How to accelerate processes in your real estate department using AI

During the darkest moments of the pandemic, the outlook for both commercial and residential real estate looked bleak. With hard-hitting claims such as the “the office is dead”, it looked as though the commercial real estate market might not recover from the catastrophic impact of Covid-19. However, there were sectors that thrived during the pandemic, namely warehouses for e-commerce, self-storage facilities and certain retail storage facilities due to changing consumer habits.

Internet behemoths like Google have cemented their belief in actual office spaces by expanding their London property empire with a $1 billion office purchase revealed earlier this year. If last year’s patterns continue, it appears that other businesses will follow suit. The tide appears to have shifted, with The Times boldly declaring that “offices are in demand again.” 

The challenge that real estate practice groups face is the variety of legal processes that are currently in place. In most cases, most matters begin by going through the lease with a fine-tooth comb which is still a very manual process. It’s a complex task and the time required for the lawyer to do it properly is at odds with how much the client is willing to pay for it. 

Law firms must charge a fixed fee to compensate for the time-intensive work. However, with the emergence of legal technology, clients are demanding faster turnaround times and will no longer accept the traditional service delivery model as the only way. Della can help accelerate processes in your real estate department.