Alex Taylor CommercializeIQ interviw on NEREJ NYREJ Podcast

Yeah, it amazes me because the day and age of computers and software and AI now, I mean, all of these components put together, and there's so many people out there, scrambling to put software together that will be able to work together with AI as well as their existing softwares because it cuts down the workload a tremendous amount and makes it a much more efficient operation.

And, you know, it amazes me that we go back 50 years ago, people were doing the same thing, but it took... forever to get that done.

And yeah, absolutely.

And now you can, in a week's time, you can have every bit of information you would need to either purchase a new property and do all the due diligence needed and, you know, and, and make a financial decisions with a drop of a dime, you know, it's all done very quickly and things move much faster because of all of this.

My only fear, is it too fast?

Yeah, and I certainly hear that, I think, and understand that completely.

You know, I think where there's kind of three levels, as I kind of describe it to people of AI, because, look, we look at AI in general and kind of the market economy as a whole, not just commercial real estate.

I think we're very much still, to use a baseball analogy, we're still in the first inning, maybe the top of the first inning, realistically.

But I think in commercial real estate, you know, in general, We're probably still taking batting practice, realistically.

It is still so early, and there's such a tremendous amount of apprehension is the wrong word, but I think it's kind of like paralysis by analysis.

So I try and break the AI world down into kind of three stages internally.

of how it can be used.

I think you've got kind of your general level, your high level that is your typical LLMs and agent-based tools out there.

So Anthropic is Claude, OpenAI is ChachiPT, Grok is obviously Elon Musk and X or whatever company that falls under his now.

Those are your general tools that I think in relative short order, let's call it the next three years, almost every human of age will be operating on on kind of a day-to-day basis.

I think most people are kind of using that as a glorified Google right now, but you've got these tools that are available.

Then you get into what we'll call industry-specific tools.

So if we want to look at specific items for commercial real estate, tools that are out there that are AI-native.

And that's going to bring you a higher level of specificity, accuracy, speed, efficiency, etc., Then you get into what is more I've kind of termed as like workflow specific tools.

So you mentioned like, hey, you can do due diligence on a property acquisition in a week.

And that used to take, you know, four weeks or six weeks.

There are some great tools out there, right, that do that.

Where we focus is obviously the operations.

So everything from due diligence through acquisitions and ultimate operations, asset management, portfolio management, and ultimately potentially disposition, depending upon the whole term.

So we're really a wide scope tool, but we're very specific to that workflow.