The impact of artificial intelligence on the decision-making process of a real estate company

Abstract

For a real estate company, it is harder to adapt to current developments compared to other industries, as they have longer investment cycles and therefore greater consistency and more time to adjust. However, new technologies could help to solve some of the challenges faced during the decision-making process. In theory, AI tools have various advantages; yet, in practice, such systems are more difficult to implement. The underlying work explores how a real estate company is responding to the rapidly changing environment and implementing new technologies. According to the findings of the qualitative research conducted – which includes 10 interviews with employees of a selected real estate company and secondary data from journal articles, books and online sources – most of the AI tools are currently still in the testing phase. The key benefits discovered during the research include increased productivity as a result of faster, more efficient, and effective decision-making. However, when implementing new systems, the company must define several factors, including technical and cooperative compatibility. The results suggest that, in the future, AI will take a more central role in real estate companies, whereas it currently only acts as a decision support system. In general, the application of AI, resulting in an improvement of the decision-making process, might have a positive impact on the overall performance of the real estate company.

Date of Award	30 Jun 2022
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Cristina Soares Pacheco Mendonça (Supervisor)