Colliers innovates real estate consulting and relies on advanced artificial intelligence and machine learning technologies to digitize and streamline operations.
The company is testing the first intelligent software robot dedicated to the real estate industry in Romania, developed based on Robotic Process Automation (RPA) technology from UiPath, a global leader in software automation and robotics. Thus, Colliers aims to eliminate repetitive activities from the Property Management division’s activity, supporting the team to focus on more relevant tasks and to develop new skills for services with more value for customers.
The intelligent software robot will digitalize and streamline the invoicing activity for properties managed by Colliers, being a first in the industry, with the goal to issue at least 70% of the service and rent invoices in the next 6 months. With the help of technology, Colliers will ensure that invoices are correct and sent on time, thus eliminating much of the repetitive activity alongside the risk of error. The new solution based on artificial intelligence and RPA technology from UiPath is part of Colliers’ strategy to have the most efficient and innovative Property Management department in the real estate consulting market in Romania.
Colliers’ Property Management Division manages a portfolio of over half a million square meters of office and industrial spaces in Bucharest and in the country in its 10 years since launch. During the same period, the team provided consulting services related to property management activities for another 700,000 square meters.
“We started the Property Management business in Romania 10 years ago and have always invested in innovation and the latest technologies to support the team to deliver the best customer service and have more time for higher value-added activities. Our business is a unique combination of human interaction in customer relations on the one hand and routine operations and optimization on the other. We are glad that we will have our first artificial intelligent “colleague”, which will eliminate a large part of the routine operations and will allow us to better focus on the interaction with customers”, explains Stefania Baldovinescu, Senior Partner and Head of Real Estate Management Services & Land Agency at Colliers.
Starting with a hackathon organized in 2019, Colliers initiated and supported solutions based on artificial intelligence to transform real estate consulting in Romania, being a pioneer in this field. In 2019, the company supported the development of such solutions for the first time, and now continues with the first robot based on artificial intelligence and Robotic Process Automation technologies for the Property Management area.
“Innovation has always been a priority for us, and in recent years the technology ecosystem in Romania has experienced a spectacular development. We are looking to develop partnerships with these companies and we are mainly focusing for solutions based on artificial intelligence that we can integrate in the way we do real estate consulting in Romania. Today, we mark a new stage with the first robot in the area of Property Management and we will continue to innovate in other areas of the business. We are only at the beginning of a long process of digitization and efficiency, based on artificial intelligence”, adds Gabriel Blanita, associate director of Colliers Valuation and Advisory.
Of more than half a million square meters of office and industrial spaces that Colliers’ Property Management division currently manages, 345,000 square meters are in Bucharest and another 187,000 square meters in the country. Of the total portfolio currently managed, 390,000 leasable square meters are in office projects and 140,000 leasable square meters in industrial projects.