AI Takes Center Stage at the SIOR Event in Los Angeles

As I arrived at the Society of Industrial and Office Realtors (SIOR) event in Los Angeles, it quickly became clear that artificial intelligence was at the forefront of discussions among the top producers in commercial real estate. Attendees were eager to explore how this cutting-edge technology could provide a competitive edge in a rapidly evolving industry.

Unlike previous technological advancements that promised to revolutionize our work environment – like blockchain or the metaverse – AI is proving to be something truly transformative. While many have speculated about the potential of these technologies, AI stands apart, reminiscent of the groundbreaking impact of the calculator or the internet. Just as the internet was initially met with skepticism by some, AI is now emerging as a game-changer across multiple sectors, including real estate.

The event highlighted various ways AI can enhance our efficiency and effectiveness. Topics ranged from utilizing AI to underwriting assets and market properties to drafting contract provisions and creating compelling content. The possibilities are vast. For instance, AI can help generate tailored scripts and letters, enabling brokers to communicate more effectively with clients. There’s no shortage of ways we can leverage AI to improve our services and deliver greater value.

However, the key to harnessing AI effectively lies in understanding how to interact with it. Crafting the right inputs and asking the right questions is crucial, requiring a thoughtful approach from users. The sequence in which we pose our inquiries and how we direct the technology to analyze data can make all the difference. This is an area where our office is continuously refining our methods, striving to maximize AI’s potential.

It’s no surprise that AI prompt engineering has emerged as a hot new career path. As businesses recognize the value of effectively leveraging AI, the demand for skilled professionals who can navigate this technology is on the rise. Those in the CRE industry – and indeed, any sector – must prioritize learning and adapting to these advancements. As emphasized during the SIOR event, failing to embrace AI could mean being left behind by competitors who are quick to adapt.

In conclusion, AI is not just another buzzword; it represents a significant shift in how we operate within the commercial real estate landscape. The discussions at the SIOR event underscored a collective urgency to explore and integrate AI into our daily practices. For anyone in the CRE industry, understanding and utilizing AI is no longer optional; it’s essential for staying competitive in a fast-paced market. Embracing this technology could very well define the future of our industry, and those who hesitate may find themselves… as they would say at SIOR… “left in the dust!”

Did AI help me organize my thoughts and write this article? Absolutely!

Chase Mayhugh, SIOR, CCIM, is the president and CEO of Mayhugh Commercial Advisors in Fort Myers. A native of Southwest Florida, Mayhugh launched his real estate career in 2003 and has since become a distinguished figure in the industry. Visit MayhughCommercial.com or call 239-278- 4945 for more information and insights.