Commercial real estate is on the brink of a technological revolution, and the time to embrace artificial intelligence (AI) is now. William Lively, founder of Minneapolis-based company EXtrance, is leading the charge by utilizing AI and machine learning to transform how investors make decisions in the industry.
EXtrance, established in 2020, is focused on providing cutting-edge technology solutions to mid- to large-size institutional funds that aim to optimize their investment products. By leveraging AI, the company assists clients in making data-driven choices that yield the best possible outcomes for their investors.
Lively, a seasoned professional in both real estate and technology, understands the immense potential of AI in the industry. He believes that integrating technology into commercial real estate operations is no longer an option but a necessity. Companies that fail to adopt AI will find themselves left behind in a rapidly evolving landscape.
AI and machine learning, as Lively explains, involve using computers and machines to replicate human problem-solving and decision-making capabilities. In commercial real estate, AI serves as a foundation for modeling and analysis, effectively multiplying the analytical capacity of a workforce by thousands. It harnesses big data and transforms it into easy-to-understand insights, streamlining processes such as fund growth operations and capital calls.
The commercial real estate sector has traditionally been slower to embrace technological advancements. However, Lively believes that the industry has reached a tipping point, driven in part by the COVID-19 pandemic. The need to create efficiencies, reduce costs, and deliver returns on investment has prompted a surge in technology adoption. Additionally, as more consumer-facing applications emerge, industry stakeholders are becoming increasingly receptive to the benefits of AI.
For Lively, this work represents the perfect fusion of his passion for technology and real estate. He has always been captivated by the potential for innovation in the industry and is driven to transform how commercial real estate operates. By bringing cutting-edge technologies to bear, Lively strives to revolutionize the industry for the benefit of investors, managers, and employees alike.
Q: What is EXtrance?
A: EXtrance is a Minneapolis-based company that leverages AI and machine learning to assist institutional fund investors in making intelligent decisions in commercial real estate.
Q: What is the significance of AI in commercial real estate?
A: AI has the power to revolutionize how the industry operates by providing data-driven insights, optimizing processes, and offering a competitive edge.
Q: Why is now the time to adopt AI in commercial real estate?
A: The industry is undergoing rapid change, and failing to embrace AI may result in being left behind. Additionally, the COVID-19 pandemic has highlighted the need for efficiency and cost reduction, driving technology adoption.
Q: How does AI work in commercial real estate?
A: AI harnesses big data to generate AI-driven reports, streamline operations, and facilitate analysis. It mimics human decision-making capabilities, greatly enhancing efficiency and accuracy.
Q: How does William Lively envision the future of commercial real estate?
A: Lively believes that technology will transform how the industry operates, fostering innovation and transforming partnerships between stakeholders. He is optimistic about the positive impact technology will have on the industry’s landscape.