Developers leverage AI for property management efficiency

AI provides plenty of benefits for the real estate industry.

The real estate industry is increasingly embracing artificial intelligence (AI), with significant implications for property management and development, according to Daniel Salapong, Associate Director, Office Services at Colliers PH. AI technologies are now critical in optimising operational efficiencies and managing security risks across properties.

"AI can provide plenty of benefits for developers, from determining fluctuations in property prices to better and well-informed business decisions," Salapong stated. He emphasised the transformative role of AI in automating processes that traditionally required substantial human intervention, such as property management which is labour-intensive. "AI would now play a huge part in making sure that more efficiencies are put in place," he added.

Salapong also highlighted AI's capacity to handle large data volumes, reducing the need for extensive administrative work. "We see that AI will be able to analyse huge amounts of data so that we have fewer people doing the tedious administrative work that we used to have," he explained.

In terms of security, AI systems are being deployed to manage risks more effectively, not only concerning safety but also the structural integrity of properties. AI-enabled systems can monitor real-time changes in environmental conditions such as temperature, humidity, and air quality.

"There are AI systems that can detect early property damage...and all of this can be recalibrated by the AI we have in our buildings, so that we have a better work environment," Salapong said. These systems enhance building security by learning and adapting to recognize and respond to unusual patterns of behaviour among occupants and visitors.

Salapong pointed out the potential risks associated with data privacy. "Data privacy is still a very huge concern when it comes to AI...it's still a significant risk that there would be leaks of personal data," he noted. However, he reassured that legal safeguards are in place to protect sensitive information, referencing the Data Privacy Act of 2012 in the Philippines, which mandates the appointment of a Data Protection Officer to oversee data security.