JLL unveils AI Property Assistant to boost real estate returns
JLL Property Assistant operates using JLL Falcon, an AI platform developed specifically for the real estate industry, and features an interconnected approach by integrating with JLL's data sources and applications.
Neil Murray, Chief Executive Officer of Real Estate Management Services at JLL, commented on the new product offering: "JLL Property Assistant will help our clients unlock the true potential of artificial intelligence for the real estate they own. Built on JLL Falcon, the tool provides a unique, interconnected experience that streamlines operations, enhances decision-making, and drives unparalleled value creation. These components--AI, data and best-in-class applications--form the foundation of JLL's property management technology platform, a one-of-a-kind, unified software suite purpose-built to advance the performance and returns of our clients' properties."
The AI-powered assistant delivers recommendations for property teams to enhance various elements of building performance, including operational processes and tenant sentiment. It works in concert with Acumen, JLL's business intelligence platform, which compiles data from multiple systems. This includes financial data from accounting solutions like Yardi and MRI, operational details from Prism by Building Engines, as well as additional proptech applications.
Property and asset managers interact with JLL Property Assistant using a natural language chat interface, allowing users to pose questions such as, "Which retail assets have the highest vacancy risks in Q3?" or "What does our net operating income (NOI) look like year-to-date?" The solution draws information from JLL's enterprise data warehouse to quickly provide relevant answers.
According to details provided, JLL Property Assistant offers a range of potential benefits. These include faster, data-driven decision making through the generation of tenancy reports, auto-generation of stacking plans, analysis of expense trends, and identification of tenant retention and occupancy insights. Operational efficiency may be boosted through features such as reviewing high-priority task statuses, identifying tenant satisfaction matters, and analysing work order trends. The tool also offers insights to support greater profitability and financial health, providing access to operational budget breakdowns, vacancy filling suggestions, and the ability to easily generate finance reports.
Security protocols are a key aspect, with JLL Property Assistant adhering to enterprise-grade standards to ensure the protection of client data. At the same time, the system makes use of anonymised global benchmarks sourced from JLL's comprehensive data holdings.
Yao Morin, Chief Technology Officer at JLL, said: "Our AI-powered assistant fundamentally transforms the management of property for investors, delivering unprecedented efficiency, data-driven insights, and optimised performance. The tool empowers property managers and owners to focus on strategic initiatives and enhanced property performance, ultimately driving greater value for their portfolios and revolutionising the industry."
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