John D'Angelo, Deloitte
Turning Documents Into Gold With AI
Guest: John D'Angelo, Deloitte
In today's show, John D'Angelo, real estate solutions leader at Deloitte, and I explore AI in commercial real estate. John works with some of the top real estate fund managers and institutional investors in the world at the highest levels and what he shares today is a roadmap of the future for our industry.
Key topics covered:
Insights from John:
- AI's transformative potential in commercial real estate.
- Importance of targeting audit work and investing in document abstraction tools.
- Practical AI applications, like using AI for grammar and readability checks.
- AI enhancing productivity, especially in writing essays and job descriptions.
- Early AI adoption in multifamily real estate and automating resident interactions through chatbots.
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Highlights of the conversation:
- Complexities of data rights and privacy.
- Different architectures for language models.
- Importance of understanding basic AI tools.
- Emphasis on not being replaced by AI, but by someone who uses AI effectively.
Practical applications of AI:
- Tenant communications and chatbots in real estate.
- AI embedded in products and solutions for easier adoption.
- AI revolutionizing work processes.
- Predictive analytics making portfolio analysis more practical and rich.
Conclusion:
- Challenges of communication and data consolidation in larger companies.
- Lack of common industry definitions in commercial real estate data.
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From John:
Why should real estate professionals pay attention to AI today?
- Historically, commercial real estate has relied on manpower to solve problems.
- Over the next 5 years, significant changes in how the industry invests human capital and utilizes information will occur due to AI.
How do you use AI personally?
- Use productivity tools embedded with AI to help with tasks such as grammar and readability checks in emails.
- Finds these tools valuable for constant work oversight and improvement.
Any easy wins for listeners to test and try with AI?
- Recommends playing around with ChatGPT for various tasks.
- Shares an example of using ChatGPT to write a five-paragraph essay, highlighting how it can be a great starting point for drafting documents.
- Suggests that professionals in various fields, like his wife who is a recruiter, use AI to write job descriptions more efficiently.
- John notes that AI can provide a useful starting point versus drafting from scratch, even if the output isn't perfect.
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