Artificial Intelligence-Based Solution Model for Real Estate Business and Entrepreneurial Operations: Case Study

Abstract

Artificial Intelligence (AI) is a collection of algorithms, tools and solution models that offer entrepreneurs a platform for managing and systemising their SMEs and business operations. Recently, AI opened new venues for smart activities and cost-effective solutions, saving time and money for start-ups and established enterprises. Advanced AI tools use high-efficiency algorithms such as machine learning to assess markets, evaluate product and service prices, and reduce maintenance costs. AI has radically disturbed many industries and sectors, offering opportunities to and allowing entrepreneurs to innovate and develop smart solutions in a competitive market. However, this disruption presents new challenges for entrepreneurs in dealing with AI technologies and establishing their ‘smart’ businesses. Investing in AI requires proper planning and understanding of the risks and challenges of applying new technologies and tools. Therefore, entrepreneurs must acquire the necessary skills and build competent teams of talents or experts to support them in maximising their returns and minimising risks. This paper presents a real-life scenario about some of the challenges faced by business enterprises in general and property businesses in particular. An AI-based innovation model for a real estate business comprising six primary services: Data analysis and strategy, Finance, Legal, Property Development, Property management, and Facility management has been introduced. This paper covers some of the entrepreneurial activities and AI-based solutions developed to improve the quality of their operations, manage their business processes, and maintain effective service delivery. Generative AI or Gen AI has significantly impacted many impressive real-life applications, delivering real value to many sectors, including finance, real estate, business management, research and development (R&D) projects, and entrepreneurial operations. Gen AI uses machine learning and neural network algorithms trained using big data text, images, audio and video. This paper introduces the main Gen AI types and covers real-life examples of applying Gen AI techniques to property business problems. It presents our GPT-based AI-powered property consultant application that uses GPT to help property developers, investors, and professionals, offering them solutions to business challenges such as property design and conversion options. If necessary, the user prompts the application, which responds with options for possible solutions like design solutions or converting office buildings or commercial properties to multiple residential flats and houses.