REITs Go Big on AI - As automation tools become table stakes, size and speed will continue to be an advantage.

At the 30th Annual REIT Symposium hosted by the NYU Schack Institute of Real Estate, many leaders spoke about this topic. In fact, REITs have something else that’s become increasingly valuable in today’s tech-based world: they have copious amounts of internal results-based data. ”Having models learn off of that key data is going to be the next evolution,” said Sumit Roy, CEO of Realty Income Corp. REIT CEOs recently explained how they’re using AI to create efficiencies, improve customer experiences and, eventually, grow their incomes.

Kimco Realty Corp. CEO Conor Flynn talked about the need for REITs to “upscale” existing teams and told the students in the room that their knowledge of and ease with AI will be “hugely advantageous” to them as they enter the workforce.

Invitation Homes CEO Dallas Tanner discussed how “The way you traditionally talked about your tech stack was your tech stack and data living over here,” Tanner said. “Now, it’s got to sort of be at the heartbeat of everything we are looking at and touching.”

Finally, while AI is transforming real estate functions and organizations, the REIT CEOs said the role of the human is still critically important for judgment and for key interpersonal skills like relationship building and being able to “read a room.” AI, they said, will be an “amplifier” of and a “catalyst” for humans and allow them to make faster and better decisions.

To read the full article, see below:

https://www.commercialsearch.com/news/nyu-schack-special-report-reits-go-big-on-ai/

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