Essential AI and Automation Terms for CRE Brokers: A Quick Reference Guide
As a commercial real estate (CRE) broker, staying ahead in a competitive market means embracing tools like AI and automation. Here’s a guide to the essential terms you’ll encounter, explained in plain English, and tailored to how they can help your CRE business.
Core AI Terms
Artificial Intelligence (AI): AI enables computers to perform tasks that typically require human intelligence, such as analyzing market trends or optimizing property searches.
Large Language Model (LLM): AI trained on massive amounts of text to understand and generate human-like language. Tools like GPT-4 can help brokers draft property descriptions, respond to client inquiries, or generate social media posts.
Tokens: Units AI uses to process text. Understanding tokens is essential because AI tools often charge based on their usage. For example, crafting email campaigns or automating follow-ups with clients might use a certain number of tokens.
API (Application Programming Interface): The “middleman” that connects different software. APIs can integrate AI tools into your CRM or property listing platforms, streamlining your workflow.
API Keys: Your personal password to access API services, like connecting your listing database to automation tools.
Generative AI: AI that creates new content—like property listings, client reports, or even marketing materials—saving brokers valuable time.
Popular AI Models for CRE Brokers
GPTs (Generative Pre-trained Transformers): These AI models can write property descriptions, assist with cold-calling scripts, or even suggest negotiation tactics.
Custom GPTs: Tailored versions of AI tools designed to fit your specific needs, like analyzing lease agreements or creating tenant prospecting plans.
Claude Sonnet: Useful for drafting leases or contracts and summarizing property-related documents.
DALL-E 3: Generates high-quality images for property marketing, like enhancing listing photos or creating conceptual visuals for redevelopment projects.
MidJourney: Another powerful tool for generating marketing visuals, particularly for brochures and social media.
Technical Terms in AI
Prompts: Instructions you give to AI. For CRE, prompts can include “Create a market analysis for downtown office spaces.”
Natural Language Processing (NLP): Enables AI to understand industry-specific language, like zoning laws or lease terms.
Fine-tuning: Customizing AI to understand your brokerage’s unique needs, such as tenant preferences or market-specific data.
JSON (JavaScript Object Notation): A data format often used when integrating AI tools into platforms like your CRM or property database.
Python: A programming language often used to create custom AI tools for automating lead management or tracking property performance.
AI and Automation for CRE Brokers
AI Agents: Virtual assistants powered by AI that can manage admin tasks, update listings, or even assist with client communications.
Automation Tools Like Make.com Terms:
- Action Module: Perform tasks like sending automated emails to potential tenants.
- Scenario: Automate processes, such as updating your CRM when a new property inquiry comes in.
- Trigger: Starts your workflow, like receiving a signed lease or a new client inquiry.
- Webhook: Connects your website to automation tools for instant updates on leads or client activity.
- Filter: Helps focus on high-value leads by sorting data based on criteria you set, like property size or location.
Why AI and Automation Matter for CRE Brokers
These tools aren’t just tech jargon—they’re powerful assets that can:
- Save time on administrative tasks.
- Streamline marketing efforts.
- Enhance client communication.
- Provide better market insights.
- Improve lead management and follow-ups.
Understanding and leveraging these terms can help you work smarter, close deals faster, and focus more on building client relationships.
Keep this guide handy as you explore how AI and automation can revolutionize your CRE business operations. With the right tools and knowledge, you’ll be well-positioned to thrive in today’s dynamic real estate market.
Our Commercial Real Estate (CRE) team leverages AI daily to optimize multiple tasks, enhancing productivity and efficiency. Currently, we’ve integrated 8 powerful AI automations, used weekly, to streamline our operations. Taking it a step further, we’re in the process of developing an innovative 20-agent AI System, designed to help our team and Virtual Assistants save an additional 20–30 hours per week.
If you’re curious about how this works and want to explore how these tools can benefit your business, we’d love to connect! Click here to schedule a quick discovery call or visit our website at LeveragedVA.com for more details.