WRE NEWS January 13, 2025
Buyer
Ferguson Partners, the Chicago-based talent management and strategic advisory firm for the real estate sector, announced the results of its first Artificial Intelligence (AI) Pulse Survey, a national study on the adoption, application, and evolution of AI practices within the real estate industry.
The survey, the first in an expected ongoing series, polled 33 real estate investment firms representing both private and public organizations. The survey found 84% of the respondents are actively experimenting with or implementing AI, with nearly one-third have already begun to implement AI in select business practices. Roughly a quarter of participants (24%) reported experimenting with AI for personal productivity, with Microsoft Copilot listed as the most common AI tool of choice.
The survey also found 87% of the respondents allow their employees to use AI tools, though the majority enforce restrictions around usage. All the respondents indicated increased efficiency and productivity are the top motivation for incorporating AI into their organizations, while secondary motivations included cost reduction (67%), improved decision-making (61%), enhanced risk management (48%) and better customer service (39%).
The respondents cited document abstraction as the business area with the greatest potential for AI impact (64%), with research, analytics and forecasting (52%) and communications and marketing (45%) representing the other likely uses for AI in the real estate industry.
When asked to list the primary challenges in AI adoption, the lack of understanding of AI applications was the greatest concern (67%), along with difficulty in demonstrating clear use cases or ROI (58%), data quality and availability issues (58%), concerns over information security (52%), and lack of skilled talent (48%).
“The major takeaway from this survey is real estate professionals need to consider embracing AI to stay ahead of the curve,” said Justin Pellino, director of Ferguson Partners. “We expect AI use cases and ROI to continue to bubble up organically as commercial real estate firms test various tools. While data integrity and privacy are rightfully a concern, the most successful organizations are going to be those that draw boundaries early and encourage their teams to experiment with this technology.”
Stay up to date on the latest real estate trends.
Buyer
March 13, 2025
Buying your first home is exciting, but let’s be real – it can also feel overwhelming.
Lifestyle
March 13, 2025
As much as our stories are about ourselves, they are also a window into our ancestral past.
Buyer
March 13, 2025
At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”
Lifestyle
March 12, 2025
It is not uncommon to go on a vacation and wonder, “Why am I not living here?” While the U.S. only ranks 23rd on the World Happiness Report, there are pockets of happi… Read more
Seller
March 12, 2025
A new data report from Redfin (NASDAQ: RDFN) has reached the conclusion that the wealthiest 1% of Americans have the financial capacity to buy 99% of the nation’s home… Read more
Seller
March 12, 2025
Over the past 5 years, home prices have risen dramatically.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today