How to utilise AI in golf real estate

By Emily Kay 2 weeks ago

One of the biggest – and perhaps most controversial – technological enhancements of the 21st Century has been the introduction of generative artificial intelligence (AI). Sandra Ruttle, Real Estate Consultant for European Tour Destinations, outlines some of the key areas where AI could have a significant impact on the real estate industry.

The advent of generative artificial intelligence (AI) – a subset of AI focused on creating new content, designs and solutions – continues to make its mark across various sectors, delivering a range of tools to revolutionise businesses and to help deliver exceptional customer experiences.

Sandra Ruttle, Real Estate and Business Consultant for European Tour Destinations, said: “According to recent research by McKinsey, real estate companies can gain more than 10 percent in net operating income through more efficient practices, stronger customer experience, new revenue streams and smarter asset selection, by adopting generative AI.”

For Sandra, there are three key areas where golf destinations can maximise the potential of generative AI as they extend their marketing reach to include both new developments and resales:

1. Personalised Consumer Engagement

Generative AI can empower golf resorts to create personalised communications tailored to prospective buyers.

“Understanding the unique needs and desires of potential investors has always been crucial for our network venues,” said Sandra. “And this is an area where generative AI can prove invaluable.

“By analysing vast amounts of available data, including demographics, consumer behaviour and market trends, generative AI can help curate communications for prospective buyers and resort clients, from personalised emails to bespoke responses to customer enquiries, complaints, or feedback.”

The technology can also help craft creative property listings, consider key property features and customer preferences, and generate fresh ideas for social media marketing, blogs and newsletters.

2. Optimised Planning and Design

In real estate development, efficient planning and design are imperative. As times passes, AI is playing a larger role in the design process by providing insights into optimal layouts and the most efficient infrastructure.

Sandra explained: “Generative AI can be used as part of the architectural planning process to simulate various design scenarios and assess their feasibility, enabling developers to make informed decisions quickly.

“According to JLL, the birth of the ‘real intelligent building’ is imminent, with AI-compliant infrastructure becoming a default, just as internet connections are a default feature of current buildings.”

It is important to note that whilst generative AI can support the delivery of the architectural plans, the architect’s design skills are still very much needed to ensure the overall project, including the intangible aspects, such as the artistic and emotional elements, are included within the final product and acceptable to the client.

3. Predictive Analytics for Market Trends

Generative AI can help golf destinations keep abreast of continually evolving market trends by using algorithms to leverage valuable predictive analytics.

“Globally, there are over 500 companies providing AI-powered services to real estate, which are already delivering value in terms of improved efficiency and cost-savings,” outlined Sandra.

“AI tools can quickly and accurately analyse data on real estate demand, market trends and customer preferences. Thus, enabling agents and developers to make more informed decisions, allocate resources more efficiently and help direct investments where they bring the best results.

“The technology can also enable golf destinations to adjust pricing strategies, marketing campaigns, and resort planning in advance, allowing them to be more flexible and proactive rather than being reactionary.”

 Harnessing AI

“It is fair to say that generative AI applications in real estate are still in the early stages, with many uncertainties around the future impact of the technology, the full range of its rapidly expanding capabilities and how these will be assimilated into day-to-day functions,” continued Sandra.

“This might suit destinations who remain tentative about the use of AI and understanding its impact. However, research suggests that AI can save money, boost productivity, and improve the customer experience by approximately 50%, so there is a growing need for network resorts to understand how their businesses can benefit from AI.

“Navigating this transformational journey to help open up new opportunities and propel your real estate marketing efforts to greater heights is proving increasingly demanding and rewarding.”

Category:
  Real Estate