We're looking at when that can happen and we can free up our leasing people, our management people, from dealing with day-to-day tenant issues that can also be handled with technology,” Salvatore said. “They become ambassadors for the community, and as a concierge in our building planning more programs for the community. We see that it's not necessarily about cost savings, but about creating a better lifestyle.” For our efforts to be redirected, I will call it for our guests in our hotels or apartment tenants.

New York Build Center is in the early stages of exploring AI for various business units but has implemented it across its real estate portfolio of 75 assets in 15 states, Richford said. He said that when trying to find locations for blood donation centers, they rely heavily on checking statistics to see if there will be enough blood donors in the area. .

“These are all data that we take a very long look at when we're deciding whether or not a location is suitable for leasing or purchasing,” Richford said. “It's really understanding the data and where it leads us.”

Richford said the blood center needs to store and manage a lot of data, including information about donors as well as the various blood products and their distribution to hospitals.

“When you think about where we're actually testing, processing and distributing, proximity to hospitals is one of the most important factors in trying to select a site,” Richford said. “There's a place where we're able to stage our mobile drives, deploy our vehicles and equipment and get what we've collected back to our headquarters, all of those factors come into play when We are selecting the sites.”

The Westfair Business Journal event took place at CV Rich Mansion in White Plains.

Silver sponsors were Capelli Organization and RMS companies.

Bronze sponsors were: BRI, Building and Realty Institute; Kodi + Fader LLP; Consegli Construction Company Inc.; DelBello Donnellan Weingarten Wise & Wiederkehr LLP; Fordham Real Estate Institute; GDC Ginsburg Development Companies; Turner

Supporters were: M&T Bank; action entertainment; Shark Creative ; Spinker Real Estate Partners LLC, Rocko Commercial Realty Group and Longan Engineering.

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