On Wednesday, February 26th, the students of the Master's Degree in Real Estate Strategy and Business(MRE) and the Double Master's Degree in Architecture and Real Estate(MAR) attended the session 'IA for the Asset management of Real Estate Assets' at the postgraduate program of the University of Navarra in Madrid. The session was given by visiting professor, Alejandro Aguirre de CárcerCEO of Brains Real Estate. Frans Goldszmidt, student of the Double Master's Degree in Architecture and Real Estate, shares with us what the experience was like:
"There is an initial world of organized data . Then there is another world of semi-structured data . And finally, unstructured data . In the real estate sector there is a lot of bureaucracy, with large amounts of information in different formats, where we can take advantage of the use of Artificial Intelligence." - Alejandro began by saying to start the workshop.
Creativity is something we humans bring to the table. Generative AI is the average of the average of all the answers on the internet. Complex problem solving is another factor that we humans have as an advantage, as well as emotional intelligence. These three aspects are not replaceable by Artificial Intelligence.
We must be critical with the use of AI. These tools are models trained with all existing information, both good and bad. Biases and ethical considerations must be taken into account. It is important to understand the falsehoods or limitations to their capabilities, as well as data security. Be clear about what AI can and cannot do.
AI is like a scholarship recipient: it has background knowledge, can perform multiple sequential tasks at once. It has the advantage of being able to work around the clock, but it does not know what our needs are and requires supervision and training.
An example of the use of AI would be to fill in by default our searches, rethinking processes from scratch. The great advantage of generative AI is that it is accessible to everyone, allowing it to be integrated into proprietary platforms or work methods.
The next phase of AI will involve, first, reducing the friction of use for large technology companies. Then, to democratize the use of AI in non-technology companies. Then, it will seek to democratize the use of AI in non-technology companies. The last phase envisaged would be the creation of new companies that develop completely innovative products.
There are different AI tools, from GPT Chat to Google tools. There are niches, such as in real estate, where we can gain competitive advantage to develop these tools.
In Chat GPT-4o you can attach PDF documents, images and even audios, and it is the version behind the free one. The 4o mini is for simpler, everyday tasks. The o3-mini and o3-mini-high represent advanced versions along the same lines. Gemini advanced is very useful for collecting information from emails and synthesizing data. In the future, this technology will be highly integrated into work and can be used as a work advantage. Google AI Studio is useful to perform commands that we do not know how to ask the AI, such as changing any character in a work document.
Similarly, NotebookLM is used to make podcasts from PDF documents, adding different questions to the full texts. Another tool is Perplexity, which poses its own questions to develop the proposed topics, raising issues that should be addressed in the discussion.
Almost all tools are variations of the same thing. The future of Real Estate seeks to give an innovative approach to AI, using it to develop this sector. To make a good prompting when using AI, it is important to mention the context, the goal and the desired format.
It is in our hands how to extract value from AI, and what we ask and how we ask it is up to us. The most important thing is to have the criteria to use the tools to our advantage.
"This technology is a commodity that is behind us; what we have to think about is how to use it to improve the work we already have and how to use it profitably," concluded Alejandro Aguirre de Cárcer at the end of the lecture.
Text written by: Frans Goldszmidt Fischman, student of the Double Master's Degree in Architecture and Real Estate.
