8 Jobs that Robots Could Replace in Commercial Real Estate
- Commercial Real Estate
- CREtech Blog
Technology is advancing so rapidly that nations all over the world are trying to predict what the workforce and work itself will look like if automation and AI continue to improve and escalate at a breakneck pace. The U.N.’s World Forum looking at the impact of job loss due to robotics among all economies estimates that soon a third of all work will be done by robots in at least 60% of jobs.
Commercial real estate is one sector that is bracing for the effects of robotics. There are many roles that are already being replaced by robots while for some it’s only a matter of time before they too will be replaced.
A couple of years ago, a 3D built house seemed like fantasy. Today, it is already happening. New commercial construction projects will be able to go up faster and for a fraction of the costs through new robots that can build an entire livable structure in less than a day – soon with practically no human intervention at all.
#2: Building Designer
Many of the expenses associated with building commercial properties go to paying the many different professionals needed to produce a new building. One job that will likely go away in the face of robots is the building designer. There are software programs already that allow clients, builders, and developers to virtually design a building down to the wallpaper before any ground is ever broken – and without the aid of a professional building designer.
#3: Open House/Property Tour Hosting
Already virtual and augmented reality technology is taking over one aspect of the job of agent and broker and that is open house and property tour host. Robots empowered with machine learning technology are getting even smarter and will soon be able to answer any question in real-time either using an actual robot to direct tours or a hologram that does the same.
#4: Property Managers
A report entitled The Impact of Emerging Technologies of the Surveying Profession which has issued reports on jobs in the real estate services sector for over 150 years estimates that 90% of the tasks handled by real estate professionals today will be replaced by technology in about a decade. Property manager is a logical job that will likely be replaced as Smart buildings that can detect problems, identify, and repair themselves become standard.
Another professional often involved in commercial real estate transactions is the surveyor. This role too will be eliminated since blockchain technology will eventually allow for the specifics of all properties to be maintained in an open source database including survey details.
It’s hard to argue with a body with a 150 year track record of watching the role of appraisers in real estate. Appraiser is one of the real estate services that will become obsolete because of technology – one of 43 jobs the RICS (Royal Institution of Chartered Surveyors) believes will disappear in the face of AI, machine learning, blockchain, and the IoT. Appraisers may have a little more time than other real estate services before they’ll go away altogether since human senses are also involved in appraisals.
#7: Real Estate Advisors
For over a decade the majority of homebuyers have found and bought or sold their homes using an online real estate website without the aid of an agent – until they are ready to make a deal that is. In the same way, the role of investment advisor in real estate is being eliminated by user-friendly investor platforms that enable average income earning novices to make expert investments in real estate without the aid of a real estate advisor.
Algorithms and machine learning tools will combine to make Smarter computer programs that will either approve or disapprove loans without human intervention. Today, there are already online lenders that match buyers with lenders but soon financing will be handled through virtual currency and processed totally through robots and other tech.